The WABnetwork is designed to be decentralized and community-driven. Individuals can use the platform with ease and avoid the regulations that come with centrally-controlled systems.
Decentralization is a term that is used to describe a situation in which there is an absence of a central authority. With decentralization, services can become better and more secure. Let us consider a financial institution such as a traditional bank. A bank is primarily created for saving money and other valuable items.
Peradventure you want to use their services to save your money and/or valuable items; you would have to do that at their own terms. You would have to agree with their conditions or forfeit saving your valuables with them. Sometimes, their policies do not favor many people while it favors some others.
Think of a situation where you go to withdraw your funds from a bank and you are told that ‘Transaction failed because you are trying to withdraw more than the maximum amount to be withdrawn per day.’ That is the way the centralized bodies work. They serve you on their own terms, neglecting your own terms.
The Case for Centralization
Centralization on the other hand refers to a situation in which there is a central governing body. This has been the order of things before the advent of the blockchain technology. Virtually every service was centralized. The health sector, academic sector, food sector, finance sector, energy sector, information sector, transportation sector, etc., were all controlled by a central body.
Undoubtedly, some of the services they offer are awesome. Only that, if there is a better way, why shouldn’t we embrace it? Truly, with centralization, our world was improved, and many services offered were very satisfactory. Nevertheless, there are still other things about centralization that are not encouraging — so to say.
The common argument against centralization is the time wasted on processes and human approvals. Initiative is often stifled, and this leads to high cost effect. For example, for users of the WAB mobile app, it is easy to upload your tokens via the app, view balances and access the latest market information. These processes will operate if you have the app installed.
Why Centralization Needed Improvement
The following are reasons why centralization has not been a beneficial policy for humanity.
- There is too much concentration of authority. The way a puppeteer controls the puppets without requesting an opinion from them is the way this works too. The receiving end of this governing body is made to just follow irrespective of how difficult the tasks may be.
- Centralization makes work difficult for both the leading body and the receiving end. The leading body is saddled with the responsibility of making decisions. This may cause them hitches which would have been reduced if such decisions were decentralized. Also, the receiving end is now to implement the decisions that have been made without having the right to review such or give it much thought.
Why Decentralization Works
The truth is that not all the decisions made by central authorities have been the best. In a fast-paced world where people and organizations are keen to cut cost, too many layers of authority are unneeded.
For personal intuition not to be lost or inhibited, it is better that the blockchain can work in a decentralized manner. When the first blockchain was developed, the intention was to reduce the manipulation of the global economy by central governments. This formed part of Satoshi’s earliest thesis.
Below are some reasons why a decentralized blockchain is healthy:
1. Developed Initiatives of Individuals
Since decentralization involves the distribution of authority and decision making to every other participant in a place, then these people would be tasked with making decisions too. This will increase the initiatives of people who could have been puppets before — people who just follow and never think.
2. Quick Decision Making
Now, with decentralization, better decisions are made, and they are also done with speed. Unlike in centralization where you have just one or a few more people making decisions; here, you have more heads to brainstorm on the same challenge. Surely, the output would be better in comparison with when it is centralized.
3. Better Team Work
It is a known fact all over that the best way to achieve a thing is by team work. This is part of what decentralization brings to the table too. With decentralization, people are compelled to work with one another for the greater good. Eventually, better results are achieved than when just a few people make decisions.
The most effective way in which decentralization has been achieved is through the blockchain technology. It is a peer-to-peer system with a public distributed ledger. This implies that details of whatever is done on it are made public (but within members of the system). Every member on the network has a copy of the transaction details.
When a transaction is carried out, the system saves the transactions in units called blocks. The blocks are then verified, and a copy is sent to each member within that network. Thus, the right to control transactions on the blockchain is evenly distributed among members. Furthermore, decision making is also committed to all members. It is impossible for a singular entity to make decisions for others on the blockchain. They all do it together.
Decentralized Apps or DApps are now regularly deployed across the globe. These are applications that are built on the blockchain and are completely void of a central authority. These have found use in several sectors of the economy. An example is in the health sector where patients can upload their database for only doctors (assigned on the blockchain) to have access to it at the comfort of their homes.
In conclusion, the WABnetwork was developed to expedite processes on the blockchain and to enable organizations and individuals pursue a commercial adoption.
As it matures, we would see it play out its importance in many other aspects of the global economy. Decentralization is important today and the WAB Blockchain just made it better.
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