Growing Pains: Scaling Decentralized Networks

More from: | HackerNoon |

Decentralization is a core principle of blockchain and was a significant part of the appeal to early Bitcoin adopters who were champions of the technology long before the price went stellar in 2017. However, the term “decentralization” is not mentioned in the original Bitcoin white paper. So why is decentralization in blockchain so important?

Blockchains are distributed ledgers, driven by multiple nodes. In the original blockchain — Bitcoin — the entire ledger is replicated across every machine in the network. This distribution means that no central authority has control over the ledger like databases held on central servers.

The strength of blockchain is in this distribution of power and control. No single entity can change transactions on a blockchain unless they can convince 51%


Read full article »

About | HackerNoon | hackers start their afternoons....

»Twitter: @hackernoon »Facebook: @hackernoon