season 3: Intro post 2 steemit crypto academy Beginner's course Task 2: Blockchain, Decentralization, Block Explorer By: @rexxalo
Introduction
Hi guys, welcome to my task 2 on the beginner's course, where we would be discussing about blockchain and it's impact on society and the world, and also the concept of decentralization.
The question at hand
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)
Define decentralization
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Decentralization is known to be the dispersal of authority among nodes in a network instead of one body ruling the activities that happen within the network.
It usually comes to play when there is need to make decisions within the network, or even plans made for the benefit of the network will not be solely dependent on one node or one group of nodes.
How does a decentralized system actually work
In a network, like the blockchain there are usually members or cells or in the case of the blockchain, there are nodes that make up the network.
Whenever an issue comes up or the time for an agreement to be reached comes, instead of (like in a centralized system) a central authority or body determining what is best for the network, all the nodes have their opinions relayed out in votes according to a consensus agreement of decision making that the blockchain network has agreed to use.
some differences between a centralized system and a decentralized system
| Centralization/Centralized system | Decentralization/Decentralized system |
|---|---|
| Authority is held by a sole body or a central node | Authority is spread about between nodes |
| No voting agreement is reached | A voting agreement is used |
| Less transparent transactions, because if the main authority is breached, down goes the transaction | more transparent transactions are carried out in this network. |
| central authority can make changes and even delete user information and privileges | Every node or user is independent of effect from a central body, as there is none. |
Advantages and disadvantages of a decentralized system
ADVANTAGES
Speed of transaction:
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The speed of transaction and transfer of information within a decentralized network is usually high, as we deal with milliseconds of transfer time. The decentralized network is always quick to transfer and execute information or transactions.
Secure Database for data storage:
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The Decentralized network allows users sole edit access to their data, that is, no one asides them can delete their data or edit it without having access to that user's account. This means that data is remotely more secure and private in the decentralized network.
Reliability:
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Unlike in a centralized network, where when there is a problem with the central node, or there was a breach or compromise in the central authority and server, The whole system is compromised or shuts down and rendered non-effective till there is a complete restoration, the decentralized system disperses it's authority to several nodes, making it difficult to hijack the system.
Disadvantages
Hackers and fake nodes
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The network being decentralized has it's good sides and also bad sides. It's free access to all users is also a disadvantage in a way because now hackers and bad people or even fake users who have no good intention for the network also have access to it and can become a node, an even prominent one in fact.
Though the decentralized networks have found a way through consensus algorithms to curb the effect of wrong nodes to affect the over all decision of the network, it is still a disadvantage, as users might be affected.
costly mistakes could be made without a remedy.
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Sometimes, wrong transactions are made within the network, and mistakes are made too, like a mis-typed address or transactions made to the wrong addresses, but the lack of a central body with authority feels like a deficiency when it comes to this aspect, as these kind of mistakes can not be helped, even by the customer care.
In what areas of life can a decentralized blockchain be helpful?
POLITICS:
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For me, i believe that if voting was decentralized, the rate of rigging would almost be obliterated because every vote will count in real time, without a central body having access to the values, and possibly changing it to their own benefit like we have seen happen severally.
DAY TO DAY BUYING AND SELLING
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The decentralized Blockchain network as we have established before is faster in terms of fund transfers than that of the centralized network, where verification has to come from a central head, and this would take time to go through, unlike that of the decentralized, where the transaction is just between the two parties involved.
EDUCATION
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I strongly believe that the decentralized network system would aid proper education on a wider and more important scale, and will also save time for students and teachers, and is also cost effective too, as less workers are needed for this system for example e-learning, which is a concept of acquiring standard knowledge online without a central control.
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CONCLUSION
The decentralized network is a very helpful system, and i wish for it to be implemented more in our day to day life activities, as it will help life get smoother. little edits to the system could be welcomed too. Thanks to @yousafharoonkhan for the insightful lecture, i hope i was well understood in this post, and I'm all ears to suggestions.
All images used were designed by me, with the help of canva
Thank you for going through!