Steemit Crypto Academy Season4 Beginners' Course-Homework post for Task 4: Blockchain, Decentralization, Block explorer
Alongside this topic are three distinct and worth-researching questions, and I am being instructed to answer just one question.
Below are the three questions
1.)
WRITE THE DEFINITION OF BLOCKCHAIN.
AND HOW OUR DATA ON BLOCKCHAIN IS PROTECTED FROM HACKERS?
AND WRITE DETAILS ABOUT DATA, HASH AND PREVIOUS HASH TAG AND EXPLAIN THROUGH SCREENSHOT
2.)
DEFINE DECENTRALIZATION.
DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM.
IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL
3.)
WHAT IS A BLOCK EXPLORER AND WHAT IS ITS PURPOSE AND USE?
SEARCH FOR DIFFERENT CRYPTO CURRENCY BLOCK EXPLORERS AND LIST THEM BELOW. AT LEAST FIVE DIFFERENT CRYPTO CURRENCIES.
ALSO EXPLORE THE TRANSACTION OF A CRYPTO COIN ON BLOCK EXPLORER AND EXPLAIN WITH THE HELP OF A SCREENSHOT
The question number 2 is aimed at expanding our knowledge on Decentralization, it's importance and it's effects. We will also consider ways in which a decentralized blockchain can affect our lives and how we can make maximum use of it.
DECENTRALIZATION
Decentralization as the name implies is an antonym of the word centralization.
Centralization, gotten from the word central, which means a point, is defined as a system that is controlled and managed by a single authority, called central authority.
An example of a centralized system is the organization that produces a DELL product, be it a computer or a phone charger, as it is controlled by a single authority.
With the above explanation given on centralization, we can easily deduce and explain the meaning of Decentralization.
Decentralization may be explained as a system whereby its control is not determined by a central unit.
In this system, a single authority does not have control over it's activities.
In a decentralized system, decisions are not made by a single unit, rather decisions are made by every unit in the system.
Fast-food franchise chain is a perfect example of a decentralized organization as the responsibility of each restaurant in the chain depends on the respective restaurant.
FEATURES OF A DECENTRALIZED SYSTEM
- It supports separation of authority to every member
- It encourages motivation of each member
- It fastens the rate of decision making
- It doesn't follow a uniform policy as each person makes his own decision.
- Each of it's members are responsible for their decision
Please follow along as we continue our adventure on this important topic, shall we proceed to examining the meaning of DEX and it's types.
DECENTRALIZED EXCHANGE [DEX]
It is of utmost importance to note that the blockchain technology is built on the foundation of a Decentralization system.
This means that a blockchain is built in a way that each user is responsible for his activities on the blockchain technology and also no one has control over the activities of another.
In a blockchain technology, if a person mistakenly transfers cash to a wrong account, the cash is forever lost, as the process cannot be reversed.
This is the reason every user of a block chain technology is adviced to be very careful with their operations.
Let's divert a little to the operation of steemit.
When a user joins steemit for the first time, the first thing he is adviced to do is to keep his keys safe, simply because, once his keys are lost, it can never be regained. The is as a result of the fact that steemit runs on a blockchain technology.
Another area of great interest is DEX, which stands for Decentralized Exchange.
Dex is an exchange market in the world of crypto currencies that permits trading through what is known as the peer to peer system and this method of trading is free from the control of a central authority.
As seen above, there are over 30decentralized exchanges platform, but I won't discuss that.
I want you to also go and make thorough research about them.
Having been enlightened on Dex, a Decentralized Exchange, built under the canopy of blockchain technology, follow along please as we fetch out the differences between a centralized and a decentralized system.
DIFFERENCES BETWEEN A CENTRALIZED AND A DECENTRALIZED SYSTEM
| CENTRALIZED SYSTEM | DECENTRALIZED SYSTEM |
|---|---|
| It is controlled by a single unit | It is not controlled by a single unit |
| It's decisions are made by a central authority | Decisions are made by it's members |
| It is effectively managed by small scale organizations | It is managed by large scale organizations |
| Slow decision making process | Quick decision making process |
| Existence of formal communication | Communication can be of any kind. |
Fortunately, our fun-filled adventure on Decentralization continues as we are about to learn of it's advantages and disadvantages.
ADVANTAGES OF A DECENTRALIZED SYSTEM
There are numerous advantages of a decentralized system as decentralization tends to be the future system of our world.
Below are some of it's advantages
- SECURITY:
The security of a decentralized system is one of the major importance of a decentralized system, as it security is of a very high standard that cannot be hacked by malicious programmers - DISPERSION OF POWER:
Another importance of Decentralized system is that it operates on equality of every member, as no member is greater than the other. - DECISION MAKING:
The ability to make one's decision is what makes life as a human interesting, and a decentralized system has extended that opportunity to all. - It ease top executives off their burdens
- Malicious activities cannot take place due to the transparency of the system
- Traders have access to their money anytime they want it as it is not controlled by anyone.
DISADVANTAGES OF A DECENTRALIZED SYSTEM
As the saying goes that there's nothing with an advantage without a disadvantage, therefore, there are some disadvantage of a decentralized system and they are: - Permanent loss of cash was it has been transferred to a wrong account
- High cost of establishment
- Inorderliness in the activities of members
- Lack of specialization as everypersons get involved in all activities.
Having discussed the merit and demerit of a decentralized system, shall we continue our adventure as we proceed to examining the areas of our lives where a Decentralized blockchain can be helpful.
AREAS OF LIFE WHERE A DECENTRALIZED BLOCKCHAIN CAN BE HELPFUL
A Decentralized blockchain will be helpful in various aspects of our lives as decentralization tends to be the hope of the future.
A Decentralized blockchain technology will help us achieve a lot of things within a short period of time.
Below are some areas of it's importance
- EDUCATION:
In most part of the world today, educational system is not what it used to be, nowadays, our educational system is full of loop holes as both lecturers and students increase their act of corruption.
In our educational system today, rich students buys certificate, they pay for a certificate certifying that they have been found worthy in character and otherwise and they have successfully passed all courses in their department, meanwhile they haven't.
This happens due to lack of transparency in the educational sector, but if a Decentralized blockchain technology be implemented, it would be impossible for such a student to do that, as all data of such a person will be clearly seen with no manipulation.
- BANKS:
Most individuals today pass through a lot of pains due to the fact their Bank account was hacked.
And this is made possible because the operation of banks is carried out on a centralized platform.
With the implementation of a Decentralization blockchain to the running of banks, it will not be heard that a person's account is hacked.
- COMPANIES:
A lot of corruption happens in different companies today.
Hardly can a qualified candidate secure a good job, irrespective of his qualifications. This is due to favouritism and manipulation of people in charge of employment.
Most employees in a company are not qualified for the job position they hold, but due to the fact that there are in one way or the other related to the manager of such a company, a job will be secured for them.
Also, a lot of extortion takes place in the operation of a company but are most times hidden by the workers in such an organization, as long as they will receive a share from the extorted money.
All of this corruption won't be possible if a blockchain technology has been implemented.
For in a Decentralized blockchain, all activities are plainly seen as nothing is hidden.
CONCLUSION
Indeed the application of a Decentralized blockchain technology will reduce the rate of corruption in the world as all datas will be clearly seen.
It will also reduce the rate of malicious activities of programmers.
As I am about to draw the cotton here, I use this opportunity to say a big thank you to my able professor, Prof @yousafharoonkhan for this interesting lecture.
Its just a pity that I will not be able to learn from you for the mean time as I am not qualified to.
But I eagerly look forward to learning from you again Prof.
My comment box is open to all who have questions or additional information to give.
Dear @jueco before reviewing your homework I would like to know why you and @alutadefender send each other Steem and also share the same Binance Memo, when in Binance you can create free accounts for each person.
CC: @sapwood
Here's a picture to further clear your doubts Prof @nane15
Ok Prof, I'm glad you noticed.
@alutadefender is my younger brother, and his binance has not been verified yet. So for the mean time I help him with his transactions and sometimes I put him through on what to post. I can send proof of our pics together, if you need it Prof @nane15
Well thank you very much for the explanation, I will proceed to correct you shortly.
Thank you very much Prof @nane15, this shows that you are indeed a diligent Prof. I'm really impressed Prof, I eagerly look forward to your corrections and the review of my assignment. Thank you
Dear Prof @nane15, I hope it's okay for me to continue assisting him until his binance has been completely verified?
Since the account does not participate in SteemitCryptoAcademy, that is correct, but you should try to find another account if your brother decides to participate in the academy.
Ok Prof @nane15, thanks a lot for the advice and correction, I appreciate.
Please my assignment has not been rated, may you kindly help me with it?