In ancient times,there was a village.The villagers exchanged labor crops with each other,such as food,utensils,handicrafts,and so on.At first,they chose the most trustworthy elder to help everyone keep accounts.Every transaction had to be conducted in front of the elder,who would help record it.This is centralized accounting. However,centralized accounting comes with centralized risks.For example,the elder might have ulterior motives and tamper with the ledger.Or there might be a natural disa...

In ancient times,there was a village.The villagers exchanged labor crops with each other,such as food,utensils,handicrafts,and so on.At first,they chose the most trustworthy elder to help everyone keep accounts.Every transaction had to be conducted in front of the elder,who would help record it.This is centralized accounting. However,centralized accounting comes with centralized risks.For example,the elder might have ulterior motives and tamper with the ledger.Or there might be a natural disa...