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Decentralised - What does this actually mean?

With decentralisation, you are no longer confined by the chains of centralised powers, i.e. governments and corporations (Google and Meta), in regards to how and who uses the web. There will be far more autonomy, transparency, and control, and you will no longer have to trust human decision-makers. It will radically change the nature of global interactions, banking transactions and systems, and how digital information is shared and stored in the future. This is a paradigm shift, but also a positive one.

Instead of traditional governance bodies, it will be replaced with a network of computing resources that will maintain and store data, where users retain control over their own data. So you don’t have to worry about the government, or a corporation, having control over your assets. "With Web 3.0, because the information would be found based on its content, it could be stored in multiple locations simultaneously and hence be decentralized” - from Investopedia.


Blockchain


Blockchain will play a large role in the facilitation of this shift to decentralisation, as a distributable ledger that is transparent and secure. It is a completely decentralised ledger that is maintained by a network of computers rather than a central authority. This technology has enabled the development of the decentralised network that Web 3 will rely on. Blockchain is a vast and expansive topic, read our white paper here to learn more.


Trustless and permissionless systems


Two of the main benefits of decentralisation is that the structure will be both trustless and permissionless. Trustless refers to that there is no need for a human decision-maker, and permissionless refers to transactions that are executed without the necessity of governance structures. Therefore there is no reliance on a third party to, for example, control your data, allow you to use the internet, execute transactions, and more. Getting rid of the third party ensures that someone with an ulterior motive, or who is unreliable, does not have any effect on your web3 usage, whatever it may be.


If you would like to attend our webinar to learn more, please do get in contact to book your spot.




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