A decentralized protocol is a set of rules and guidelines that govern how data and transactions are managed across a decentralized network. These protocols operate without a central authority, using consensus mechanisms like proof of work (PoW) or proof of stake (PoS) to ensure security and reliability. Examples of decentralized protocols include blockchain networks, peer-to-peer communication systems, and decentralized finance (DeFi) platforms. They empower users by providing transparency, reducing reliance on intermediaries, and enhancing privacy and security.
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