Author: Monarch 2015-08-31 22:53:24
Published on: 2015-08-31T22:53:24+00:00
In a discussion about decentralization in Bitcoin, Justus Ranvier questions the meaning of the term. The concept of decentralization involves removing the need for trusted third parties in systems by eliminating their undesirable properties related to privacy, fraud, and censorship. Decentralized messaging and file distribution systems like WASTE and RetroShare are examples of this. When it comes to using decentralized networks for electronic payments, Bitcoin provides a decentralized currency that allows anyone to transact without placing trust in any particular party. Users can verify transactions independently with confidence that they cannot be reversed or altered. In contrast, third parties lack these properties, and their claims cannot be independently validated. Thus, users must rely on trust alone when receiving information from a trusted third party.
Updated on: 2023-06-10T21:32:57.373566+00:00