1/16 So where are centralised and decentralised networks used?
2/16 We will not talk about the pizzeria on the corner, of course, but about much more important everyday activities.
When we log into our bank account we enter a centralized network completely controlled by the bank.
When we log into our bank account we enter a centralized network completely controlled by the bank.
3/16 If the bank wants to tomorrow morning it can deny us access to it.
4/16 When we pay with our card at a store, the card information, the amount and the merchant information pass through a centralized network.
5/16 Moreover, there are many times when a card has been rejected because of a technical problem in the bank's network.
6/16 What we do not immediately see is that the bank has a cost to maintain the network. This cost is passed on to us in various ways through the fees we pay for various transactions.
7/16 Or that the merchant pays a commission to the bank and this is passed on to the prices of their products in general.
8/16 Let us now look at decentralized networks.
It is a few years old technology yet there are two basic services used.
It is a few years old technology yet there are two basic services used.
9/16 One is Decentralized Finance DeFi which enables decentralized investment and trading of various tokens.
10/16 The other is the ability to use tokens directly as a means of payment in the real world.
11/16 Both of these activities are spreading every day because the cost of transactions instead of going to a central entity say the bank is distributed in various ways to the service users themselves.
12/16 There are other applications such as file storage, digital identity creation DID, telecommunication services, games, authentication of products, etc.
13/16 but which are still very much in their embryonic stage but their advantages will be formidable compared to the same services from centralised networks.
14/16 And this thread brings the series for different forms of networks full circle
15/16 The previous threads can be found here
Part 1
Part 2
Part 3
Part 1
https://mobile.twitter.com/RskmnGr/status/1581416932707704833
Part 2
https://mobile.twitter.com/RskmnGr/status/1583045912498053121
Part 3
https://mobile.twitter.com/RskmnGr/status/1583577615931088896
16/16 If you liked the above thread follow, like and retweet let's reach as many people as possible with the message of decentralization #blockchain #crypto #decentralization #Greece #economy #bitcoin #cardano #3air #iagon #wmt #adax
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