Topic: How would you describe decentralization as concisely as possible? - page 2. (Read 541 times)

You decide what will happen to your funds. You can use them at any time, transfer them from anywhere. The parties are only you and the recipient of the crypto. There are no middlemen.

explaining decentralized to others people is something very important, because this is part of a positive contribution to the crypto world, so, when many people know decentralized systems, the trade volume will increase better.

there are some things that must be considered to explain this system to others.
1. make simple concepts and material about decentralized systems
2. make a simple analogy
3. explain the differences centralized and decentralized in detail.

for me, introducing crypto to ordinary people is not something important. even if they ask me about crypto, I will only answer what needs to be answered. so no need to explain in detail. yes maybe a little advice about the risks that have to make them careful is important

Decentralization is one of the words that is used in the crypto. Bitcoin is a decentralized currency which is not controlled by any central body but by individuals.

Decentralisation is simply and concisely defined as being without any form of regulations from any external or internal bodies, institution or government

I will always tell my friends that there is a decentralized currency 'Bitcoin'. It is not regulated by any centralized body or government. One has a full right over her assets.

But the "man" himself said,


I believe the essence of "rejecting" other implementations is not political, but more technical, to the convenience of the people who like to spread misinformation.

According to me,  decentralization basically means the delegation of authority and power unlike centralization where the power lies with a single body.   

Well its quite complicated because the word itself is easy to define as it is just the opposite of centralization but when it comes to crypto, I easily tell them, its not controlled by anyone but you. Not government, not bank not territories and not time. It is solely yours or theirs and they manage it however they want in their own time, own place and own way.

When explaining decentralization of cryptocurrency to someone who is new or totally has no idea what cryptocurrencies are, it has to be as simple as possible. I will say that cryptocurrencies are decentralized because it's not regulated by any government, banks or any other entity which means that you as an investor is the one who controls it. That simple and easy to understand. Quite enticing too, right?

i took a little look at your project and see some issues.

a person can create 51~(1 first tier 49 second tier) fake social media profiles and add himself to get f1,000 and then from there, repeat using the other profiles and then move the funds into one address.

basically you end up with 1 person ending up with a circle of himself and accumulating f1000 per alter ego just by making
1 new profile and linking to the 50 older profiles created.

you will not need to inflate your currency. because the referral plan you have will hyper inflate new currency, all by itself.

also you say about inflating the spending..
then giving "interest" to the savers..

basic economics is that the"interest" (making new currency to give to savers) is inflation aswell. thus you are inflating the currency in 3 ways
1. coin creation via referrals
2. coin creation in spending
3. coin creation in savings

inflation is BAD. people dont want it where f1000 would buy a loaf of bread today. but tomorrow it requires 1020 to buy some bread

lastly. about inflations. you say that exchanges will store funds in 'spending'.. nope. its like 'hotwallets' exchanges only keep 1-5% of customers funds in 'spending' and then have 95-99% in cold wallets. which in your project would be a savings address

..
as for decentralisation.
well if all the referrals are the same person of a circle. thats not decentralisation.
sometimes you have to realise that code cannot solve social issues.
yea cryptography can reduce hackers ability to get your passwords. but a hammer to someones knuckles or knee joints
until the scream out the password cannot be protected by cryptography.

as for mining
you mention limiting the size of pools. again this is not good.
here is an example. (il drop the numbers down for easy demo)
if a pool can only have 5 identities. then one person will just make 10 pools
or 5 people (that are real who are in the same family). will have 1 people ID per pool each and run 50 pools using each of their alterego's per pool
thus all controlling all the mining in one family

as for the payout for 'mining' 35 years to double that circulation.. meaning 35 years to double each persons F1000 holdings.
an average persons 'savings' is about a weks grocerys to a couple months salary. they wont want to run a program for 35 years where the pay out calculates to double their currency in 35 years. and yet have the value of that currency dwindle down via the savings and referral inflations much sooner

(i stopped reading your project at this point as the flaws were outwaying good economic logic)

summary.
i dont think you really thought out the economics of your project right. everything seems upside down and offering the opposite to what cryptocurrencies are all about.

it seems you more than likely come from the MLM community.

i can see many solutions to many other issues i didnt mention and also solutions to ones have mentioned. but your project does not show sustainability in its current form

Very easy: I explain the existence of the Internet. There are principles of work, when a few small items are completely dependent in their work on the large, and there are where a few small items work in conjunction with each other and thus provide themselves with the opportunity to exist. Such an explanation scheme is always very accessible to people who are very far from the blockchain.

Thanks for all the great answers everyone!

My new coin that is launching soon (old website: www.frink.global) allows everyone to mine as an equal...  what I'm trying to figure out is how to concisely explain this concept.

Equal mining rights?
Everyone mines equal?
Equal control over the currency/network?

You have any other thoughts for how to describe this concept?  I'd ideally like to avoid the word mining so everyday people get it. The benefits are both control, and everyone basically gets their share of Frink's "profits".



Interesting, what would you have done differently? How do you think it should've been handled?

To make it short and simple decentralization is private custody. It's independence. When you own something that you can move around freely and that nobody can take from you hiding behind some law or authority. Things that you have to get a license to use are centralized. They depend on others to function.

Decentralization means that one person or entity can't control bitcoin, it takes a community of people and entities to run and evolve the bitcoin ecosystem. It's important because of all the curroptioin we've seen in centralized control of money systems and governments. A person can be corrupt, a community can fight corruption.

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What?


What do you friends say as they watch their wealth disappear over the last two weeks? Does best not equal the actual performance of the investment?

I just told my friends: Crypto is like the best way to hide your wealth, no one can know and control their money. Transactions are transparent and do not need to be passed on to any third party. You can quickly deal with people all over the world wherever you want with just the internet.

decentralisation is no central point of failure

however as the core bug last month proved where people needed to upgrade. and surprisingly had to upgrade from one source site. and also using code from one dev team that stayed quiet about the bug until they could patch it in secret and then go public once a patch was released. is not the case of decentralisation..

the network is distributed in as far as full nodes are concerned.
(and now comes the defenders who will mis-define and debate the definition of full nodes)

There's a difference between describing with decentralized means and what it means for bitcoin. I would explain the definition of the word, or how I interpret it and it's as simple as there not being any one or more central entities that have control.

Actually it is very difficult to describe decentralization briefly because it is feared that errors will occur in interpreting the meaning, but if the meaning is decentralized blockchain, one of the parts is a system that is controlled by the users of the system.