I started to learn about crypto two months ago. Bitcoin, Monero, Ethereum etc. make total sense to me.
I can't, however, understand why it would make sense to decentralize large online platforms like Youtube and Facebook. Or let's say: I don't understand how this could work.
Bitcoin has a decentralized ledger where all transactions are stored. How would that ledger look for a decentralized Youtube or Facebook?
Or am I missing something? Does decentralization mean something different in this regard?
Thank you!
PS: I'm asking because I again and again read headlines that say something along the line of "everything will be decentralized".
Can be done! Facebook and Youtube, both can be decentralized with some tweaking in the existing blockchain system so that the privacy of the users are not evaded! Distributed ledger usually means that your data will be available openly for public viewing, but that structure can be changed using an authorization layer to ensure only authorized people are able to see your profile and not everyone on the earth!
However, it literally makes no sense for these two conglomerates to move onto a blockchain! Blockchain is bette used in transactions based platforms and that's why it can be used better in fintech. Blockchain is not really made for large social media portals!