CRYPTO ACADEMY SEASON 3 BEGINNERS COURSE- HOMEWORK POST FOR PROFESSOR @yousafharoonkhan TASK 2: DECENTRALIZATION BY @offia66
Greetings Steemians.
I am really glad I can finally participate in the crypto academy assignment after a lot of struggles to beat the criteria needed.
I really appreciate Prof. @yousafharoonkhan for the class that talked about a whole lot of things, I really learnt a lot.
Homework Task-2.
(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.
OR
(2) Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful? (write in own words)
OR
(3) What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypyo currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.
I will be talking about question 2
Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful? (write in own words).
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(a) Define decentralization.
In my own understanding I will love to say that decentralization simply refers to the distribution of authority into small units. All the computers connected to this system are referred to as nodes.
OR
It can also be defined as a process by which the activities of any organization or blockchain are delegated away from a single authority. A Decentralized system has no Central authority that controls decision making. In a Decentralized system, power is broken down into smaller units.
In a decentralized system like the steemit platform, no transaction is hidden, that is to say there is transparency in the Decentralized system.(b) DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM.
Decentralized system has both advantages and disadvantages.
Advantages.
- fraudulent activities are dismissed: Due to the transparency of a Decentralized system, fraudulent activities are cubbed
- Transactions are carried out at user's own convenient time.
- freedom of expression: Users are not meant to follow any stipulated rules.
- power is distributed amongst all the users: power is distributed from the highest to the lowest which enables every user of the Decentralized system to develop and grow in the system (blockchain).
- There is no existence of Central authority.
- In Decentralized system the user's data is under there control.
Disadvantages.
- high cost:
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using a Decentralized system requires plenty of money and skill.
- misuse of funds: since there is no Central authority, money can be transferred at user's convenient time, which can result to money crime.
- Decisions Lack Specialized Knowledge: since not every user of the Decentralized system is specialized or well educated certain decisions might not be professional.
In what areas of life can a decentralized blockchain be helpful?
- security of knowledgeable property:
blockchain tools can be used to stop the theft and fraud of knowledgeable and creative properties, and provides proof of ownership. For example.
Registration
- Healthcare: Since the blockchain is an information carrier, it can help carry information of a patient from one city to another and also the prescription for a patient from one city to another.
- Free and fair elections:
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A Decentralized blockchain would help eradicate the rigging of election since information on the blockchain cannot be edited.
In conclusion, Decentralized blockchain is a type of blockchain that not only individuals benefit from but also organizations, countries and health institutions partake in the benefits of a Decentralized blockchain. In Decentralization every user has freedom of expression.
Once again a big thank you to Prof. @yousafharoonkhan.
- Thanks for reading my post.