Assalam o alikum,Hi to all Steemit Crypto Academy Fellows,

I attended professor @yousafharoonkhan class which was very informative.In which he has given a complete overview of various aspects of centralization and decentralization, it also tells which is better with regard to trade.He explained a lot about decentralized blockchain in very simple words.I have taken the class carefully and now I'm going to write my assignment.

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Q no1 . Write the definition of Decentralization and Centralization in your own words. Explain these two systems in your own words?

centralization

Centralization means power of authority in ONE hand either an individual or a group.All the decisions and important future directions are taken by one unit.It has complete control over the system and has its own consent;when to work,make whom to work and how to work.All the users other than the central authority and bound to receive information from the central server and cannot use any other source.They are connected to one link that passes information from top to bottom.

Decentralization

Decentralization means the power is not in one hand but every user has its own control and their respective levels.All users are connected to one another by a network and every user can make decisions on their own according to their own consent.The decentralized system is smoother in terms of work efficiency because their is no ruling authority and no burden on central servers,so decentralized systems work with their own servers and pass the information with one another.Decentralized economies run better than centralized economies.
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Q no 2.Explain in your own words the difference between centralization and decentralization or compare both in your own words?
ans:The main difference between the centralized system and decentralized system is that in centralized system,the power is in one hand ie; the higher authority but in decentralized system the user controls their own funds.Secondly,centralied system is being operated by one unit and it can do whatever it wants either open or close.But decentralized system is a network off user around the globe,if one user leaves or close the system.The system is remained unharmed.Thirdly,decentralized system is smoother than centralized because user access and control is efficient.

Q no 3.Write five advantages and disadvantages of decentralized and centralized system?

Five advantages of centralized system:

1.Uniform command is followed throughout system.
2.All user work under same vision.
3.No discord among the usersas the decision power is unity.
4.Decisions are implemented quickly.
5.Every user is answerable to the top authority.

Five disadvantages of centralized system:

1.As there is one target,hackers try their best to hack the system and often succeed.
2.All users other than the top authority are bound to follow the command whether they agree or not.
3.Priority is given to users that are closed to the top authority ,lower level is often neglected.
4.There is no freedom of speech and conset.
5.If the top authority is corrupt,fraud mindset prevalis from top to bottom.

Five advantages decentralized system:

1.Every user has its own control at their respective levels and contribution of advise is encouraged.
2.All users can make their own decision according to their own will to run the system with efficiency.
3.The system is more secure as every user has its own guards on.
4.The customer or client relation is strong and provision of service is quick and smoother.
5.Element of fraud and loot of the system is rare because if one user is committed to corruption it is eradicated out at one.

Five disadvantages of decentralized system:

1.Decentralized system is not cheap because a big network has to be established.
2.Transfer of funds often cause problem.
3.It is hard to keep the market price stable because crypto currency encounters price fluctuations.
4.The system is volatile to network problems.
5.Grouping of users is also another disadvantage of decentralized system.
Q no 4
Which one is better for business trading and why?
ans:As both systems have pros and cons,so it is very important to understand the nature of business first and then allotting either a centralized system or decentralized system.Some individuals join the system for a short time span and some join for long term relation.So the system allotment also depend on the time frame .Some businesses need quick decisions so centralized system is applied and some businesses need long term customer relation and for it,a decentralized system is applied .In some cases like cyber networking ,the systems are more prone to attacks,for it a decentralized system is applied as every user has its own guard.It is convenient to say that application of system depends on the nature of business.
Q NO 5:
How can you know that if a blockchain is decentralized or not?
Ans:The method is described below:
step 1:Go to web address: https://etherscan.io/
step 2:put the company token contact address in search bar of Ethereum Blockchain Explorer.
step 3:once you put the company token,click the contract option.
last step-no 4:Find the contract source code and read the coding information,if you see coding words such as only administration or open access.It can tell that whether a system is centralized or decentralizwd.

CONCLUSION:

Both of the systems have their pros and cons so there is a need to explore and learn more and more about these two systems.In economic point of view ,decentralized system is preferred more because every individual has control of funds and is motivated to contribute and work.But in governance ,centralized system is preferred because there is no conflict of interest and policy making is easy and uniform for all.In decentralized system local bodies are also empowered but in centralized system the top authority sets a rule for all.So both of the systems are beneficial in their own ways and these need to be explored more to get greater outcomes.
Thnak you for your attention:
Cc:
@steemitblog
@steemcurator01
@steemcurator02
@yousafharoonkhan