Bitcoin: 5x Pillars of Decentralisation

  1. Accountability — Satoshi designed Bitcoin with a chain of signatures to hold all users of the system to account. This way no one could do anything on the network that no one else would know about. This is what makes all users equal to one another.
  2. Fixed Supply — Simply means no ONE can control it.
  3. Locked Protocol — If it cannot be changed then no ONE can control it.
  4. Infinite Scale — This means that there is always a new market to compete for.
  5. Competition — This is essential for a decentralised network. If there is no competition in the form of an economic opportunity cost, there is simply collusion for self-interest and not for that of the network & its users. Without infinite scale capability, new market cannot be created & the only alternative is to take market share away from competitors, which leads to centralisation.
https://twitter.com/ruthheasman/status/1131614398882156550?s=20
https://twitter.com/SirToshiTV/status/1260598554072174594?s=20

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store