What is decentralization? Why is decentralization a technology trends?
You may have heard or are currently using the Wbank Wallet decentralized wallet. So what is decentralization? Why decentralized wallets are trendy technology, outperforms current wallet technologies. Let’s find out in the article below
What is decentralization?
Decentralized – or decentralized application technology is considered a trend technology to replace a series of old models. Nowadays people talk a lot about decentralization and cryptocurrencies, in fact decentralization does more than it can, not just financially. When people talk about decentralized software, they’re actually talking about three separate sides. Although sometimes you will find it difficult to have one without the other, but in general decentralization and concentration are quite independent of each other. To define you need to know three criteria of concentration and decentralization:
- Managed by one or more different parties
- System size (Number of users scattered across the system)
- Data structure
Difference between decentralization vs centralization
The points given below are noteworthy, there is a difference between centralized and decentralized.
- The unity between power and authority in the hands of senior management, called Centralization. Decentralization means decentralizing the highest level of authority and processing power to the functional level.
- Centralization is a systematic and consistent focus of power at central points. Unlike, decentralization is a systematic authorization within an organization.
- Centralization is best for a small organization, but large organizations should practice decentralization
- In Centralization due to the centralization of power in the hands of a person, deciding takes time. In contrast, decentralization shows better decision-making because decisions are made closer to actions.
- When an organization has inadequate control over management, centralization is performed, while when the organization has full control over management, decentralization is done.
Thus, when using the centralized model, your money will be controlled by third parties (eg banks). When using a decentralized model, your money will not be controlled by a 3rd party but managed and verified by many people in the network.
Transactions using decentralized technology
- Step 1: A wants to send money to B
- Step 2: Transactions are displayed on blocks
- Step 3: The unit will emit waves that connect to other network elements
- Step 4: All of these network elements validate the transaction
- Step 5: The block can now be added to the chain, which records all the movement history of the block, and cannot make any edits or deletions.
- Step 6: Official money is transferred from A to B
Wbank Wallet comprehensive wallet solution
- The number of distributed computer networks across the global system, sponsored by computers connected from the World Bank.
- Rights and authority do not focus on any object or moral leader.
- The activity data is separated, and operated independently, recorded and moved by the ledger transparent
- More than just a decentralized e-wallet, we go beyond the limits of the bank, we are a complete ecosystem of DAPPs (decentralized applications)
Decentralized exchange integrated in WBank Wallet
- WBank Wallet is the first e-wallet standardized decentralized on the ETH Blockchain platform and has built-in exchange
- Currently on the ETH platform there are decentralized exchanges such as IDEX, Bancor, Etherdelta, … and we are proud to be the same decentralized exchange and integrated at the wallet (where the asset is stored). Currently, DEX of WBank Wallet is one of the largest NODE on the ETH platform.
- Order book feature and trading in Exchange
The expanded Dapps system is a place to develop decentralized applications with a huge amount of money for developing Dapps and the cost of building the system. WB Wallet is an expansion code that helps to maximize the DAPPS system (decentralized applications). The WBank Wallet application is open source, all source code is public, which encourages developers to create ideas and implement on the ETH Blockchain platform in the application of The World Bank Wallet.
Currently Dapps, Wbank Wallet have focused on GAME on ETH platform and will soon launch many attractive services and games.
In the future, Wbank Wallet aims to have more than 1000 GAMES on the issued ETH platform. In Q3 / 2019, Wbank Wallet will release DAPP Game betting on ETH platform, transparent, independent and decentralized. No longer based on belief mechanism.
The first binary options exchange on the ETH platform generates a huge revenue stream:
- On the crypto market there are many different binary options exchanges, but in reality, we only see moving paths and numbers.
- The application on the ETH platform will erase the false data, creating absolute accuracy and above all, everything that is transparent can not be fake and fraudulent data.