A decentralized protocol is a set of rules that govern interactions within a decentralized network, ensuring that no single entity controls the system. It allows users to interact directly with each other, often through smart contracts, without intermediaries. Examples include protocols for decentralized finance (DeFi), governance, or data storage. These protocols ensure transparency, security, and decentralization, empowering users to participate in networks where decisions are made collectively and autonomously, reducing reliance on centralized authorities or platforms.
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