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Decoding | Decentralized Applications Decentralization
A decentralized application is one that is not controlled or managed by a central authority. Decentralization, on the other hand, can be used in a variety of commercial applications in addition to digital currency.
Let’s look at a basic example to better understand the concept of decentralisation. When you buy something using fiat money, you are essentially contributing to a centralised system. This is due to the fact that neither the buyer nor the seller has control over the flow of fiat cash. The role of your country’s central bank is reserved for it. Simply put, centralised systems are vulnerable to inefficiencies, complication, errors, and hacking.
By providing a decentralized monetary system, digital money such as Ether, XLM, and others question the idea of centralization. The usage of currency cannot be controlled by a centralised bank or government since it is decentralized. Instead, with a decentralized system, consumers have power over their digital money. Continue reading this tutorial to learn more about the role of blockchain smart contract solutions in the creation of dApps.