S4B Crypto Contest - Season 3

Good morning good people of Steem for bloggers. it's a privilege to share to you guys my idea and little knowledge concerning crypto stuff, and I really thank @waqarahmadshah for making upbringing this contest and making it possible for steemians to participate on.

What's Decentralized?

Decentralized is the act of transferring or transferring of power from main or higher position to the subordinate and the minor areas of things,so that the subordinate will be abke to have the same identify unlike the main position.

What's cryptocurrency ?

Cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. cryptocurrency can also be referred as an invincible currency which is only access with the use of internet surface to mine.

What's Does it means cryptocurrency to be Decentralized?

Cryptocurrency decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network.

E.g: The transfer of Matic polygon power to solanna which actually enables the solanna to falls under the Matic polygon groups. So automatically the solanna will be refers as the solanna-polygon

Pexel

Miners and validators perform the task of adding new data records to the blockchain, the validators is particular is responsible for verifying new transaction and adding them to the Blockchains.

Validators act as gatekeepers, ensuring that the transactions are valid, the miners maintains the integrity and security of a cryptocurrency network and miners prevent fraudulent activities such as double-spending, where a user attempts to spend the same coins twice.

The main reasons why decentralization is so important in cryptocurrency is because it allows the lower management to be more actively involved in the business, which ensures growth of the business as well as personal growth.

Decentralized currencies provide users with increased privacy and security compared to traditional financial systems. The decentralization in cryptocurrency improves the level of job satisfaction as well as employee morale, especially amongst the lower level managers,it strives to satisfy the varying requirements for participation, independence, and status.

I must say that sometimes decentralization in the crypto world is very essential due to the benefits and impacts it build in helping the higher token to share power to the lower token ,which actually help the lower to have value in the cryptocurrency market.

I wil like to invite @bossj23,@jozzie90,@jeph001 to participate on this contest

CC:@patjewell,@goodybest,@ngoeyin