From browsing around forums and chat groups, everyone appears to want decentralization, but many don’t even seem to understand what that means. I even struggle, at times, to understand the nuances of the implications of decentralization. Are there any resources that discuss what the costs/trade-offs of decentralization are? I realize that this is a fairly general question, so perhaps I should clarify that, for now, I’m interested on more protocol level trade-offs as opposed to social aspects, such as governance in DAOs (i.e. let’s start from square one).
From a purely heuristic standpoint, I can see that there is a time cost associated with waiting to achieve consensus among a larger group. Does this push transaction fees higher? Are there other effects? Are there theories or data that show in more quantitative terms what these costs are as decentralization increases?