Experts Propose Ways to Make Decentralized System More Efficient

CFTC Committee Educates Itself About Decentralized Finance
CFTC Committee Educates Itself About Decentralized Finance

With the high rise of Bitcoin and other cryptocurrencies, the mainstream attraction has shifted towards digital assets. Bitcoin recently hit $52,500. it has led many mainstream companies to rethink their stance over the viability of the token as a store of value.

However, the internet’s worsening problems seem to be a heavy burden to the decentralized web.

The temporary network failure experienced over the internet on January 26 was a sharp reminder of the vulnerabilities and methods most of the world communicates, engages in entertainment, and conducts eCommerce. The temporary outage showed an unusual surge in traffic, which could still happen again.

A centralized system exposes the vulnerability

This is where the decentralized technology working on a centralized internet system will have a major problem. It should be a sound of alarm for the crypto community, especially those participating in daily peer-to-peer value exchange with Bitcoin (BTC).

It also serves as a motivation for the community to develop a future decentralized web that is safer, more reliable, and more secure. Whenever Telegram or Gmail goes offline, it’s a reminder to the crypto community that the world of decentralized technology is exposed and made vulnerable by centralized deficiencies.

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As a result, blockchain and crypto enthusiasts have seen the need for a reliable web interface for the full growth of blockchain and other decentralized protocols.

Making Decentralized systems more efficient

To solve this problem, some experts are proposing a solution that will leverage the strength of the internet. The solution also involves a focus on the abundance of nodes and redundancies of data that are already part of the system.

Transmission can be routed around the nodes, as it can lead to a more dynamic and smarter protocol. The experts argued that transmission can be routed around the congested or blocked nodes. Data from the nodes can be retrieved to allow the data to flow naturally.

Examining the Border Gateway Protocol

Additionally, security issues still need to be resolved. It is more important to examine the Border Gateway Protocol (BGP) which is the default routing technology of the internet. Organized attackers are exploiting vulnerabilities revealed by the BGP, which has a massive impact on all internet-based applications. The experts stated that the internet can be safer when its security protocols are revisited.

The frequency of attacks on the mainstream and even in the decentralized technologies is a solid reason to look into the situation and find a safer solution.

Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.