Routes to decentralization

Even though there were systems that pre-existed blockchain and Bitcoin, including BitTorrent and the Gnutella file sharing system, which to a certain degree could be classified as decentralized. However, with the advent of blockchain technology, many initiatives are now being taken to leverage this new technology for achieving decentralization. The Bitcoin blockchain is typically the first choice for many, as it has proven to be the most resilient and secure blockchain and has a market cap of nearly $145 billion at the time of this writing. Alternatively, other blockchains, such as Ethereum, serve as the tool of choice for many developers for building decentralized applications. As compared to Bitcoin, Ethereum has become a more prominent choice because of the flexibility it allows for programming any business logic into the blockchain by using smart...