3 ways in which Decentralized Systems are not Decentralized Systems
How labels deceive
Decentralization is touted as a key advantage of most decentralized systems.
For example, a crypto-currency built upon a blockchain-based distributed ledger is “decentralized”. In contrast, the national monetary system controlled by a central bank is “centralized”. The decentralization in the former might be considered an advantage over the latter because members are protected from arbitrary monetary policy (e.g. controlling money supply) by a central authority…