Homework || Steemit Crypto Academy Season 2, Week 1 || Decentralized and Centralized system , Advantages & Disadvantages and which one is best for business?

faisalamin (80)in SteemitCryptoAcademy • 3 years ago

Assalam-o-Alaikum.
Hope you all are well by the blessing of Allah Almighty,

As you all know a days ago @yousafharoonkhan professor in steemit crypto academy on behalf of Pakistan. And he posted his first lecture about the Decentralized and Centralized System. I am done with my homework and here and here is my answer sheet.

𝘼𝙣𝙨𝙬𝙚𝙧 𝙩𝙤 𝙌𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙉𝙤 1:

ℂ𝕖𝕟𝕥𝕣𝕒𝕝𝕚𝕫𝕖𝕕 𝕊𝕪𝕤𝕥𝕖𝕞

As we can understand by the name centralization all the parts of a system are centralized. It means a single person or an institution has the full power of decision-making. The word centralization or decentralization is all about decision-making. In the centralization system there are no authorities given to others to make a decision, For example, a school can have one principal who can make the decision for all the school. There are no authorities to all teachers to make decisions. If a teacher individually makes a decision it will never be applied without the approval of the principal. In centralization, we give all the authorities to the top level of administration. As in this diagram, I show the full example graphically.

Another example, we know many years ago when there age of kings and queens. All the country is controlled by the King. There is only one person who manages all the different issues like human health, wealth, etc. A king gives justice to a needy person. The system is centralized in those days, but nowadays politics have different ministries like railway ministry, health ministry, courts, etc which is decentralized. Its also a type of centralization called

𝔻𝕖𝕔𝕖𝕟𝕥𝕣𝕒𝕝𝕚𝕫𝕖𝕕 𝕊𝕪𝕤𝕥𝕖𝕞

I read the definition of decentralization written by @yousafharoonkhan and I understand it very easily as everything is on the point, Now this is how I am going to describe my learning. The word decentralization means that the decision or data is not handed over to the same person or not saved in a single place. In decentralization, every individual person has decision-making authority. For example, in University a single VC is there but the authority is divided into departments chairman. Every department has its own decision-making power. Department did not allow another department to control its class. In decentralization, the power is distributed to every level so everyone can participate everyone has their own say.

𝘼𝙣𝙨𝙬𝙚𝙧 𝙩𝙤 𝙌𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙉𝙤 2:

ℂ𝕠𝕞𝕡𝕒𝕣𝕚𝕤𝕠𝕟 𝕠𝕗 ℂ𝕖𝕟𝕥𝕣𝕒𝕝𝕚𝕫𝕖𝕕 𝕒𝕟𝕕 𝔻𝕖𝕔𝕖𝕟𝕥𝕣𝕒𝕝𝕚𝕫𝕖𝕕 𝕊𝕪𝕤𝕥𝕖𝕞

In Centralized System data is kept in one place or decision-making is done by only a single person. On the other hand in Decentralized System data is kept in many places or every person has their own decision-making power
Centralized is straightforward to use while Decentralized isn't easy to use. Centralized has high liquidity while Decentralized has low liquidity.

In terms of cryptocurrencies, liquidity is the ability of a coin to be easily converted into cash or other coins.
Liquidity is important for all tradable assets including cryptocurrencies. Low liquidity levels mean that market volatility is present, causing spikes in cryptocurrency prices. High liquidity, on the other hand, means there is a stable market, with few fluctuations in price.

Source

Centralized system is easy to implement and is helpful for a small business whereas a decentralized is not easy to implement but has an advantage over the centralized system on a large business scale.
Decentralized Systems are more reliable and efficient than the centralized system, In terms of data storage if data is saved in different places then if one is down the user can still get data from the alternative source.
In terms of security Decentralized systems are more secured than Centralized Systems. It's due to data integrity and Security.

𝘼𝙣𝙨𝙬𝙚𝙧 𝙩𝙤 𝙌𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙉𝙤 3:

𝔸𝕕𝕧𝕒𝕟𝕥𝕒𝕘𝕖 𝕠𝕗 ℂ𝕖𝕟𝕥𝕣𝕒𝕝𝕚𝕫𝕖𝕕 𝕊𝕪𝕤𝕥𝕖𝕞

Better Management in Centralized System is a major advantage. Organizations found out central stores that are liable for all activities and transport their inventory as and when required to other stores which are usually attached to the assembly capacities located in several locations.
The cost of a Centralized System is low as we also discuss in the comparison. By choosing to centralize warehousing and distribution, the necessity to pay rent or utility and incidental expenditures for various warehouses is reduced. the necessity to spend more on new equipment and technologies for every warehouse is additionally eliminated.
For a small business a small team is enough to control all the business. Because data is stored only in one place so it's easy to manage it.
Reporting is much easier in a Centralized System. As data source is only one and more reliable to generate the report of a single target database. Depending on the type of business or the sorts of products you offer to your customers, you would like to stay an in-depth eye on what you've got available. With a central distribution center, creating these sorts of reports becomes incredibly easy. you simply need to attend one source instead of hunting multiple reports from multiple distribution centers.
Flexibility is also the big advantage for a system based on the Centralization Technique. In a crisis or an emergency, standardization of labor takes only one step to revise all the activities directly. This guarantees a greater degree of flexibility in a corporation than during a company with no centralized warehousing.

𝔻𝕚𝕤𝕒𝕕𝕧𝕒𝕟𝕥𝕒𝕘𝕖𝕤

A centralized management system resembles a sort of leadership where employees are only expected to deliver results consistent with what the highest executives assign them. Employees are unable to contribute to the decision-making process of the organization, and that they are merely implementers of selections made at a better level. When the workers face difficulties in implementing a number of the choices, the executives won't understand because they're only decision-makers and not implementers of the choices. The results of such actions may be a decline in performance because the workers lack the motivation to implement decisions taken by top-level managers without the input of lower-level employees. Also, there are security lacks in the Centralized system which makes it poor.

𝔸𝕕𝕧𝕒𝕟𝕥𝕒𝕘𝕖 𝕠𝕗 𝔻𝕖𝕔𝕖𝕟𝕥𝕣𝕒𝕝𝕚𝕫𝕖𝕕 𝕊𝕪𝕤𝕥𝕖𝕞

It has a high-security level. Hackers can not easily penetrate it. Data Integrity and Security have a high priority in Decentralization.
Suitable for large-scale business. A large-scale business can easily be handle by the decentralization technique.
Reliability is the big advantage in a Decentralised System. In a Decentralized System, if one system is down its alternative can fulfill others' requirements easily.
Data Integrity in a Decentralized System makes it rich. Edit the data in one place may not affect the data that is stored in another place. If a hacker targets a database and edits it, this not make sense on other databases and data will be rechecked and correct.
Actions are often focused on what must be done and duplications are often put to rest. It becomes easy to urge all units and other people to do an equivalent thing within the same way at an equivalent time without wastage of resources and energies.

𝔻𝕚𝕤𝕒𝕕𝕧𝕒𝕟𝕥𝕒𝕘𝕖𝕤

Decentralization is often extremely beneficial. But it is often dangerous unless it's carefully constructed and constantly monitored for the great of the corporate as an entire. Because the cost of the Decentralized System is high so, we can face a financial burden. As the control is divided to the lower-level to get the best profit but it may be possible that there are conflicts in the lower-level managers.

𝘼𝙣𝙨𝙬𝙚𝙧 𝙩𝙤 𝙌𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙉𝙤 4:

As we discuss all the details about the Centralized and Decentralized System. Focusing on a single technique is also not good. If we choose only Centralized Technique for our business then the Disadnages are come up that we discuss earlier and if we choose the Decentralized System then some disadvantages are also there. Every TEchnique has its own advantage and disadvantage and we also discussed all of them.

For a small business we said the Centralization System Adoption will be good, but there some disadvantages of data security that the organization can not ignore. If a large business scale and we choose the Decentralized System then the high cost may be lead our business to loss. So, we need to take both techniques together to grow up the business/organization. Take both Systems together wisely will lead our management to success and our finance can also be feel good and we can grow a confident business.

𝘼𝙣𝙨𝙬𝙚𝙧 𝙩𝙤 𝙌𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙉𝙤 5:

Step 1: Visit https://etherscan.io/ and put the Token Contract Address Here as shown in Mockup

Step 2: How to find Your Token Contract Address? I choose DGX Coin so this is how you can also find the contract address for your coin also.

Step 3: Now put the contract address in search bar as described in Step 1: In my case DGX Contract Address is 0x4f3afec4e5a3f2a6a1a411def7d7dfe50ee057bf

Step 4: Open Contact Tab and Scroll Down to Source Code You will see the Solidity work there. Let's understand it graphically by using mockups.

Step 5: In coding you will search in the coding function destruct only administration, self destruct. You can search for this word as showing in this mockup

There are no words like it in the source code so DGX is based on a decentralized Blockchain Project.

▀▄▀▄▀▄ Respected Professor ▄▀▄▀▄▀

@yousafharoonkhan

🅱🅴🆂🆃 🆁🅴🅶🅰🆁🅳🆂

@faisalamin

T̳̿͟͞h̳̿͟͞a̳̿͟͞n̳̿͟͞k̳̿͟͞s̳̿͟͞ ̳̿͟͞f̳̿͟͞o̳̿͟͞r̳̿͟͞ ̳̿͟͞R̳̿͟͞e̳̿͟͞a̳̿͟͞d̳̿͟͞i̳̿͟͞n̳̿͟͞g̳̿͟͞

#steemitcryptoacademy #yousafharoonkhan-s2week1 #cryptoacademy #pakistan #cryptopakistan #steemcurator

3 years ago in SteemitCryptoAcademy by faisalamin (80)

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yousafharoonkhan (75) 3 years ago

First respected student Thank you very much for taking participate in Steemit Crypto Academy Season 2, Week 1 course class..

For example, a school can have one principal who can make the decision for all the school. There are no authorities to all teachers to make decisions. If a teacher individually makes a decision it will never be applied without the approval of the principal.

you gave one simple example i agree with this thank for giving example from social life ,

you completed the work very well , thank you very much for taking participate in this class