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Decentralization
The basics

Decentralization

The absence of a single controlling authority. In a decentralized system, no single organization owns the record, makes the rules unilaterally, or can change the history. Control is distributed across all participants.

TradFi equivalent
In traditional finance...
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TradFi equivalent
A consortium. A group of institutions that jointly govern a shared standard or infrastructure. Similar to a consortium that governs certain interbank payment rails, where no single member has unilateral control.
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Analogy
In everyday terms...
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Analogy
An open-source software project. No single company owns it. Decisions about its direction are made collectively by contributors and maintainers, and no one person can unilaterally change the rules or take control.
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