Why do they fear Decentralization?
Since the emergence of blockchain technology there have been several critics to underscore the value of this innovation. We all know how bitcoin sprung from here to become the talk of the town, many years have gone by since its emergence, yet there are still side talks against the value it carries and how it has the potential to shape the future. Blockchain technology bringing to life decentralization has been an eye opener to how easy transactions can be done. I remember the old days where you would have to go through the western union process, fill a lot of forms and still have to wait two to three working days which may extend to a week.
Was all this really necessary? Of course not, it's just a process to make it look as if it's very hard and difficult to process funds. We can do all of this now in three seconds, thanks to hive. So why is the old system trying to fight the solution the masses have always been hoping for? Perhaps they fear if you know too much they may be on the losing side. Hoarding has been a practice that runs basically in the human bloodstream. No one wants you to know, no one wants you to be in, few create a cycle and make the rules to harvest from others. This seems to be a characteristic of the centralized system, keeping the masses on the surface.
Decentralization, an Exposure
Could this be the main reason for the scare?Is decentralization overfeeding the masses with information? When looking at how decentralization aims to make every user and individual involved in the decision making, transaction process and much more. Is the fear of decentralization mostly about anonymousness or curbing illegal transactions. Has illegal transactions never happened in a centralized system? In my own view I wouldn't point to these reasons. There is more to assume or should I say a little shift that will close a wide margin; decentralization has brought diversified control and monetary enlightenment to many. Centralized control as we know aims to maintain control over key decision-making processes, resources, and policies to ensure uniformity and consistency in the implementation of their agendas regardless if it favors the masses. We have seen this played out many times. It's more of a trap to the masses. Am I against uniformity, not at all but I must say many in authority have leveraged this in a negative way to trap the people. Don't be misinformed, money has a huge influence on political, economic and societal decisions. Those who can center this are Lords over the masses.
Exposure through Defi
We have all seen how blockchain technology has played a huge part in decentralized finance (Defi), taking control from entities and giving it to individuals. The idea of handing over your hard earned money for others to control may seem unfair, if it's actually your money, why not keep it, what if the company goes nuts, like leveraging your money in wrong investment that can lead to bankruptcy, even if they leveraged it on good investments, you know they won't pay you anything or should I say a due amount. With lots of paperwork using the local financial system coupled with delayed transactions in the name of processing. Funny enough sometimes you are restricted access which can be very painful and depressive
Have you ever felt uncomfortable in the financial market system as it has trading days restrictions? I mean we know for the fact the forex market is not open 24/7. The story has become very different with Defi. Another important aspect is that centralized systems mostly hide financial statements from their users. I see this more of data hoarding which makes the whole system too opaque to promote transparency. Can one really trust such a system who can take advantage of your unawareness? I guess this is why the decentralized system has been kicked against for revealing much.
Exposure through Web 3 Social Network
We have seen the current challenge that is going on with the users of X (formerly twitter). Data in a centralized system has always been to the discomfort of the end users. I mean basically you don't have much of a say about the platform as you can be kicked out anytime. All your information is kept in the hands of a centralized company which you have to trust can keep you data safe. What do they actually do with this data? Keep it safe as expected or hand it over to third parties for unethical gains. We have heard of data selling and how vulnerable a user can be. The idea of Web3 aims at data security and decentralized social media experience. Here you create an account and own every right to it, you are not tossed around. Could this be why the fight has been so huge with blockchain technology and decentralization as a whole. Maybe some feel they shouldn't let go of the old system because of the unfair benefits they had.
To conclude the conversation I must say the pressure mounted on decentralization is out of the fear that it will disrupt the old financial system, enlighten the masses and free them from unfair shackles. As many continue to come to light about the benefits of decentralization I think this fight will gradually resolve itself. If the idea of decentralization was not a fair one, I don't think it would have been able to resist this long. Blockchain birthed decentralization and its here to stay, trying to paint a negative picture about this innovation is more of a tactic to no avail.