Decentralized vs Centralized Systems

By November 11, 2020Financial Success, JIFUcoin

With the introduction of JIFUcoin, we have promised to work towards developing a token that actively benefits our members.

 

As previously discussed, a huge part of that is creating our coin using blockchain technology, which comes in two forms: centralized and decentralized. It is essential to be able to understand the difference between decentralized and centralized systems in order to fully comprehend the value of blockchain and, in conjunction, cryptocurrency. 

Because there is not a singular location that stores the data in a decentralized blockchain, the exchange of information is unbarred and far more efficient than institutions that rely on centralized systems, though centralized systems are also important to our society. 

Decentralized systems foster a much more collaborative and free ecosystem for individuals to participate in. Centralized systems are more vulnerable to issues like cyber attacks. When there is no singular location that holds all data for a system, it is extremely difficult to ‘hack’ or change. 

Almost all cryptocurrencies operate on decentralized blockchains and because of it, opens up more possibilities than ever previously conceived. Because decentralization fosters resistance to a single source of power and provides 100% transparency,  these systems can endure localized shutdowns and are censorship-resistant. There is no single entity that controls that network. 

Using cryptocurrency cuts out establishments like banks and other middlemen who slow down the process, even when the blockchain is centralized. Comparatively, institutions are free to use their massive, consolidated power however they desire. 

JIFU and our affiliates are excited the most by the collaborative nature of cryptocurrency. Users are able to exchange value and participate in a more direct and meaningful manner. Additionally, by cutting out intermediaries, the system (and people) are able to save the money and time that would otherwise be wasted by those institutions. 

The nature of blockchain and cryptocurrency facilitates the redistribution of power and increases valuable cooperation. JIFU has developed its own JIFUchain where users can send and receive JIFUcoin at their discretion. As the JIFUchain grows, the network of nodes and people monitoring its transactions will continue to grow leading to an ever more secure JIFUchain and valuable JIFUcoin. We urge users to take back their buying power with the collaborative JIFUcoin!

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Sonora

Author Sonora

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