Decentralized Protocol

A decentralized protocol is a set of rules and procedures that govern interactions within a decentralized network, such as a blockchain. These protocols operate without central authority, enabling peer-to-peer communication and transactions. Popular decentralized protocols, such as Ethereum's smart contract functionality or Bitcoin's consensus mechanism, ensure trustless interactions. They are transparent, secure, and open, eliminating intermediaries. Decentralized protocols are essential to building decentralized applications (DApps), DeFi platforms, and other blockchain-based services that operate autonomously based on user-driven inputs.

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