Is It Decentralized?
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Definition of a Decentralized Protocol:
- A decentralized protocol is defined as:
- ◦ A distributed, permissionless, non-jurisdictional protocol that serves as infrastructure to manage value, help build an ecosystem, and afford its users self-sovereignty.
Objective of a Decentralized Protocol:
- The objective of a Decentralized Protocol is to afford its users self-sovereignty. A user should have the autonomy to engage with the protocol freely on person-to-protocol basis with little or no intermediation.
The Three Attributes of a Decentralized Protocol
- Fault-tolerant and resilient.
- ◦ The protocol should be able to sustain partial failures and be able to recover quickly.
- Attack-resistant and transparent.
- ◦ The protocol should be transparent to identify and defend against system attacks.
- Collusion resistant
- ◦ It should be hard for an individual, group, or organization to take control.