![]() To that point, the dangers of centralization and reliance on trusted third parties aren't just theoretical or out in the future but have already been materialized today. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust," they wrote in the Bitcoin whitepaper. ![]() "The root problem with conventional currency is all the trust that's required to make it work. Satoshi launched Bitcoin to solve the entrenched financial system's reliance on trusted third parties. In reality, most crypto users today are non-committed, connecting to blockchains via a single Remote Procedure Call ( RPC) provider maintained by a centralized entity that connects to a small cartel of nodes.ĭoing this, while convenient, beats the whole point of disintermediation. ![]() These combined properties grant crypto users self-sovereign ownership and access to their wealth and data-that is, at least, in theory. Instead, it's pursued-often at the expense of other desirable properties like scalability-for the emergent properties it begets: trustlessness, permissionlessness, and censorship resistance. While decentralization may be the fundamental property of blockchains, it isn't an end goal in itself.
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