Merriam-Webster defines decentralization as “the dispersion or distribution of functions and powers.” Since the beginning of civilization, we have sought order through centralization whether it be government (autocracy) or religion (divine leadership) or education (institutions).
Johnston’s Law states, “anything that can be decentralized will be decentralized.” That has proven correct; the monarchy became a democracy, religion became personal, and education became available online. While centralization has its benefits, it is susceptible to corruption and comes up short in regards to transparency and accountability, which is why government, religion, and education evolved to decentralized systems.
Decentralization creates a culture and community of thinkers instead of followers. It encourages individual problem solving and open-source solution sharing. In short, it prepares us to solve more complex issues, face adversity together, and in the end, become more resilient.
Decentralization is at the heart of Web 3.0, and the underlying technology that makes this possible is called “blockchain.”
By giving individuals the ownership and tools to manage permissionless exchanges, Web 3.0 and blockchains are opening doors to communicate and transact with the broader global community. This new self sovereignty enables us all to reach for prosperity, especially so in developing regions of the world which have felt left behind and disenfranchised.
