Ideas in this flowchart

• Monetary systems depend on how records are maintained.
• Traditional systems rely on centralized ledgers.
• Banks or central banks maintain these ledgers.
• Centralized ledgers can provide efficiency.
• Centralized ledgers can provide security.
• Centralization gives substantial power to record-keepers.
• Centralization gives substantial profit to record-keepers.
• A decentralized system distributes record-keeping.
• Record-keeping is distributed across a network.
• The network includes individuals or institutions.
• Participants share the same ledger.
• Everyone can inspect the shared ledger.
• The system must protect the integrity of records.
• No single participant should control the records.
• The system must prevent participants from tampering with records.
• Participants must receive incentives.
• Incentives encourage participants to maintain the ledger.
• Participants are encouraged to maintain the ledger honestly.