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The Future Will Be Decentralized

On the internet, as a friend recently reminded me, everything looks permanent until it isn’t. As technology evolves, the most profound and destabilizing change is likely to be the transition from centralized internet services to decentralized ones.

Centralized services typically are run by companies or institutions, such as Facebook, Twitter or Amazon. There is a command structure and a boss, and changes can be made by deliberate decision. In this parlance, even Wikipedia counts as centralized, though the editors and contributors are scattered around the world.

Decentralized services are harder to define, but two simple examples may be helpful. The first is email, which consists of networks of rules and interconnections not owned by any one company or institution, even though your email provider might be. The second is the World Wide Web itself, a series of protocols with a huge amount of stuff built on top of it. Bitcoin also operates in a decentralized way, unless a majority of the blockchain miners decide otherwise, which is very difficult to pull off.

Continue reading: https://www.bloomberg.com/opinion/articles/2021-02-07/everything-will-soon-be-on-the-blockchain-whatever-that-means

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