Hello Steemit Crypto Academy Community

Hello wonderful people, how are you today? I hope you're having a fantastic week. I'm ecstatic to be a part of this unforgettable lecture. In this article, I'll share my experience with Decentralized and Centralized system, Advantages & Disadvantages, Which one is best for business? Instructed by @yousafharoonkhan

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

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Decentralization:

The method for which a group's operations, especially those related to scheduling and judgment, are dispersed or delegated away from a centralized, authoritative location or community is known as decentralization or decentralization.

The transition of authority and judgment from a centralized entity (person, organization, or community of such) to a distributed network is referred to as decentralization in the blockchain. Decentralized networks aim to lower the degree of confidence that members must put in each other while also limiting their freedom to pursue power.

Centralization:

The phase of centralization refers to the concentration of strategy and situation processes within an entity to a single authority or site. In a centralized company, the main office retains decision-making authority, while all the other departments accept instructions from the main office. The management and experts who make major decisions are centered in the main office or hub

Explain in your own words the difference between decentralization and centralization system Or Compare both in your own words.

Centralization System:

Centralization is a financial model wherein one person can make all of the crucial choices (like capital allocation) and sets the company's main strategic direction. The founder of most smaller firms takes full responsibility for goods, facilities, strategic strategy, and most other different features.

A centralized management system is used by many companies in rapidly evolving technology environments. In a centralized system, the decisions taken by management are constrained.

Decentralization System:

A decentralized system is one where the various parties must make their own conscious choices." There is no centralized command body that makes decisions for the rest of all parties in a decentralized system. Instead, each faction, also known as a mentor, makes a local independent decision in pursuit of its own interests, which may or may not coincide with those of other colleagues.

The inclusion of members into an accessible decentralized structure is unrestricted. At any point, any participant can enter or leave the system. As a result of this, as well as the fact that members are independent and may have different interests, the program may be vulnerable to a variety of phishing software.

Which one is better for Business/trading and why? (write-in own words).

In my opinion, Decentralized systems are better for trading and business purpose because of the following factors.

• In a centralized system, the third party retains the majority of power over your account. On the other side, with a decentralized exchange, you retain complete control over your account.

• Compared to centralized exchanges, decentralized exchanges have more security. Investing in centralized cryptos carries a significant risk of being hacked.

• Members of centralized networks are charged for their usage. These payments differ from one supplier to the next, depending on the functionality they offer. For coordinating transactions on the blockchain, decentralized exchanges charge either nothing or very little.

Write five Advantages and five Disadvantages of a decentralized and centralized system.

Advantages of Centralized System

• The command chain is made clear with centralized. If a company uses centralization, they are aware of the command chain. This ensures that everyone in the company is aware of their responsibilities.

• One of the most significant benefits of centralization is cost savings. Any device or system that is centralized needs less maintenance and costs.

• Since centralized networks have lower complexity or individuals, they necessitate less coordination between the various levels of management.

• Decisions are usually made by a specific minority of people in a centralized company and then conveyed to lower-level managers. The judgment process is more effective when only a few individuals are involved.

• In a centralized organization, streamlined processes and efficient governance result in enhanced work. Each unit has a boss who ensures that the results are consistent.

Disadvantages of Centralization System.

• Workers are only supposed to achieve outcomes over what the senior managers appoint them in centralized management, which reflects a dictatorial style of leadership.

• The company executives are already under a lot of forced to produce decisions for the business, and they have no influence over the planning phase.

• Since documents are being sent into and out of the head office, centralization creates difficulties in work. Employees depend on input from the top to make decisions.

• Since workers perform activities that are conceptualized by top management, there is no effort in the work of centralization. This restricts their ability to be creative.

advantages of decentralization.

• Decentralisation helps relieve chief management of the responsibility of executing multiple functions; the only way of reducing their workload is to delegate judgment authority to employees.

• Liquidity of goods, activities, and markets, for example, is encouraged by decentralization.

• The power is decentralized to territorial components in order to provide immediate service while considering the price, cost, distribution, and innovation.

• The creation of diverse competitive organizations is aided by decentralization. Employee productivity increases as they become more active in the judgment phase.

• Decentralisation improves power and oversight because lower-level employees will have the power to make conscious choices.

Disadvantages of decentralization.

• It is impossible to obey unified policies and practices while decentralization is in place.

• Since responsibility is distributed across the company, decentralization of control causes communication problems.

• Decentralization necessitates the hiring of qualified employees who are willing to recognize authority, as well as increased financial costs.

• If there is a lack of skilled and trained staff, decentralization is considered worthless.

• As a result of decentralization, conference championship leaders are under further stress to generate profit at all costs.

How do you know if a blockchain is decentralized or not?

So for this i will be showing you on a website called https://tronscan.org/#/

After clicking it you will be redirected to a page which will look like this.

After that i posted my trx address like this.

After that i went below and looked for contract tab and after clicking it shows no data

As on the other side when i put bitcoin contract address like this

And then went for the contract tab which shows the code implementing that its decentralized

Conclusion.

This lesson's subject is mentioned by the professor. We learned a great deal about centralized and decentralized systems. It also demonstrated how to gain access to a blockchain project's source code. We discovered if this is a centralized or decentralized project after checking the codes.

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