Anonymous & Decentralized Blockchains: The Cornerstone of Crypto
In this section, I’m going to tell you about anonymous and decentralized blockchains!
The term “decentralized blockchain” is definitely something you’ve encountered, if you’ve spent even a day in the crypto space. In fact, we often get so numb to terms such as these, that we don’t even really give them much thought!
However, did you know that decentralization and anonymity are among the fundamental cornerstones of the crypto industry, as a whole? That being the case, however, these two concepts are also very controversial, especially when it comes to crypto regulations.
In this section, you’ll learn about decentralization and anonymity, as they relate to the world of crypto. More specifically, I’ll tell you what these concepts mean, how they relate to crypto, as well as why are they important for blockchain-powered projects, in general.
Let’s get to it!
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Is Decentralized Anonymous Blockchain a Myth? (Explained!)
What are “Decentralization” and “Anonymity” in Crypto?
Before we can really get into the main points of this section, and analyze centralized VS decentralized blockchain technology, it’s important to break down what concepts such as a “decentralized blockchain” mean, to begin with! While it may seem self-explanatory at first, it’s like the famous meme of the iceberg - once you start looking into it, you see that there’s a lot more than initially meets the eye.
So, let’s start with decentralization. As the term implies, decentralization refers to something lacking a single, centralized governing authority. So, imagine that there are two shops in your town - one centralized, and the other - decentralized.
The centralized shop will function just like you’d expect - there are employers and employees, everyone has their own, designated roles and responsibilities, and there’s always some form of higher management that you need to report to.
With this traditional shop model, there is a set specific hierarchy within the system, and thus, there are designated parties that make the executive decisions about the direction that the shop will take - whether or not it will sell a specific chocolate bar, how many employees it will hire VS how many will be laid off, what are the salaries of each employee, and so on.
Now, the decentralized shop is where things get much more interesting. In this case, there is no single, central authority - no manager, director, or CEO to oversee the processes and give orders. Instead, each employee within the shop is responsible for the well-being of the establishment - they all make the executive decisions, all have a say in the direction that the shop is going, and are all able to make a huge influence on the end results.
Sounds awesome, but how does it work in crypto? Well, I’ll get to that - for now, I just want you to understand the general premise of decentralization, as a concept.
Next up is blockchain anonymity. Once again, at first glance, the term is rather self-explanatory - it’s when you are able to do something while remaining anonymous, or, in other words, without revealing your true identity.
Imagine a situation in an online game - say, something like League of Legends. When you play the game, you’re able to talk to your teammates, and write messages. However, you do so without revealing your true identity, and under some sort of an alias - thus, you’re able to remain anonymous, at least to other players!
Now, evidently, this isn’t an ideal example, since you’re still doxed to the company behind the game, especially if you make any online purchases on their platform. But we’ll get to that soon enough, as it regards to crypto.
Why are Decentralization and Anonymity Important for Crypto?
Continuing on with the section, allow me to give you a very quick history lesson - specifically, one that is related to Bitcoin.
As you may or may not know, the decentralized blockchain Bitcoin was created by someone known as Satoshi Nakamoto. The identity of the creator (or creators?) of BTC is unknown, to this day, but that’s beside the point - instead, let’s take a look at WHY Bitcoin was created.
The very first block of Bitcoin’s blockchain was created (mined) on January 3, 2009. The timing isn’t a coincidence, either - within this first block, called the Genesis block, Satoshi left a message reading:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
This was a headline taken from The London Times. If you’re sharp, you might have connected the dots - Bitcoin’s inception came right after the Financial Crisis of 2008. The popular belief dictates that Bitcoin was created to “take the financial power away from governments and hedge funds, and give it back to the ordinary people”. I’m somewhat paraphrasing, but you get the idea.
Now, this should help you understand why decentralization and blockchain anonymity are so important for crypto, in a very fundamental sense. Many crypto enthusiasts believe that, in order to have full power over your money, you must remain anonymous, and that the technology behind that form of money - in our case, it’s the blockchain tech behind crypto - must remain decentralized, at all cost.
The same enthusiasts claim that, once centralization sets in, there’s always a risk for another financial crisis to happen, and - once again - big hedge funds and major banks would get bailed out, with your common, everyday people absorbing the full blow of the crisis.
In a super-quick nutshell, this is the core philosophy behind crypto - one that many enthusiasts hold, to this day. It’s a very controversial topic, though - the reason behind the controversy has to do with mass adoption, and a term called “KYC”.
“KYC” stands for “Know Your Customer”. It’s a term related to financial regulations, and essentially, it refers to the fact that all financial institutions must identify their customers and clients. This is true with cryptocurrency exchange platforms, as well.
On one hand, you have the philosophy behind crypto - blockchain decentralization and anonymity. On the other hand, in order for cryptocurrencies to become truly mainstream, and blockchain technology to be massively adopted and widespread, regulation is absolutely crucial - it would preserve order, and remove a huge chunk of potential scams and theft attempts from the equation.
So, as you can see, it’s a very tricky topic! Most people agree that regulation is the way to go - still, however, many crypto projects aim to circumvent this, to an extent. Partial decentralization, open-source code, doxed teams, and so on - it’s a huge topic that needs a separate section, of its own!
Now, do keep in mind that there’s a difference between blockchain-based projects and platforms such as cryptocurrency exchanges or lending services. With the former, decentralization is still completely possible, even with regulatory oversight - the aforementioned KYC regulations mostly imply to companies that allow individuals to buy, sell, or transact with cryptocurrencies in any other way.
Decentralization and Anonymity in Crypto
Up to this point in the section, we’ve talked about decentralization and anonymity, as standalone concepts, and I’ve also told you about why these concepts are so important to the crypto world.
Now, allow me to tell you about just how both of said concepts manifest themselves for your average crypto enthusiast!
So, starting off with decentralized blockchains, we must go back to the shop example I gave at the beginning of this section. In the world of crypto, there’s a term called “DAO”. Broken down, it abbreviates as a “Decentralized Autonomous Organization”.
That sounds super-fancy, yes, I know. However, it’s actually quite simple to understand. If you’d like to learn about DAOs in an in-depth manner, check out a section written on this topic - for now, though, let’s take an entry-level look at what they are.
A DAO is a community of people that all have the ability to vote on proposals, changes, updates, and other matters of a specific crypto project. This voting happens with the help of the native tokens of that said project. So, as far as our shop example is concerned, it would look a little something like this:
Each employee within the decentralized shop would have the ability to purchase or acquire special candies, depending on their dedication and impact on the way that the shop is performing. Every month, employees would be able to suggest changes to how the shop operates, as well as vote on different proposals made by others. In order to vote, you would need to place your candy into a special jar - the more candy it is that you place, the stronger your vote will become.
Naturally, in reality, the system is much more complex than that. But this should still give you a pretty good general idea of how DAOs work, and how decentralized projects are managed, in the first place!
Now, when it comes to anonymity, it gets even more interesting. Remember the computer game example I gave earlier? Well, when interacting with various decentralized, blockchain-powered projects, you would use your cryptocurrency wallet - your public wallet address would act as your alias on the blockchain!
In short, with the help of your cryptocurrency wallet, you are able to remain anonymous on the blockchain. All of the transactions that you perform will be public, for everyone to see, but no one will know that it’s YOU who’s performing those transactions - well, unless you tell them.
Final Thoughts
With all that we’ve talked about in this section, I want you to remember that we’ve only scratched the surface - both decentralization and anonymity are complex topics, as they relate to crypto! On top of that, nothing is ever black or white - whether it be KYC regulations, decentralized exchanges, anonymity, or else, all of these topics involve complex intricacies, and should thus be viewed appropriately, as well.
That being said, I do hope that this section helped you with clearing the major question up! Now that you understand the roles that decentralization and anonymity play when it comes to your everyday crypto-related experiences, you’re ready to start digging deeper into each of these topics!
The term “decentralized blockchain” is definitely something you’ve encountered, if you’ve spent even a day in the crypto space. In fact, we often get so numb to terms such as these, that we don’t even really give them much thought!<\/p>\n<p>However, did you know that <strong>decentralization and anonymity<\/strong> are among the fundamental cornerstones of the crypto industry, as a whole? That being the case, however, these two concepts are also very controversial, especially when it comes to crypto regulations.<\/p>\n<p>In this section, you’ll learn about decentralization and anonymity, as they relate to the world of crypto. More specifically, I’ll tell you what these concepts mean, how they relate to crypto, as well as why are they important for blockchain-powered projects, in general.<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<h2>What are “Decentralization” and “Anonymity” in Crypto?<\/h2>\n<p>Before we can really get into the main points of this section, and analyze centralized VS decentralized blockchain technology, it’s important to break down what concepts such as a “decentralized blockchain” mean, to begin with! While it may seem self-explanatory at first, it’s like the famous meme of the iceberg - once you start looking into it, you see that there’s a lot more than initially meets the eye.<\/p>\n<p>So, let’s start with <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralization. As the term implies, decentralization refers to something lacking a single, centralized governing authority. So, imagine that there are two shops in your town - one centralized, and the other - decentralized.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Centralization vs Decentralization.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_01.o.jpg/" alt=\"Decentralized blockchain: Centralization vs Decentralization.\" width=\"1000\" height=\"273\" \/><\/p>\n<p>The centralized shop will function just like you’d expect - there are employers and employees, everyone has their own, designated roles and responsibilities, and <strong>there’s always some form of higher management that you need to report to.<\/strong><\/p>\n<p>With this traditional shop model, there is a set specific hierarchy within the system, and thus, there are designated parties that make the executive decisions about the direction that the shop will take - whether or not it will sell a specific chocolate bar, how many employees it will hire VS how many will be laid off, what are the salaries of each employee, and so on.<\/p>\n<p>Now, the decentralized shop is where things get much more interesting. <strong>In this case, there is no single, central authority<\/strong> - no manager, director, or CEO to oversee the processes and give orders. Instead, each employee within the shop is responsible for the well-being of the establishment - they all make the executive decisions, all have a say in the direction that the shop is going, and are all able to make a huge influence on the end results.<\/p>\n<p><em>Sounds awesome, but how does it work in crypto?<\/em> Well, I’ll get to that - for now, I just want you to understand the general premise of decentralization, as a concept.<\/p>\n<p><strong>Next up is blockchain anonymity.<\/strong> Once again, at first glance, the term is rather self-explanatory - it’s when you are able to do something while remaining anonymous, or, in other words, without revealing your true identity.<\/p>\n<p>Imagine a situation in an online game - <em>say, something like League of Legends.<\/em> When you play the game, you’re able to talk to your teammates, and write messages. However, you do so without revealing your true identity, and under some sort of an alias - thus, you’re able to remain anonymous, at least to other players!<\/p>\n<p>Now, evidently, this isn’t an ideal example, since you’re still doxed to the company behind the game, especially if you make any online purchases on their platform. But we’ll get to that soon enough, as it regards to crypto.<\/p>\n<h2>Why are Decentralization and Anonymity Important for Crypto?<\/h2>\n<p>Continuing on with the section, allow me to give you a very quick history lesson - specifically, one that is related to <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin./n As you may or may not know, the decentralized blockchain Bitcoin was created by someone known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a>. The identity of the creator <em>(or creators?)<\/em> of BTC is unknown, to this day, but that’s beside the point - instead, let’s take a look at <strong>WHY Bitcoin was created.<\/strong><\/p>\n<p>The very first block of Bitcoin’s blockchain was created <em>(mined)<\/em> on January 3, 2009. The timing isn’t a coincidence, either - within this first block, called <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-genesis-block/">the Genesis block<\/strong><\/a>, Satoshi left a message reading:<\/p>\n<p><em>\"The Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks.\"<\/em><\/p>\n<p>This was a headline taken from The London Times. If you’re sharp, you might have connected the dots - <strong>Bitcoin’s inception came right after the Financial Crisis of 2008.<\/strong> The popular belief dictates that Bitcoin was created to <em>“take the financial power away from governments and hedge funds, and give it back to the ordinary people”.<\/em> I’m somewhat paraphrasing, but you get the idea.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Financial crisis.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_02.o.jpg/" alt=\"Decentralized blockchain: Financial crisis.\" width=\"1000\" height=\"249\" \/><\/p>\n<p>Now, this should help you understand why decentralization and blockchain anonymity are so important for crypto, in a very fundamental sense. Many crypto enthusiasts believe that, in order to have full power over your money, you must remain anonymous, and that the technology behind that form of money - in our case, it’s the blockchain tech behind crypto - must remain decentralized, at all cost.<\/p>\n<p>The same enthusiasts claim that, <strong>once centralization sets in, there’s always a risk for another financial crisis to happen<\/strong>, and - once again - big hedge funds and major banks would get bailed out, with your common, everyday people absorbing the full blow of the crisis.<\/p>\n<p>In a super-quick nutshell, this is the core philosophy behind crypto - one that many enthusiasts hold, to this day. It’s a very controversial topic, though - the reason behind the controversy has to do with mass adoption, and a term called “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-know-your-customer-kyc/">KYC”./n “KYC” stands for “Know Your Customer”. It’s a term related to financial regulations, and essentially, it refers to the fact that all financial institutions must identify their customers and clients. This is true with cryptocurrency exchange platforms, as well.<\/p>\n<p>On one hand, you have the philosophy behind crypto - <strong>blockchain decentralization and anonymity.<\/strong> On the other hand, in order for cryptocurrencies to become truly mainstream, and blockchain technology to be massively adopted and widespread, <strong>regulation is absolutely crucial<\/strong> - it would preserve order, and remove a huge chunk of potential scams and theft attempts from the equation.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: The philosophy behind crypto.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_03.o.jpg/" alt=\"Decentralized blockchain: The philosophy behind crypto.\" width=\"1000\" height=\"207\" \/><\/p>\n<p>So, as you can see, it’s a very tricky topic! Most people agree that regulation is the way to go - still, however, many crypto projects aim to circumvent this, to an extent. Partial decentralization, open-source code, doxed teams, and so on - it’s a huge topic that needs a separate section, of its own!<\/p>\n<p>Now, do keep in mind that <strong>there’s a difference between blockchain-based projects and platforms such as cryptocurrency exchanges or lending services.<\/strong> With the former, decentralization is still completely possible, even with regulatory oversight - the aforementioned KYC regulations mostly imply to companies that allow individuals to buy, sell, or transact with cryptocurrencies in any other way.<\/p>\n<h2>Decentralization and Anonymity in Crypto<\/h2>\n<p>Up to this point in the section, we’ve talked about decentralization and anonymity, as standalone concepts, and I’ve also told you about why these concepts are so important to the crypto world.<\/p>\n<p>Now, allow me to tell you about just how both of said concepts manifest themselves for your average crypto enthusiast!<\/p>\n<p>So, starting off with decentralized blockchains, we must go back to the shop example I gave at the beginning of this section. In the world of crypto, there’s a term called “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-the-dao/">DAO”. Broken down, it abbreviates as a <strong>“Decentralized Autonomous Organization”.<\/strong><\/p>\n<p>That sounds super-fancy, yes, I know. However, it’s actually quite simple to understand. If you’d like to learn about DAOs in an in-depth manner, check out <a href=https://www.bitdegree.org/"//crypto//learn//what-is-a-dao-in-crypto/">a section<\/strong><\/a> written on this topic - for now, though, let’s take an entry-level look at what they are.<\/p>\n<p>A DAO is a community of people that all have the ability to vote on proposals, changes, updates, and other matters of a specific crypto project. This voting happens with the help of the <strong>native tokens<\/strong> of that said project. So, as far as our shop example is concerned, it would look a little something like this:<\/p>\n<p>Each employee within the decentralized shop would have the ability to purchase or acquire special candies, depending on their dedication and impact on the way that the shop is performing. Every month, employees would be able to suggest changes to how the shop operates, as well as vote on different proposals made by others. In order to vote, you would need to place your candy into a special jar - the more candy it is that you place, the stronger your vote will become.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Explanation of DAO.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_04.o.jpg/" alt=\"Decentralized blockchain: Explanation of DAO.\" width=\"1000\" height=\"556\" \/><\/p>\n<p>Naturally, in reality, the system is much more complex than that. But this should still give you a pretty good general idea of how DAOs work, and how decentralized projects are managed, in the first place!<\/p>\n<p>Now, when it comes to anonymity, it gets even more interesting. Remember the computer game example I gave earlier? Well, when interacting with various decentralized, blockchain-powered projects, you would use your <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">cryptocurrency wallet<\/strong><\/a> - your public wallet address would act as your alias on the blockchain!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Anonimity.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_05.o.jpg/" alt=\"Decentralized blockchain: Anonimity.\" width=\"1000\" height=\"497\" \/><\/p>\n<p><strong>In short, with the help of your cryptocurrency wallet, you are able to remain anonymous on the blockchain.<\/strong> All of the transactions that you perform will be public, for everyone to see, but no one will know that it’s YOU who’s performing those transactions - well, unless you tell them.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>With all that we’ve talked about in this section, I want you to remember that we’ve only scratched the surface - both decentralization and anonymity are complex topics, as they relate to crypto! On top of that, nothing is ever black or white - whether it be KYC regulations, decentralized exchanges, anonymity, or else, all of these topics involve complex intricacies, and should thus be viewed appropriately, as well.<\/p>\n<p>That being said, I do hope that this section helped you with clearing the major question up! Now that you understand the roles that decentralization and anonymity play when it comes to your everyday crypto-related experiences, you’re ready to start digging deeper into each of these topics!<\/p>","definition":"Did you know that Monero is frequently regarded as the most anonymous and decentralized blockchain?","status":"published","meta_title":"Decentralized Blockchains: What Exactly Does It Mean?","meta_description":"Trying to figure out what is a decentralized blockchain? Wondering how decentralization differs from centralization? Find all answers here!","meta_keywords":"decentralized blockchain, blockchain decentralized, is blockchain decentralized, decentralized blockchain technology, most decentralized blockchain, centralized vs decentralized blockchain, is blockchain anonymous, blockchain anonymity","modified_content":"<p>In this section, I’m going to tell you about anonymous and decentralized <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchains!/n The term “decentralized blockchain” is definitely something you’ve encountered, if you’ve spent even a day in the crypto space. In fact, we often get so numb to terms such as these, that we don’t even really give them much thought!<\/p>\n<p>However, did you know that <strong>decentralization and anonymity<\/strong> are among the fundamental cornerstones of the crypto industry, as a whole? That being the case, however, these two concepts are also very controversial, especially when it comes to crypto regulations.<\/p>\n<p>In this section, you’ll learn about decentralization and anonymity, as they relate to the world of crypto. More specifically, I’ll tell you what these concepts mean, how they relate to crypto, as well as why are they important for blockchain-powered projects, in general.<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\"\n title=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Anonymous & Decentralized Blockchains: The Cornerstone of Crypto<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"pLmw3W9IRiE\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">Is Decentralized Anonymous Blockchain a Myth? (Explained!)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-decentralized-anonymous-blockchain-a-myth-explained.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-decentralized-anonymous-blockchain-a-myth-explained.jpg?tr=w-760 1000w\"\n alt=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\"\n title=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>What are “Decentralization” and “Anonymity” in Crypto?<\/h2>\n<p>Before we can really get into the main points of this section, and analyze centralized VS decentralized blockchain technology, it’s important to break down what concepts such as a “decentralized blockchain” mean, to begin with! While it may seem self-explanatory at first, it’s like the famous meme of the iceberg - once you start looking into it, you see that there’s a lot more than initially meets the eye.<\/p>\n<p>So, let’s start with <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralization. As the term implies, decentralization refers to something lacking a single, centralized governing authority. So, imagine that there are two shops in your town - one centralized, and the other - decentralized.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Centralization vs Decentralization.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_01.o.jpg/" alt=\"Decentralized blockchain: Centralization vs Decentralization.\" width=\"1000\" height=\"273\" \/><\/p>\n<p>The centralized shop will function just like you’d expect - there are employers and employees, everyone has their own, designated roles and responsibilities, and <strong>there’s always some form of higher management that you need to report to.<\/strong><\/p>\n<p>With this traditional shop model, there is a set specific hierarchy within the system, and thus, there are designated parties that make the executive decisions about the direction that the shop will take - whether or not it will sell a specific chocolate bar, how many employees it will hire VS how many will be laid off, what are the salaries of each employee, and so on.<\/p>\n<p>Now, the decentralized shop is where things get much more interesting. <strong>In this case, there is no single, central authority<\/strong> - no manager, director, or CEO to oversee the processes and give orders. Instead, each employee within the shop is responsible for the well-being of the establishment - they all make the executive decisions, all have a say in the direction that the shop is going, and are all able to make a huge influence on the end results.<\/p>\n<p><em>Sounds awesome, but how does it work in crypto?<\/em> Well, I’ll get to that - for now, I just want you to understand the general premise of decentralization, as a concept.<\/p>\n<p><strong>Next up is blockchain anonymity.<\/strong> Once again, at first glance, the term is rather self-explanatory - it’s when you are able to do something while remaining anonymous, or, in other words, without revealing your true identity.<\/p>\n<p>Imagine a situation in an online game - <em>say, something like League of Legends.<\/em> When you play the game, you’re able to talk to your teammates, and write messages. However, you do so without revealing your true identity, and under some sort of an alias - thus, you’re able to remain anonymous, at least to other players!<\/p>\n<p>Now, evidently, this isn’t an ideal example, since you’re still doxed to the company behind the game, especially if you make any online purchases on their platform. But we’ll get to that soon enough, as it regards to crypto.<\/p>\n<h2>Why are Decentralization and Anonymity Important for Crypto?<\/h2>\n<p>Continuing on with the section, allow me to give you a very quick history lesson - specifically, one that is related to <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin./n As you may or may not know, the decentralized blockchain Bitcoin was created by someone known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a>. The identity of the creator <em>(or creators?)<\/em> of BTC is unknown, to this day, but that’s beside the point - instead, let’s take a look at <strong>WHY Bitcoin was created.<\/strong><\/p>\n<p>The very first block of Bitcoin’s blockchain was created <em>(mined)<\/em> on January 3, 2009. The timing isn’t a coincidence, either - within this first block, called <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-genesis-block/">the Genesis block<\/strong><\/a>, Satoshi left a message reading:<\/p>\n<p><em>\"The Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks.\"<\/em><\/p>\n<p>This was a headline taken from The London Times. If you’re sharp, you might have connected the dots - <strong>Bitcoin’s inception came right after the Financial Crisis of 2008.<\/strong> The popular belief dictates that Bitcoin was created to <em>“take the financial power away from governments and hedge funds, and give it back to the ordinary people”.<\/em> I’m somewhat paraphrasing, but you get the idea.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Financial crisis.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_02.o.jpg/" alt=\"Decentralized blockchain: Financial crisis.\" width=\"1000\" height=\"249\" \/><\/p>\n<p>Now, this should help you understand why decentralization and blockchain anonymity are so important for crypto, in a very fundamental sense. Many crypto enthusiasts believe that, in order to have full power over your money, you must remain anonymous, and that the technology behind that form of money - in our case, it’s the blockchain tech behind crypto - must remain decentralized, at all cost.<\/p>\n<p>The same enthusiasts claim that, <strong>once centralization sets in, there’s always a risk for another financial crisis to happen<\/strong>, and - once again - big hedge funds and major banks would get bailed out, with your common, everyday people absorbing the full blow of the crisis.<\/p>\n<p>In a super-quick nutshell, this is the core philosophy behind crypto - one that many enthusiasts hold, to this day. It’s a very controversial topic, though - the reason behind the controversy has to do with mass adoption, and a term called “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-know-your-customer-kyc/">KYC”./n “KYC” stands for “Know Your Customer”. It’s a term related to financial regulations, and essentially, it refers to the fact that all financial institutions must identify their customers and clients. This is true with cryptocurrency exchange platforms, as well.<\/p>\n<p>On one hand, you have the philosophy behind crypto - <strong>blockchain decentralization and anonymity.<\/strong> On the other hand, in order for cryptocurrencies to become truly mainstream, and blockchain technology to be massively adopted and widespread, <strong>regulation is absolutely crucial<\/strong> - it would preserve order, and remove a huge chunk of potential scams and theft attempts from the equation.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: The philosophy behind crypto.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_03.o.jpg/" alt=\"Decentralized blockchain: The philosophy behind crypto.\" width=\"1000\" height=\"207\" \/><\/p>\n<p>So, as you can see, it’s a very tricky topic! Most people agree that regulation is the way to go - still, however, many crypto projects aim to circumvent this, to an extent. Partial decentralization, open-source code, doxed teams, and so on - it’s a huge topic that needs a separate section, of its own!<\/p>\n<p>Now, do keep in mind that <strong>there’s a difference between blockchain-based projects and platforms such as cryptocurrency exchanges or lending services.<\/strong> With the former, decentralization is still completely possible, even with regulatory oversight - the aforementioned KYC regulations mostly imply to companies that allow individuals to buy, sell, or transact with cryptocurrencies in any other way.<\/p>\n<h2>Decentralization and Anonymity in Crypto<\/h2>\n<p>Up to this point in the section, we’ve talked about decentralization and anonymity, as standalone concepts, and I’ve also told you about why these concepts are so important to the crypto world.<\/p>\n<p>Now, allow me to tell you about just how both of said concepts manifest themselves for your average crypto enthusiast!<\/p>\n<p>So, starting off with decentralized blockchains, we must go back to the shop example I gave at the beginning of this section. In the world of crypto, there’s a term called “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-the-dao/">DAO”. Broken down, it abbreviates as a <strong>“Decentralized Autonomous Organization”.<\/strong><\/p>\n<p>That sounds super-fancy, yes, I know. However, it’s actually quite simple to understand. If you’d like to learn about DAOs in an in-depth manner, check out <a href=https://www.bitdegree.org/"//crypto//learn//what-is-a-dao-in-crypto/">a section<\/strong><\/a> written on this topic - for now, though, let’s take an entry-level look at what they are.<\/p>\n<p>A DAO is a community of people that all have the ability to vote on proposals, changes, updates, and other matters of a specific crypto project. This voting happens with the help of the <strong>native tokens<\/strong> of that said project. So, as far as our shop example is concerned, it would look a little something like this:<\/p>\n<p>Each employee within the decentralized shop would have the ability to purchase or acquire special candies, depending on their dedication and impact on the way that the shop is performing. Every month, employees would be able to suggest changes to how the shop operates, as well as vote on different proposals made by others. In order to vote, you would need to place your candy into a special jar - the more candy it is that you place, the stronger your vote will become.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Explanation of DAO.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_04.o.jpg/" alt=\"Decentralized blockchain: Explanation of DAO.\" width=\"1000\" height=\"556\" \/><\/p>\n<p>Naturally, in reality, the system is much more complex than that. But this should still give you a pretty good general idea of how DAOs work, and how decentralized projects are managed, in the first place!<\/p>\n<p>Now, when it comes to anonymity, it gets even more interesting. Remember the computer game example I gave earlier? Well, when interacting with various decentralized, blockchain-powered projects, you would use your <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">cryptocurrency wallet<\/strong><\/a> - your public wallet address would act as your alias on the blockchain!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Anonimity.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//decentralization_anonimity_in_crypto_05.o.jpg/" alt=\"Decentralized blockchain: Anonimity.\" width=\"1000\" height=\"497\" \/><\/p>\n<p><strong>In short, with the help of your cryptocurrency wallet, you are able to remain anonymous on the blockchain.<\/strong> All of the transactions that you perform will be public, for everyone to see, but no one will know that it’s YOU who’s performing those transactions - well, unless you tell them.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>With all that we’ve talked about in this section, I want you to remember that we’ve only scratched the surface - both decentralization and anonymity are complex topics, as they relate to crypto! On top of that, nothing is ever black or white - whether it be KYC regulations, decentralized exchanges, anonymity, or else, all of these topics involve complex intricacies, and should thus be viewed appropriately, as well.<\/p>\n<p>That being said, I do hope that this section helped you with clearing the major question up! Now that you understand the roles that decentralization and anonymity play when it comes to your everyday crypto-related experiences, you’re ready to start digging deeper into each of these topics!<\/p>","youtube_video":{"id":28,"channel_id":1,"sort":68,"video_title":"Is Decentralized Anonymous Blockchain a Myth? (Explained!)","description":"Is Decentralized Anonymous Blockchain a Myth?\n\nBoth decentralization and anonymity are core, fundamental aspects of the crypto world. While these terms are being thrown around every single day, however, they are actually quite complex, and, if understood properly, can really help you analyze the crypto industry better. \n\nIn this video, I\u2019ll tell you all about decentralized anonymous blockchain, as far as these concepts relate to crypto. Specifically, you\u2019ll learn about what do decentralized blockchain and anonymous blockchain mean, how are they present within blockchain tech, and why you should care, in the first place.\n\nDo you think decentralization and anonymity are essential parts of crypto? Or, perhaps, you believe that these concepts are far overrated? Share your thoughts in the comment section down below!\n\nVideo Time Table:\n\n0:00 Introduction to Decentralization & Anonymity in Crypto\n0:56 What is a Decentralized Blockchain?\n2:30 What is an Anonymous Blockchain?\n3:09 Decentralization & Anonymity Importance for Crypto\n6:32 Decentralization & Anonymity Examples in Crypto\n8:45 Wrap-up: Decentralization & Anonymity in Crypto\n\nMore Related Videos:\n?What is Blockchain? https:\/\/www.youtube.com\/watch?v=O2-XxMo5PFs\n?What is a DAO? https:\/\/www.youtube.com\/watch?v=toSViQmtqFQ\n?What is DeFi? https:\/\/www.youtube.com\/watch?v=GVeoES3lKfQ\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#DecentralizedBlockchain #BlockchainDecentralized #IsBlockchainAnonymous","video_id":"pLmw3W9IRiE","duration":567,"view_count":642,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-decentralized-anonymous-blockchain-a-myth-explained.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-06-30T15:13:42.000000Z","created_at":"2022-06-30T23:00:02.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":3058,"uuid":"9a5072e0-4883-4aa4-9247-f4ed37b0cfa4","name":"decentralized-blockchain-featured-image.o.jpg","url":"https:\/\/assets.bitdegree.org\/crypto\/storage\/media\/decentralized-blockchain-featured-image.o.jpg","path":"crypto\/storage\/media\/decentralized-blockchain-featured-image.o.jpg","mime_type":"image\/jpeg","disk":"digitalOceanSpaces","size":139269,"width":768,"height":478,"custom_properties":null,"created_at":"2023-06-19T06:58:36.000000Z","updated_at":"2023-06-19T06:58:36.000000Z"}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin Killer","status":"published","modified_content":null},{"chapter_id":2,"order":10,"slug":"what-is-solana-in-crypto","title":"Is Solana an Improved Version of Ethereum?","status":"published","modified_content":null},{"chapter_id":2,"order":11,"slug":"what-is-polkadot-in-crypto","title":"The Bridge Between Blockchains: Polkadot","status":"published","modified_content":null},{"chapter_id":2,"order":12,"slug":"what-is-polygon-in-crypto","title":"Polygon: the Essential Scaling Solution for Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":13,"slug":"what-is-luna-crypto","title":"The Bumpy Road of Terra (LUNA)","status":"published","modified_content":null},{"chapter_id":2,"order":14,"slug":"what-is-fantom-crypto","title":"Is Fantom (FTM) Yet Another Ethereum Killer?","status":"published","modified_content":null},{"chapter_id":2,"order":15,"slug":"what-is-aave-crypto","title":"Aave: Crypto Lending Trailblazer","status":"published","modified_content":null},{"chapter_id":2,"order":16,"slug":"what-is-algorand-crypto","title":"Did Algorand Truly Solve the Blockchain Trilemma?","status":"published","modified_content":null},{"chapter_id":2,"order":17,"slug":"what-is-olympus-dao","title":"Does Olympus DAO Have Anything to Do With Mythology?","status":"published","modified_content":null},{"chapter_id":2,"order":18,"slug":"what-is-avax","title":"Is Avalanche Network (AVAX) Rightfully Called the Future of DeFi?","status":"published","modified_content":null},{"chapter_id":2,"order":19,"slug":"what-is-monero-coin","title":"Monero: Where Cryptocurrency Meets Cryptography","status":"published","modified_content":null},{"chapter_id":2,"order":20,"slug":"what-is-ripple-xrp","title":"Is Ripple \"it\" When it Comes to Cross-Border Transactions?","status":"published","modified_content":null},{"chapter_id":2,"order":21,"slug":"practical-use-of-cryptocurrencies","title":"The Practical Use of Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming 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current-chapter="blockchain"
current-section="decentralized-blockchain">