Crypto Academy Week 10 - Homework Post for [@yousafharoonkhan]. Differences between Centralized, and decentralized exchanges. Uniswap, metamask explained, plus Binance and Houbi exchange.

Question no 1 :

^{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}

What is a centralized and decentralized exchange

This is how a centralized exchange operates

• Uniswap
• 1inchexchange
• Sushiswap
• Changelly
• Keyberswap
  And so on.

This is how decentralized exchanges work

Question no 2 :

^{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)}

Question no 3 :

^{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 )}

BINANCE

To trade any crypto on Binance, click on market and select the coin you want to trade. Example below

I clicked on CHR/BNB pair and it takes me to the next image below

Buying 8 CHR as you can see in the above image. Here, you can either buy or sell. That's a simple transaction and how easy we can trade on Binance.

Houbi Exchange

It has millions of users in more than 130 countries and also has a trading volume that is mouth-watering (more than 1.2 trillion dollars)
It also has a high-security level, and another nice thing about houbi is that it has good customer care. When I had had issues with my account sometime ago, they attended to me professionally and the issue was resolved. If any organization has a good customer service relation, they would have a large user base, and I think that also help Houbi to come a long way. They also have a point card giveaway of $170 for new users if they complete some tasks.

Trading on Houbi is similar to trading on Binance. In fact, all centralized exchanges deal with order book.

I clicked on TRX as seen in the image above, and it directed me to the trading interface

I can from here buy or sell any coin I want. Just as simple as Binance.

Question no 4 :

^{Install Metamask, and share step by step screenshot ,(Practicle step by step )}

To install metamask, go to google play store if you are using an Android device or IOS store if you are using iphone.

• Click on install and open the metamask app on your device

• After opening, click on get started

• On the next page, there are three options. For those that already have been using metamask before, all they need to do is to input their seed and get going. This means they will import their existing account. To create a new wallet, click on create a new wallet

• Here, you will have to create a password. Make sure you use the password you will not forget and keep it safe because once you misplace or forget it, Metamask cannot recover it for you.

• After that, you will proceed to the next part where you will be given seed which is 12 phrases. You must keep these seeds safe. It is advisable to store it on a notepad, cold wallet, or write it on a sheet of paper.

the image below stresses more on keeping your seed phrase safe

• The next step is to confirm your password

• Then tap view to reveal your seed phrase, and write it down on a piece of paper

• Confirm the seed phrase as arranged accordingly

• Boom, you have just set up a metamask wallet. Just click done and click I agree on the next page and that's all.

Question no 5 :

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

Since uniswap is a decentralized platform, it needs a compatible wallet to connect with before transactions can occur. I use trust wallet most times, so I will be using it for my explanation.

• If you already have your trust wallet, click on it and it will take you to the home page. On the home page, there are several features below the screen (wallet, dapps, Dex, and settings)

• To connect with uniswap, click on dapps and scroll up. You will find Uniswap at the top. It's among the popular apps on trustwallet.- After you find uniswap, click on it, and it will direct you to uniswap.org (The main interface will be displayed)

• On the interface, there are some features at the top (Swap, Pool, UNI, and Vote). The homepage will display the swap interface

• So to swap your token, you can click on the drop-down to select the token you want to swap.

• After this step, click on Approve TST. If the amount of TST to be swapped for ETH or any other asset doesn't have enough liquidity, there will be no way to approve TST.

• The next point would be to confirm the transaction after clicking on approve TST. As you can see in the image, I'm to pay a transaction fee of $8.49 to confirm the transaction, but I'm not having a sufficient ETH balance. Had I have up to the ETH amount in my wallet, I would have clicked and completed the transaction

• After the transaction is completed, you can then proceed to swap, which will also incur a little fee.

• Go to Coingecko

• Type the name of the token in the search option and click on it

• All the info about the token will be displayed. You can get the contract address from there. See below a screenshot of where to locate the contract address.

As earlier mentioned, copy the contract address and paste it in the search option where token is selected on uniswap.

I appreciate all the power behind the steemit crypto academy. More grace to all the steemit team and our able professor @yousafharoonkhan.

Thanks for reading

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