The Decentralized Internet Is Bigger than Decentralized Money

When people think about decentralization and blockchain technology, cryptocurrency and digital money transfers are some of the first things that come to mind. However, there is much more to a decentralized internet.

The decentralized web, in its ideal form, is a peer-to-peer, distributed web with no central servers. Instead, users on the decentralized network will act as nodes with their computers, providing computing power and storage space. Due to the distributed nature of a decentralized internet, it will be very difficult to attack or take down websites since there is no central point of failure. In addition, hackers will have difficulty breaking into the system since decentralized protocols require deploying a scattered network of safe servers.

Decentralized networks are helpful for more than just data security. Another goal is to ensure a user has total control over the information they supply. Given the present state of the internet, the fact that user data is concentrated in the hands of a select few increases the likelihood of a data breach. This also makes it easy for the government to monitor and regulate certain activities. Big corporations have access to sensitive user data stored on their servers, and this data includes browser history, emails, phone numbers, location data, and more. In many cases, this data is sold to other corporations for marketing purposes, with browsing preferences being sold mainly to help improve advertising.

However, personal data such as email addresses and phone numbers are sometimes sold to other companies. One of the reasons why users receive spam emails and text messages is due to signing up for a platform or service and failing to read the terms and conditions. Some platforms state in their terms and conditions that they will pass on user data, including email addresses and phone numbers.

Many organizations’ business plans rely on collecting personally identifiable information about their customers and the subsequent use of that data for ad targeting, which creates privacy issues. Individuals using a decentralized network have a higher chance of avoiding storing their data in giant technology businesses’ data centers. In addition, users in this rapidly expanding ecosystem have complete insight into what is being done with their data and where it is being kept. 

Furthermore, since the network is open source, users of a decentralized network would be able to report issues, implement solutions, and create new tools for the benefit of the network as a whole. This would be beneficial to everyone. The biggest and most important contrast between centralized technical platforms and decentralized computer networks is how control is performed. If anything goes wrong, data uploaded and traded on centralized platforms have no option but to pass via the company’s data centers. This creates a potential point of failure.

As mentioned earlier, decentralized networks do not have a single point of failure since the nodes that power the network are distributed over a network of people worldwide, each of whom adds storage capacity to the system. As a result, decentralized networks are more secure, and the network’s durability is enhanced since the number of possible failure points has been reduced. Each node would have to shut down for the network to become unworkable. If one of these participants is compromised, the other participants can fill in the gaps left by the affected node.

Conclusion

The decentralized web is about much more than peer-to-peer money. Decentralized, censorship-free, and privacy-focused websites and platforms will make up the new web.

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