Part 2/7:
The speaker argued that the term "decentralized" has been misapplied in the context of modern cryptocurrencies, suggesting that many simply use it as a buzzword without grasping its true implications. Traditionally, peer-to-peer communication — as laid out in foundational texts from around 2008 — means that two parties (such as "Alice" and "Bob") communicate directly without intermediaries.
Instead, the conversation pointed out, current models often resemble mesh networks where information must pass through multiple nodes before reaching its final destination. This not only complicates the process but fundamentally alters the foundational principles originally set for Bitcoin and similar cryptocurrencies.