Steemit Crypto Academy Season 2 Week 3 - Homework Post for @yousafharoonkhan | Decentralized and Centralized Exchange

ichsananggap (61)mutedin SteemitCryptoAcademy • 3 years ago (edited)

Hello friends .... !!!
Back again with me Ichsan Angga P at Steemit Crypto Academy Homework.
Today I will finish the homework from professor @yousafharoonkhan

The topic that I will choose to discuss from the work given by the professor @yousafharoonkhan is explaining the Decentralized and Centralized Exchange and 5 other questions that I will try to solve this time.

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What is Decentralized and Centralized ???

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1. Decentralized

Decentralization is a system in which users have freedom in all aspects and can do what they want without the need for permission from intermediaries. In general, the notion of decentralization in the world of cryptocurrency has a meaning in which in this system it is not centralized directly through a system called Blockchain.

So exchanges that have a decentralized system have a meaning in which customers have complete freedom over their rights to run a business. Decentralization has no intermediaries, you are free to exchange and trade your assets whenever you want.

2. Centralized

Centralization is a Centralized Exchange system, where the Centralized system means that a trader who follows a Centralized system means that the trader must be willing to follow the rules regarding the exchange and trading of assets. If someone doesn't follow the rules that have been set in the trader's market they will face problems with the system.

In this centralization, the centralized exchange has a role as an intermediary during the asset trading process. So whether a seller or a buyer they operate under the principle of centralized exchange. Meanwhile, in decentralization, intermediaries have no role in the asset trading process.

In short, that centralization is a centralized exchange, all of which are controlled by these exchanges. On centralized exchanges you cannot trade on your own due to the need for a license. Because in the centralization of all asset trading, it operates with an intermediary system, because it is the intermediary who pays both the seller and the buyer through the trading exchange.

Major Difference between Decentralized and Centralized exchanges

1. Security system

In Decentralization they offer a more secure and more secure security system, because in Decentralization you don't need a third party or an intermediary to make a transaction, and your funds are also safer because in this Decentralization only you are the only person who has the private key of the account. you to access everything.

Whereas the Centralized security system is inversely proportional to the principles adopted by Decentralization, which in Centralization in the transaction process you need a third person, and you are not the only person who holds your account's private key, which means if a bank breaks its security, then your key is. and your funds can also be accessed by the person who broke into it.

2.Account Control

Decentralization has a system which is not centered on a third person or intermediary, meaning that Decentralization gives complete control of your account to yourself, without any control over a third person.

Meanwhile, Centralization has a system where all activities are centralized by a third person, meaning that you and a third person share control of your account regarding the exchange of assets, and transactions.

3. Available Features

Features provided in Decentralization are very limited. Decentralization does not provide users with trading assets on margin.

Whereas Centralization has the advantage that they provide features such as asset trading on margin, providing portfolios to several other types to make it easier for users to trade their assets.

4. Transaction Fees

In Decentralization, the fees charged when making transactions for trading an asset can be said to be almost non-existent, because the fees charged are very small for every transaction made on the blockchain.

Whereas in Centralization, the fees that are charged when a user performs a transaction vary or are not fixed, because the features provided have a system from one user to another in accordance with the principles that exist in centralization.

5. Popularity of the System

Regarding the popularity of Decentralization, it is still far behind because Decentralization came after Centralization, although Decentralization excels in security, exchange and trading of assets with existing features, when it comes to popularity Centralization is still more popular than Decentralization.

6. Liquidity

Exchange on the Decentralized platform they do not have as much liquidity as the Centralized platform, because on the Decentralized platform it requires a long process to match each order, and also why the liquidity of decentralization is not as much as Centralized due to its relatively low popularity.

Best Cryptocurrency Exchanges of 2021

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So I will discuss about the best centralized exchange in the world at the moment, I only share 5 good cryptocurrency exchanges in 2021, I will try to share according to their ranking starting from the highest ranking order, namely:

This is the crypto exchange ranking summarized by

Screenshot (77).png
Source : Coin MarketCap

As you can see in the picture above the ranking has been transported by Coin Market Cap starting from the top rank, namely:

1. Binance

Screenshot (78).png
Source : Coin MarketCap
As you can see, the 1st rank for the crypto exchange is currently held by Binance with a total Transaction of $97,551,331,808 USD = 1,791,765 BTC. With coins playing the main role, namely BTC and ETH.Coin MarketCap

2. Coinbase Pro

Screenshot (79).png
Source : Coin MarketCap
As you can see at rank 3 for crypto exchange is now still held by Coinbase Pro with a total Transaction of $3,656,575,144 USD = 67,180 BTC. With coins playing the main role, namely BTC and ETH.Coin MarketCap

3. Kraken

Screenshot (80).png
Source : Coin MarketCap
As you can see, Kraken is still in the 4th place of the crypto exchange with a total transaction of $2,320,728,421 USD = 42,651 BTC. With coins playing the main role, namely BTC and ETH.Coin MarketCap

4. Huobi Global

Screenshot (81).png
Source : Coin MarketCap
As you can see at number 2 for the crypto exchange is now still held by Huobi Global with a total transaction of $20,205,022,522 USD = 371,705 BTC. With coins playing the main role, namely BTC and ETH.Coin MarketCap

5. KuCoin

Screenshot (82).png
Source : Coin MarketCap
As you can see at rank 3 for crypto exchange is now still held by KuCoin with a total Transaction of $2,223,746,179 USD = 40,934 BTC. With coins playing the main role, namely BTC and ETH.Coin MarketCap

Top Decentralized Exchanges on CoinGecko by Trading Volume

Screenshot (71).png
Source : CoinGecko

As you can see above are the rankings of decentralized exchange platforms, I will review only 5 crypto exchange rankings, namely:

1. Mdex

Screenshot (72).png
Source : CoinGecko
So on the Decentralized platform the 2nd position is held by Mdex with a trading volume of US $3,563,017,579. CoinGecko

2. PancakeSwap (v2)

Screenshot (73).png
Source : CoinGecko
So on the Decentralized platform the 3rd position is held by PancakeSwap (v2) with a trading volume of US $1,704,303,217. CoinGecko

3. Uniswap (v2)

Screenshot (74).png
Source : CoinGecko
So on the Decentralized platform the 1st position is held by Uniswap (v2) with a trading volume of US $1,354,914,942. CoinGecko

4.PancakeSwap (v1)

Screenshot (75).png
Source : CoinGecko
So on the Decentralized platform the 4th position is held by 4.PancakeSwap (v1) with a trading volume of US $434,338,825. CoinGecko

5. Quickswap

Screenshot (76).png
Source : CoinGecko
So on the Decentralized platform the 5th position is held by Quickswap with a trading volume of US $399,285,915.CoinGecko

How To use Uniswap Decentralized Exchange

So here I will teach you the steps on how to register at Uniswap and install Metamask, which is Uniswap is a Decentralized project, and if you want to connect your wallet with the Uniswap project you have to enter Metamask first, therefore I will ask To friends about the steps to register at Uniswap and have a Metamask wallet, here are the steps:

The first step that newcomers must take is that you have to install Metamask first, and the next way is that you can register Metamsak directly from the Uniswap exchange itself. Follow these steps, first you open and enter the CoinGecko website, then after you enter the website you can click the "Defi" option, then click DEX and then select Uniswap (V2) which looks like the picture.

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After that click Uniswap and it will appear as shown above, then click about uniswap.
After you click about uniswap and it will appear as shown below, then you click on the website address.
Then you click connect to wallet
Furthermore, if you haven't installed the metamask apk, you have to click install first.
Then click download now
You can install it on android as well as Ios, but for the moment I'm going to choose on mozilla
Then you click add to firefox
After that you click add
Then it will appear as an extension on your mozilla, and then you click and you select get started.
Then you click create a wallet to create your wallet
Then you have to click I agree
Create your password, then check agree and then click create
Click the red mark to see your secret word
After the secret backup that you have appears, you can also download it, click the red mark as I marked
Then you complete your secret password by choosing it following the previous words
Congratulations you have successfully registered yourself in metamask, then click All Done
Then you click start swapping
congratulations, your Metamask account is connected to Uniswap (V2)
Then you can choose by clicking swap from, a number of coins will appear that you can choose from
After you choose a coin from swap from, then you want to exchange it for what coin, you can click swap to and select a coin
After you enter the amount of ETH you want to exchange, then you click advanced to set the slip tolerance, after that you click review swap to pay.
Then you can see how many Uniswap coins you got by exchanging them for ETH coins, here I can't exchange them because I don't have ETH coins
If you don't have ETH coins, you can also make transactions by clicking qoute to select the payment you want to make, it can be seen as shown below.

That is an explanation of Decentralized and Centralized Exchange, the differences between them and the steps for those of you who want to register an account at Uniswap, and how to transact on metamask.

I'm sorry if the explanation I have given is still a lot of mistakes, and if the steps I have provided are incomplete I apologize, I would be very grateful if you readers tell me for my wrong writing in the comments column below.

Thank you for visiting and reading my blog, hope it is useful and can help all of you. 😁

Note : Some of the missing images are from my own screenshots.

#yousafharoonkhan-s2week3 #cryptoacademy #indonesia #blockchain #uniswap #project

3 years ago in SteemitCryptoAcademy by ichsananggap (61)muted

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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 3 course class..

you used copyright images in the home work

i could not see your swap of any coin after connecting with uniswap

thank you very much for taking participate in this class

Grade : 5

$0.00

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ichsananggap (61)muted 3 years ago

Oke thanks prof 🙏🏻