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What is decentralization?
To distribute the administrative powers or functions of (a central authority) over a less concentrated area:
Humans naturally come together to work towards a common goal. This is great in theory, but as we all know, centralized authorities have long been abusing their seemingly anointed powers. Governments, banks, technology companies – you name it.
Our world of cryptocurrencies were born on a basis of peer to peer technology. It’s imperative that we don’t veer off course during our technological infancy.
“A purely peer-to-peer version of electronic cash”– Satoshi Nakamoto, Opening Line, Bitcoin Whitepaper
Many examples of centralized failure come to mind throughout our brief 12 year history. Many agree the MtGox event triggered the 2014 – 2017 crypto winter. More recent disasters come to mind such as the KuCoin hack, OKB losing private key access, and the Infura API outage, the list goes on.
What do all of these events have in common?
A single centralized point of failure. If everyone relies upon Infura for their ETH API data, of course when it fails – pandemonium ensues. Time and time again we fall into the trap of laziness. Instead of taking the proper decentralized route, we as humans take the path of least resistance – centralized entities.
This trade off is empowering centralized networks and weakening decentralized networks. We as a collective should be critical of those who continue to choose centralized over decentralized.
You should only use a centralized exchange to get your initial fiat into crypto and simply never look back. You should be syncing up your node to the Bitcoin and Ethereum network. You shouldn’t be relying upon centralized providers.
Down with the old. In with the new. Keep it decentralized!