Understanding Censorship Resistance
Censorship resistance refers to the concept that no single entity has the power to prevent individuals from participating in a specific platform or network.
In blockchain systems, censorship resistance ensures that the rules governing a network are established and enforced by all users equally, and cannot be altered for personal gain.
Ensuring Immutable Transactions in the Blockchain
A blockchain with censorship resistance guarantees that all transactions within the network are protected against potential interference, making them immutable.
Once a transaction is finalized, it is distributed to all nodes in the network and becomes exceedingly difficult to modify.
Bitcoin first introduced this characteristic and has been embraced by numerous other cryptocurrency projects.
Censorship Resistance in DeFi
Censorship resistance holds particular significance in decentralized finance (DeFi) applications.
Traditional financial products often involve barriers to entry, with intermediaries restricting access for certain individuals and interfering with transactions.
DeFi offers a censorship-resistant alternative to traditional finance, albeit with higher risks and potentially higher yields.
Overcoming Censorship with Decentralization
Many proponents of blockchain technology view it as a means to achieve freedom from the constraints of existing systems.
In recent years, there has been a push to implement distributed ledger technologies (DLT) in journalism.
Journalists frequently face censorship from influential organizations and social media platforms, prompting the emergence of decentralized social networks such as Steem and Subsocial, which aim to provide solutions.