How to Reach Decentralization?
Decentralization in our daily life covers different areas of the vital activities, from politics to economics and technology. In this way, the allocation of control and authority is carried out and the information and power are not concentrated in one place.
As for blockchain, the decentralized approach can be seen in the following:
- Data Access
There is a lack of a single authority that makes the system fairer and considerably more secure due to its incorruptibility. All users have secured copies of their data that is stored on the blockchain and does not depend on a single point of failure.
- Consensus Protocol
The protocol allows all parties to establish a decentralized consensus on the shared ledger. Currently, there is a variety of security approaches and features that have multiple validation and data processing with secure implementation solutions.
It means that all interested parties have an opportunity to take part in the process of the blockchain platform development. They have the freedom to adapt and customize the products and services to their specific needs.
This approach allows changing and improving our way of life by implementing blockchain in all kinds of industries and making them more transparent and reliable.
Unfortunately, there is always a risk to shift away from the fundamental principles of the decentralized approach and resort to using the functions of excessive regulation of processes in the network and creating unequal conditions for users. Among the whole range of blockchain platforms, there are still adherents to the decentralized ideology, including the following:
- QuarkChain. To protect all transactions, the root chain and the shards in systems of the network run the PoW algorithm. All transactions are protected by sufficiently high hash power of the network regardless of the number of shards in the network.
- Ethereum. The platform which facilitates peer-to-peer contracts and applications via its own currency vehicle. The consensus mechanism used to agree on the validity of a transaction means there is no need for a trusted intermediary to perform the actions. All transactions on the blockchain are cryptographically secured and Ethereum has three times more nodes than Bitcoin verifying its transactions.
- Credits. The network employs a thorough multi-stage selection of the trusted nodes and multiphase system of transaction pool verification comprising multiple rounds which allows guaranteeing the reliability of confirming validators and accelerating transaction processing. The combination of BFT and DPoS consensus algorithms.
In general, there are still some challenges for blockchain platforms to overcome. Some platforms have already achieved good results in their development and have coped with certain problems, but for many, there are still many complex factors:
- Advanced Technical Capabilities
- Reduced Complexity & Cost
- Supportive Regulations / Tacit Support
- Commitment to the Fundamental Principles of Decentralization
These things must be observed before we would see technology’s correct widespread adoption