Is the Fediverse's version of decentralization without its problems?
Nope! And we recently saw some real flaws with the announced shutdown of mastodon.lol, with tens of thousands of people needing to migrate their accounts elsewhere.
Some people argue that identity should be independent from the instances that host their accounts. I agree.
But people are already working on that problem, and I have no doubt that nomadic identity will eventually happen for most people on the Fediverse.
I'm not even trying to say, "Hey! The Fediverse is the *only* way to do decentralized social media".
Because it's not.
I personally think Secure Scuttlebutt is a pretty kickass implementation of a decentralized social network.
It decentralizes social media in ways that are vastly different from the Fediverse. For one thing, you don't even need any instances. Which is pretty great!
https://en.wikipedia.org/wiki/Secure_Scuttlebutt