A decentralized protocol is a set of rules that govern the operation of a decentralized network without relying on a central authority. These protocols are foundational to blockchain and decentralized applications (dApps), enabling peer-to-peer interactions without intermediaries. By utilizing consensus mechanisms, smart contracts, and encryption, decentralized protocols ensure transparency, security, and autonomy for users. Examples include Bitcoin’s Proof of Work and Ethereum’s Proof of Stake, enabling trustless transactions in various blockchain ecosystems.
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