A decentralized network is a type of network that is not controlled by a single entity or organization. Instead, it is run by a group of users who work together to maintain the network. In a decentralized network, all participants have equal access to the network and can contribute to its maintenance and security.
One of the key features of decentralized networks is that they use blockchain technology. Blockchain is a distributed ledger that records transactions in a secure and transparent way. Each block in the chain contains a record of transactions, and once a block is added to the chain, it cannot be altered or deleted.
Decentralized networks are often used in the context of cryptocurrencies, such as Bitcoin and Ethereum. In these networks, users can send and receive digital currency without the need for a central authority or intermediary. Transactions are verified by a network of nodes, and once verified, they are added to the blockchain.
Another important feature of decentralized networks is that they are highly secure. Because there is no central point of control, it is much more difficult for hackers to attack the network. Additionally, because the network is run by a group of users, there is no single point of failure.
Overall, decentralized networks offer a number of benefits over traditional centralized networks. They are more secure, transparent, and resilient, and they offer greater control and autonomy to users.
For more information on decentralized networks, check out this article on Coindesk.