Decentralization

In the context of cryptocurrency, Decentralization refers to the absence of a central authority or intermediary in the management and operation of a protocol. This means that, unlike traditional financial systems, which are typically controlled by a small group of individuals or organizations, cryptocurrency blockchains are decentralized and operate on a peer-to-peer basis using distributed consensus mechanisms.

By removing the need for a central authority, decentralization allows for greater security, transparency, and accessibility in the financial system. It also enables users to have more control over their own funds and transactions.