What Decentralization Means To Me

So i have joined the @theycallmedan Initiative where he asks Steemians to explain what decentralization means to them. In my own opinion, Decentralization simply means distribution of authority in an organization. When we say Steem is decentralized, we mean that authority is being delegated to subunits on the platform. This subunits in this case who are in charge of decision making on Steem and known as the witnesses and are being voted for by the Steem community. The advantage of decentralization is that it gets decision makers close to the markets which will ensure fast and impactful decisions.

Talking about building blocks of a blockchain, the four core building blocks of a blockchain are Business rules or smart contracts, cryptography, shared ledger and Trust systems.

On the Steem ecosystem, Witnesses play the role of getting involved in the steem governance model which entails voting on various parameters, verifying incoming transactions and producing blocks when it is scheduled. About few days ago, we all must have heard about the hostile steem takeover by TRON C.e.o Justin Sun, who with the help of Steem co-founder Bed Scott tried to forcefully take over Steem, They both somehow got help from exchanges to take over steem in an hostile way, Such incidents does not occur on a decentralized platform. Due to the attempt of Steem Hostile takeover, The Steem community had to fight against this to show the true power of a decentralized blockchain. Now that is the Power of decentralization.

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