Wednesday, 11 December 2019

How to explain that everything is about decentralization


Censorship resistance, immutability and scarcity are emergent properties. Properties that emerge on Bitcoin as a global decentralized system. The Bitcoin network as a whole, is more than the sum of the parts. Bitcoin is a genuinely decentralized system, where people from different backgrounds, and with different goals, but all, following the ‘don'’t trust verify’ mindset, agree to follow the same set of rules written in the Bitcoin protocol. This is the reason why these emergent properties arise.Without decentralization, the properties are the same as a standard database. These properties can't be anything else as the properties we already have on a standard database managed by a central authority. People rely on fairy tales to expect a different outcome.Bitcoin is alone in this world as the only decentralized system solving The Byzantine Generals Problem. via /r/Bitcoin http://bit.ly/35c5LkF

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