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RE: SEC S17-W1 || Steem blockchain Sequencers

in SteemitCryptoAcademy6 months ago

Decentralization and also governance play essential duties in the procedure as well as the sustainability of blockchain networks like Steem.

In my opinion, decentralization and governance are like the backbone of blockchain networks. Just like in a family where everyone has a say in decision-making, in blockchain, it's crucial to distribute power for trust and transparency. Decentralization ensurance dispersion of power among all the contributaries and therefore prevent its concentration in few hands.

Steem accomplishes decentralization with its entrusted proof-of-stake (DPoS) agreement device.

I remember when I was part of a group project in school, we had to delegate tasks to ensure everyone contributed equally. It's similar to how Steem uses DPoS to assign responsibilities to witnesses, ensuring fair participation and security and the good thing is that the witnesses are chosen by the community parts particioamrs through their on-chain voting system.

Governance devices are crucial for taking care of method upgrades dealing with disagreements as well and choosing that influence the future instructions of the blockchain.

Oh yeah, it reminds me of when my family had to decide on where to go for vacation. We had to discuss, vote, and come to an agreement. Similarly, governance in blockchain ensures decisions are made collectively, which impacts the direction of the platform, just like planning a trip together.

All the best .

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Well said ! Decentralization as well as administration absolutely create the foundation of blockchain networks cultivating count on plus openness evocative a freedom household vibrant. Dispersing power amongst all factors makes certain a reasonable as well as durable system protecting against its focus in the hands of a couple of. Your understandings right into the significance of decentralization are area on. Many thanks for sharing your viewpoint!

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