Hello Steemit:

Assalam Alaikum, How are you all, hope you all are doing well. So today, after attending Professor @yousafharoonkhan lecture on Centralized and decentralized exchange, i learned many important things about those exchanges and there pros and cons.
Lets start with the answers of given homework question.

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?

Decentralized Exchange:

Decentralized exchange are basically those exchanges which gives a right to user to set there own rules for exchanging any coin. It means there is no involvement of third party in exchange system. There is no need of following third party companies rules and regulations of exchanges. Trader can easily trade their desired coin without any help of any company.

In decentralized exchange, buyer and seller interact with each other. That's why this exchange is also known as the safest exchange for traders. Because as we know, In decentralized system data cannot store in one main server just like in centralized system. Data are stored in different servers of decentralized system. That's why it is difficult for hacker to hack information from server.

Centralized Exchanges:

Centralized exchanges are those exchanges which are run through the involvement of third party medium. Which means there is a third party between buyer and seller who managed and controlled all the assets of traders. These third party exchanges set there own rules and regulations. And traders are forced to follow there rules for trading there coin through centralized exchanges. If traders are not follow there rules and it will be difficult for them to trade on that exchanges.

Centralized exchanges have there main servers from where all the data and information of traders transaction are stored. And this storage of data on main server is make centralized exchange less secure. Because it is easy for hacker to hack any information if they managed to enter in main server.

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 own words, copy paste or from other source copy will be not accepted)?

Difference between Decentralized and Centralized exchanges

So, after defining both exchanges. Some differences of decentralized and centralized exchanges are given below,

Security:
Security is the main thing every trader want from there desired exchange. Centralized exchanges are less secured than Decentralized exchanges. The main reason is the involvement of third party. In centralized exchanges, third party managed all the assets of traders but in decentralized exchanges, buyer and seller are directly interact with each other without any middleman. That's why data are stored in different places in decentralized exchanges and it is difficult to hacker to hack that data.

Transaction Fee:
Centralized exchanges have more transaction fee than decentralized exchanges. and this is the main reason, traders like decentralized exchange more than centralized exchanges.

Process of Verification:
There is a must need of verification process in centralized exchanges. Without verification process, no trader can trade there assets. And the main thing is verification process is difficult. This process is known as KYC.
In decentralized exchanges, trader are not need to verify themselves for trading there assets. They are 24 hours availability of exchange. Which enables traders to trade anytime.

User Friendly Exchange:
Many users are freshers who use exchange application first time. They faces many difficulty in using there application if they are not user friendly. Centralized exchanges are generally not a user friendly application.
But decentralized exchanges are made user friendly. There interfaces are easy to use. New user can easily understand how to use there website or application.

Question no 3 :

Write about any 2 best centralized 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 )

There are many centralized exchanges in the world. Traders like to use centralized exchanges because these exchanges are easy to use as compared to decentralized exchanges. There are some well known and user friendly centralized exchanges of 2021. Two of them are explained below,

Binance:

Binance is known as the best centralized exchange in the world because it have some key features which make this exchange better from others. Key features are given below,

• This exchange is best for those users who are in learning phase of crypto trading.
• Binance is made user friendly. There interfaces are easy to use.
• Verification is important in this exchange, you cannot use this exchange without verifying your account.
• It is the most reliable exchange in the world.
• Binance has the best coins in the cryptoworld listed. Means you can trade all coins easy by using this exchange.

This is the screenshot of binance wallet in which invested coin are listed.

These are the coins in which i invest.
Screenshots are permitted on my profile. That's why i'm not able to take screenshot of my profile.

Coinbase:

Coinbase is also the best crypto wallet in the world. This wallet is good but not good enough just like Binance because it have some features which are not make Coinbase best. Coinbase charges maximum 2.99$ in each transaction. Coinbase have less pairs of trade which is the main reason, many traders don't use this exchange. It is also has user friendly interfaces. The main key feature of this exchange is, it has all the coin which are just enters in market. So users feels easy to invest in those penny cryptocurrencies. Many residents are not allowed to use Coinbase for trade. Coinbase have licensed in 30+ countries where you can easily use coinbase for buying, selling and holding your coin. Coinbase is also known as the reliable crypto exchange.

Screenshots are permitted on my profile. That's why i'm not able to take screenshot of my profile.

Question no 4 :

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

First of all, go to Appstore if you are using your mobile, and install Metamask application.

After the installation, click on Metamask icon. Then this screen will appear. Click on Get Started button.

Then Wallet Steup screen will appear. This screen are permitted from taking screenshot that's why i am not uplaoding screenshot of that screen.
There are three options on the screen.

• Import using seed phrase.
• Sync with Metamask extension.
• Create a new wallet.

I used Metamask first time, that's why i clicked on Create a new wallet.

Then a screen appear which have three interface on the top of the screen.
First interface is Create a password.
Second is Secure wallet.
Third is Confirm your seed phrase.
All screen are permitted from screenshots.

After saving seed key in my notepad and diary book. Then i click on Continue button. Then I confirmed my seed key by reenter seed key on boxes. Then I clicked on Complete Backup.
Then Congratulations Screen is appear. Then I clicked on Done Button. After that my account on Metamask is created.

Some Interfaces of Metamask are restricted from taking screenshots. That's why i am not uploading those interfaces screenshots.

Question no 5 :

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

In some steps, you can see how to use Uniswap exchange, and swap/buy or swap/sell any coin.

First of all, Go to Uniswap website.
https://app.uniswap.org/#/swap

Then Click on Connect Wallet

After that Click on Wallet Connect

After clicking on Wallet Connect, A screen With QR code will appear. Then you have to open your Metamask application and scan QR code. After scanning QR code, this screen will appear, Then Click on Connect. Then Uniswap website are connected to Metamask application.

Then you have to select a coin from which you are swap. The pair of coins are selected by you, Then enter the amount of coin. And there respective coin from which you want to swap is automatically seen you there. Then click on swap button.

Conclusion:

After the informative lecture about centralized and decentralized system. We also learned decentralized and centralized Exchanges from this lecture. And how to swap tokens from wallet. And how to use different centralized exchanges. This lecture is very important for me because i learned many things from this class.

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This post is plagiarism free. Hope i answered all the questions correctly. And pictures i upload in this homework are mine which are screenshots taken by me. Thankyou for reading

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Special Thanks to,

@yousafharoonkhan
@steemcurator01
@steemcurator02