CRYPTO ACADEMY season 3 beginners course -Task 2 : DECENTRALIZATION

DEFINE DECENTRALIZATION. DESCRIBE THE ADVANTAGES AND THE DISADVANTAGES OF A DECENTRALIZED SYSTEM

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Decentralization Is defined in the dictionary as “ the transfer of control to several authorities rather than one single one person”, so we can simply say a decentralized system is a platform where the users have total control over their information, their accounts, their contents which they post and also their activities on the network. With the decentralized systems, people are permitted to share their opinion freely and would not be afraid of any sanctions like their accounts being suspended or being blocked.

The decentralized system do have its advantages and disadvantages. They would be listed below;

ADVANTAGES

• The system is highly secured, hacking of accounts is almost impossible unlike the centralized system (having a head or a governing body)
• The earnings in decentralized systems is very much higher than that of other systems.
• The decentralized system is not being controlled or monitored by any authority or government. Each user has autonomy over his/her account.

DISADVANTAGES

• Decentralized networks systems however require more machines, which means that more maintenance and potential issues. This is an additional burden on your IT resources.

With the increasing level of insecurity of accounts and data in the centralized system, people are gradually redirecting to the decentralized system where there is a high level of data security. Also, with the financial gains offered by the decentralized system tends to attract more people to the decentralized system which then becomes a source of income .

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