Steemit Crypto Academy Season 2, Week 3 || Decentralized and Centralized Exchanges,How to use uniswap,How to install Metamask By @amritraj

Hello everyone How are you hope you all are fine
2 days ago i go through the lecture of week 11 Centralized and Decentralized blockchain system. That is quite interesting and here is my homework related to that.

Q1. Write the definition of Decentralized and Centralized Exchange in your own words.(definition should cover exchanges ,not system) only explain in your own words, after understand the exchanges.

ANSWER

CENTRALIZED :- Centralized blockchain system is work on the chain system in which middle man is important and connect with each other. In this peeson cannot work freely. Whole system is not dependent on that single person. It is more safe and mostly used.

EXAMPLE OF CENTRALISED:
Poloniex
Gemini

Decentralized :- Decentralized blockchain system is dependent upon person working. Once the id is created then person is independently dependent on it and freely can work on it without any restrictions. Its Safe but once you forgot you keywords and you lost everything.

EXAMPLES OF DECENTRALIZED:
AIRSWAP
UNISWAP

---

Q2. Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges ,not over all system.. (answer must be written in oun words, copy paste or from other source copy will be not accepted).

ANSWER :

There is a huge difference in Decentralized and centralized exchange

CENTRALIZED EXCHANGE

• Password is not that much strong so it can be hacked by any hacker and they can steal everything.

• Centralized exchange is safe so 95% of person beileve in this system.

• Middle person is always present in this type of exchange.

• KYC VERIFICATION is always required for working wallet.

• In this type of trading Huge bulk amount of transcation always take place.

DECENTRALIZED EXCHANGE

• Password keywords are very different and cannot be reset by anyone. So account cannot be hacked.

• Decentralized exchange is trusted by less person used by less person as well.

• There is no centered person in between person can work freely.

• Kyc verification is not required.

• People always prefer to do less transcation on Decentralized exchange

---

Q3. write about any 2 best centralised exchanges of 2021 . why are they best in front of you? (Show screenshot of your verified profile to make verify that you are really using them, or also share any one trade that you made in last 24 hours ).

ANSWER

In cryptocurrency exchange I love two platforms :-

I) BINANCE

II) POLONIEX

BINANCE :- Binance is an app in which we can deal with 400+ currency's. Having lowest deposite and withdrawal is easy and secure. My verification is little bit completed and documents is submitted.

POLONIEX :- Poloniex is connected to steemit and it make our work wasy to deal with steem. Preferable and mostly used by me . It is also have very easy deposite and withdrawal. It also deal with many currencies. This also have a referral chain system in it.

My poloniex account

---

Q4. Install Metamask, and share step by step screenshot ,(Practicle step by step ).

ANSWER
HERE IS PROCESS DOWNLOAD AND INSTALL METAMASK.

Step 1: Visit coingecko.com and click on sidebars and on defi.

Step 2: Now click on Dex go and see that at bottom.

Step 3: Scroll a bit and click on uniswap exchange.

Step 4: Click on about uniswap.

STEP 5: Click on Uniswap website written there.

Step 6 : Now install metamask connet wallet and install metamask.

Step 7 : Download Metamask. For android

Step 8: Now install Metamask for android.

Step 9 : Now create a wallet and agree terms and conditions.

Step 10 : Create strong password.

Step 11 : Backup all keywords in order.

Step 12 : Now write down all the keywords in order.

Step 13 : Congratulations you are setup to go.

Step 14 : Interface

---

Q5. How to use Uniswap exchange , and Swap/buy or swap/sell any coin (practicle step by step ).

ANSWER :

Step 1 : Visit Uni swap site

Step 2 : Then type the no. Of ethereum you have in ethereum coloum.

Step 3 : Select the UNI in other coloum because we need to convert in UNI

Step 4 : Conversion are there right in front of you.

THANK YOU Proffessor @yousafharoonkhan for teaching me well.