Pros and Cons of a decentralised Blockchain network
Pros:
Transparency: Everyone can see what's happening on the blockchain, making it harder to cheat or manipulate.
Security: Decentralization makes it tough for hackers to attack the network since they'd have to take down many nodes simultaneously.
Censorship Resistance: No single entity can control the network, so transactions can't be stopped or altered by any central authority.
Trustless Transactions: Users don't need to trust any central authority because the network itself ensures the validity of transactions.
Cons:
Slower Transactions: Because decisions are made by consensus among many nodes, it can take longer for transactions to be processed.
Scalability Issues: As the network grows, it becomes harder to process transactions quickly without sacrificing decentralization.
Resource Intensive: Running a node requires a lot of computing power and energy, which can be a barrier for some users.
Complex Governance: Decentralized networks may struggle with decision-making and governance issues, as reaching consensus among participants can be challenging.
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