What is in the world is decentralized computing? What is all the fuss about? The purpose of this article is to explore the
world of decentralized computing and some examples of decentralized computing and its uses cases.
What is Decentralized Computing?
Decentralized computing is a type of internet-based computing that does not rely on a single, centralized program and network.
The decentralized nature of this technology makes it difficult to attack and also makes it more difficult for anyone person to have control over the system.
This type of computing has been around since the 1980s but has only recently gained popularity.
The first decentralized application was BitTorrent, which was released in 2004.
The Benefits of Decentralized Computing in the Modern World
Decentralized computing is the process of distributing the workload and data across a network of computers.
Decentralized computing has many benefits, such as:
- Better security: Decentralized systems are more difficult to hack than centralized ones because there is no single point of failure.
- More efficient: Decentralized systems do not need to store all their data on a central server, which means they can process requests faster and more efficiently than centralized systems.
- Better privacy: Decentralized systems allow users to keep their personal information private because it’s not stored on a central server.
The Risks of Decentralized Computing
Decentralized computing is a form of computing where the data and information are not stored on a centralized server. There are many benefits to decentralized computing, but there are also risks that come with it.
The risks of decentralized computing can be divided into two categories: risks to the users and risks to the network. The first category includes data loss, privacy breaches, and hardware failures. The second category includes denial-of-service attacks, censorship, and malicious code insertion.
What are blockchains?
Blockchains are a type of database that is distributed among the public, and they’re designed to store information in blocks. They can also be used to pay for goods and services without the need for a third party like a bank.
BitShares is an open-source, decentralized trading platform that offers currency exchange and other trading services. It provides fast, secure, and low-cost financial transactions.
The following are the steps to get started with BitShares:
- Get a BitShares account by signing up on the website.
- Get your account verified by email or phone. You can also get your account verified by uploading a driver’s license or passport.
- Deposit funds into your BitShares account to start trading.
- Buy or sell any of the digital currencies offered on the platform using USD/EUR/GBP/etc.
- Withdraw funds from your BitShares account when you need to cash out some money for a purchase in real life
More Examples of Blockchain Platforms
The competition for Blockchain Platforms is fierce right now. We will review a couple of examples of the more popular Blockchain Platforms in the marketplace.
Stacks Blockchain Platform is a decentralized application for managing invoicing and payments. Transactions are completed in a safe and secure manner, with the help of blockchain technology. It also includes a smart contract feature, which will be able to handle subscription payments, escrow services, and more.
The Ethereum Blockchain Platform is a decentralized platform for creating new applications, issuing tokens and running smart contracts.
EOSIO is a blockchain platform for the development of decentralized applications. It provides all the necessary features to build an app without any need for specialized knowledge in programming or smart contract programming.
Tron is a blockchain-based operating system that facilitates the creation and usage of decentralized applications. It allows for content creators to release their own digital property and create their own rules.
Multichain is a multi-asset blockchain platform using a hybrid Proof-of-Work and Proof-of-Stake consensus mechanisms. It offers various features to address the challenges of speed, scalability, and sustainability of the blockchain.
Solana is a blockchain platform that is scalable, energy-efficient, and fair. The project was founded by members of the team that created DFINITY. It is built to solve the problem of decentralization becoming more expensive as it grows in size. Solana achieves this by overcoming the one major limitation of existing blockchains: scalability.
Examples of Non-Blockchain Platforms
Even though Blockchains get most of the press, there are other non-blockchain decentralized Internet platforms that do exist in the marketplace. We will review just a couple of them.
The SAFE Network is a new decentralized internet that is affordable, secure, and private. The SAFE Network will provide an environment where people can do anything they want without the fear of censorship, regulation, or invasion of privacy. It will be possible to host websites on the SAFE Network with all the same features as any other website (pictures, videos, downloads) but without any of the risks associated with
Hegra Hashgraph is a new distributed ledger technology that makes online collaboration more secure, efficient, and fair. It has the potential to scale to millions of transactions per second with no transaction fees.
Use Cases of Decentralized Computing Technologies
The following are some of the use cases of decentralized computing technologies:
1. Decentralized Cryptocurrency Transactions: Blockchain is a distributed ledger that stores data in a decentralized manner. It has been used to create Bitcoin and other cryptocurrencies which allow for secure and anonymous transactions.
2. Decentralized Cloud Computing: A cloud computing system is a data center that provides remote access to centralized resources such as storage, applications, databases, and more. The decentralized version of this technology allows people to control their own data without having it stored on a centralized server.
3. Decentralized Internet: A fully decentralized internet would be able to store all the content on computers around the world instead of just one central server. This would make it much harder for governments or large corporations to censor.
Decentralized computing has made a big splash over the five years or so. The hope for this technology is to break the stranglehold that Google, Microsoft, Amazon, and others have on the marketplace. The growth of blockchain platforms and non-blockchain platforms is something not to ignore. They are viable use cases for using decentralized computing technologies.
I am DrM, founder of http://techninjamasters.com. I have been working, learning, teaching, coaching, consulting, writing in technology for over 40 years.