Measuring decentralization in blockchain
Decentralization involves spreading control and decision-making across a network instead of a single authority.
Unlike centralized systems, where one entity controls everything, decentralized blockchains distribute data among participants (nodes). Each node holds a copy of the ledger, ensuring transparency and reducing the risk of manipulation or system failure.
In blockchain, a decentralized network provides significant advantages:
Security: Decentralization reduces vulnerabilities associated with central points of attack. Without a single controlling entity, malicious actors find it more challenging to compromise the network.
Transparency: All transactions are recorded on a public ledger accessible to all participants, fostering trust through transparency. This openness ensures that no single entity can manipulate data without consensus.
Fault tolerance: Decentralized networks are more resilient to
