What is a decentralized network?
- A decentralized network is a trustless network of distributed nodes that have no centralized point of failure.
- Within the context of ‘blockchain’ these networks are typically supported by a community of actors that are incentivized to perform actions that help support the decentralized network and its intended function.
- Typical benefits of a decentralized network VS a centralized network include improved anonymity and privacy, immutability, users have more control over their data.
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