Contest | Crypto decentralization
How are you all steemians? I hope you all will be safe and sound by the grace of Allah Almighty and I'm fine too Alhamdulillah. Today I'm here to share my participation in the contest organized by @khursheedanwar in the steem for bloggers community. So let's start discussion about the topic of the contest.
Crypto decentralization
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The decentralization network archive consensus by a number of mechanisms . The consensus is important in the network of decentralization which make sure that the members agree on the transection validity.The consensus algorithm is the fundamental concept in the network of decentralization , a set of principals that all participants in the decentralization network accept the process of transection. The proof of network algorithm this network is widely used by the Bitcoin. In this network, the noeds also named as the miners it is used to answer the puzzles. The first thing which is used to solve the puzzles is to add the new transaction to the blockchain.The proof of stake is also a famous algorithm. In this , the conformers are selected to develop a new blockchain which depends on the the number of the coins they have. This is more well organised than the other algorithm. The alternative of Pos is the Delegated proof of stake in which the participants who hold the cryptocurrency coins select the delegates . Its purpose is to get speedy transaction.
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It has an important and significant impact on the governance of the cryptocurrencies. In the cryptocurrency space the network of decentralization affect the governance of cryptocurrency by the DAOs. What is DAOs ? Now first of all we talk about it . This is the decentralization autonomous organization. This organization allows the process of decentralization. In this, who hold the cryptocurrency vote the right but it is also based on the no of coins.The network of decentralization encourage the process of transparency.The network of decentralization promote the adaptation in the process of governance.