OzOzOz DAO

Decentralization

Satoshi Nakamoto published a whitepaper on Bitcoin (BTC) as a "peer-to-peer version of cryptocurrency" nearly 13 years ago, on October 31, 2008. The first cryptocurrency used a consensus mechanism known as "proof of work" (PoW), which allows networks to agree on which transactions are legitimate without the involvement of a third party. To address the inefficiencies of the PoW consensus algorithm and reduce the computational resources required to run a blockchain network, a new approach known as "proof of stake" (PoS) was proposed.

Since the price of initial coin offerings in 2017, we have seen a rise and fall in our 13 years of existence. This has evolved into "an alternative method of obtaining funding for projects through the new, growing digital financial marketplace for tokens." In 2020, the remarkable growth of decentralized finance, or DeFi, is transforming rusty financial systems and paving the way for a new type of finance. The enormous popularity of unusable tokens, or NFTs, has taken the crypto sector by storm in 2021, as has the global expansion of central bank digital currencies (CBDC).

The central theme of the Blockchain technology revolution has become one of the most widely debated topics in the financial sector and beyond. Blockchains are being used in commercial applications, charitable activities, global environmental crises, healthcare and longevity, government services, and so on.

Meanwhile, not all public blockchains are created equal - or are they? According to some experts, Bitcoin is the most decentralized network because it is not controlled by any centralized entity and was created by the stage name Satoshi Nakamoto (who later vanished). It is, however, criticized for being the least decentralized. To be fair, even co-creator Vitalik Buterin has no control over Ethereum.

As a result, the true nature of Blockchain is decentralization, which the community is increasingly supporting. The emergence of DAOs, in particular, demonstrates the critical importance of transparency and decentralization.

OzOzOz DAO

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