Has "Decentralization" become a buzz word these days?

[Zeehaxan]

Yes I have seen many projects especially the new ones used these terms for marketing purposes and to create hype and fomo just to raise higher funds during their tokensales but in the end we see less implementation of decentralization and more and more control over the project by the team which is against the concept of decentralization and i strongly think that projects that will go against this basic concept will lose value and repute over time.

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[Denreal]

As crypto enthusiasts (investors, traders and the likes), we all appreciate the fact that decentralization came into existence and without the decentralized technology called blockchain, there would not have existed and no one would have thought of creating other distributed ledger, which are centralized.
the main issue that makes most people accept just anything in the crypto space is if they are able to make a profit it gains from it, which is their utmost goal. To that effect, more developers will continue to launch their centralized projects.

[TheClownSong]

There has been some "buzz" going around related to "De-Fi" thanks to the negative effects of COVID-19 in the mainstream economy. There are many projects out there which claim to be "decentralized" these days. But deep inside, they're just a "reincarnation" of banks right on the Blockchain subject to single points of failure. For instance, Binance claims that its "Binance Chain" platform is "decentralized" when you and I know that's not the case. The same thing happens with IOTA (centralized coordinator) and Ripple's "XRP Ledger".

If we base ourselves on facts instead of projects' claims, we'll realize that a very small portion of cryptocurrencies provide true decentralization and censorship resistance. But most people don't care about decentralization as long as they're able to make money in crypto land. It's best we call projects such as XRP, TRON, and IOTA as "distributed ledgers" rather than "decentralized Blockchains" due to the way they're designed. As long as the term "decentralized" is just inappropriately, people will believe that their funds are "SAFU" in any type of cryptocurrency or Blockchain network.

Do you think mainstream crypto companies, and startups are making bad use of the term "decentralized"? Are people worldwide being fooled by these same entities? Your input will be greatly appreciated.

There could be new projects in the name of decentralization but the aim is to deceive. Decentralization is indeed needed in the world of cryptocurrency because Bitcoin's initial goal was to shift the dominance of centralized finance but I think decentralization needs to be developed for current business needs and not just for transactions

[michellee]

There could be new projects in the name of decentralization but the aim is to deceive. Decentralization is indeed needed in the world of cryptocurrency because Bitcoin's initial goal was to shift the dominance of centralized finance but I think decentralization needs to be developed for current business needs and not just for transactions

We already see that it is happening for a long time ago until now, but I am sure that many people can avoid the scam project. The decentralization needed in the world of crypto, but we still need centralization. And I think people will not be afraid to register for centralized legal finance. But people will only want to register if the company can be trusted and can use it responsibly for the customer information.

[Claudio99]

People are to be blame for investing on projects that claim to be fully decentralized but works more like a centralized platform, I sold my Tron bags when I noticed how mean Justin Sun is to new projects that use Tron network blockchain, he tried to control Oikos DeFi project too but what people want is to make money, they actually don't care where it will be coming for.

[Mpamaegbu]

New coinage and terminologies have become yearly rituals in the crypto industry, not surprising for a budding industry anyway. In the recent past we had "Chinese coins", "Lending coins", "ICOs", "IEOs", and now DeFi. Pointedly, I believe that the buzz around "Decentralization" is to make investors feel a kind of pseudo security around their investment as against trading on a centralized exchange. Most of the supposed decentralized exchanges and projects aren't even decentralized in the true sense of it because KYC and data exposure are asked for.

By 2021, another buzz word will be discovered and launched onto.

[Abiky]

New coinage and terminologies have become yearly rituals in the crypto industry, not surprising for a budding industry anyway. In the recent past we had "Chinese coins", "Lending coins", "ICOs", "IEOs", and now DeFi. Pointedly, I believe that the buzz around "Decentralization" is to make investors feel a kind of pseudo security around their investment as against trading on a centralized exchange. Most of the supposed decentralized exchanges and projects aren't even decentralized in the true sense of it because KYC and data exposure are asked for.

By 2021, another buzz word will be discovered and launched onto.

That's certainly true, mate. Most decentralized exchanges use the term "decentralized" to give investors and traders a sense that their funds are secure against malicious third parties. But as long as these exchanges rely on centralized infrastructure, they'll be subject to single points of failure just like any ordinary centralized exchange. Requiring users to comply with KYC/AML laws, makes matters even worse. The only true decentralized exchange is Block DX as everything is built on the protocol level. There are no centralized servers hosting the exchange, nor a central operator requiring ID verification. This, alongside atomic swaps, could save "Decentralization" as we speak. We need more people to support truly decentralized projects in order to make crypto/Blockchain tech as resilient as possible.

Of course, money talks more than anything else. Centralized exchanges have the most liquidity on the market, which explains why people have been quite fond of them. Not to mention, centralized exchanges are much easier to use than their decentralized counterparts. As far as cryptocurrencies go, only Bitcoin is the most decentralized Blockchain network in the world. Others are simply "words" without delivering concrete results. Ethereum is the only altcoin that's closest to Bitcoin in terms of decentralization and active development. The rest are simply semi-centralized or utterly centralized. TRON, EOS, XTZ, and basically any other cryptocurrency that relies on DPoS or RCP (Ripple Consensus Protocol) are centralized. They're just using advantage of the word "decentralized" in order to attract as much investors as possible. At the end of the day, people will decide which projects to support and which to leave behind in the dust. Just my thoughts