As-Salaam-Alaikum,

This week prof @yousafharoonkhan has taken us through his lecture.
And after going through his lecture I will now complete his homework task.

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Q1.Write the definition of Decentralized and Centralized Exchange in your own words.

Firstly I will start with decentralized exchange.

These are exchanges that allow users to make transactions on their own.
When I say on their own, I mean in this type of transaction no middle man is required.

Everything is done between the buyer and the seller.
The rules are set by the two people involved in the trade.

This transaction Is performed through what is known as p2p(peer to peer) transactions which takes place on the online platform.

As the word suggests everything as in responsibility is handed to the customers

For instance, let's say I want to buy bitcoin using the p2p trade.

The trade is set up by the buyer or the seller.

During the transaction, the buyer and the seller decide how the mode of payment is done, the time they will take in doing their transactions etc.

The rules are all set by the people involved in the trade.

Secondly, I will now explain centralized exchanges.

Theses are exchanges that do not allow customers to make transactions on their own.

What I mean by this is transactions on this type of exchange require a middle man.

The transactions cannot happen without a middle man.
This middle man sees that the rules they set is abided.

For instance when involving in a spot trade on binance, the trader has to be a verified user on binance.

The trader who is about to make a spot trade has to follow the rules of binance.

He has to pay a fee before he makes the trade.

If the trader doesn't follow the rules all these rules it means he cannot make the trade.

To put this in terms centralized exchange is the opposite of decentralized exchange.

2.Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges ,not over all system.

a)In decentralized exchange little or no fee is required to perform whilst in centralized fees are high.

b)centralized exchanges are easily useable whilst decentralized exchanges are difficult to use.

c) Only cryptocurrency is used when making trades on decentralized platforms whilst fiat or cryptocurrency can be used when trading on centralized exchanges

d) Only few cryptocurrency are accessible on decentralized exchange whilst there are a wide range of assets on centralized exchanges.

e)one doesn't require verification before he can make trades on decentralized exchange whilst one needs to be verified before he can make trades on centralized exchange.

f)Decentralized exchange are accessible all day round whilst centralized exchanges might not be always accessible.They are sometimes closed for maintenance.

e)Capital on decentralized exchange cannot be stolen by hackers whilst capital on centralized exchanges can be stolen by hackers.

f)on decentralized exchange liquidity is less whilst on centralized exchange it is high.

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 )

The exchanges I use are binance and huobi frequently when I want to make any trade.

This exchanges where introduced to me by a close friends a few months ago.

And after using these exchanges I have come to realise that they are the best in my eyes.

Houbi

Houbi is a popular centralized exchange used by numerous traders.
It was established 7 years ago.

I will now move on say why I prefer houbi exchange in the points below.

a) Houbi has a lot of cryptocurrency coins listed on their exchange.

b) its fast customer support response.
Anytime I have a problem and I contact their customer support within a matter of minutes they respond.

c)transfers on the exchange are super fast.
Sending coins are very fast on the houbi exchange.

d) The exchange list steem and USDT pair.
This actually made me join the exchange even though I am on binance because I love trading with Steem/USDT pair.

Binance

The binance exchange is actually the first exchange I joined.

It was established in 2017.

This is also a very popular exchange.

I will now move on to explain why I prefer the binance exchange too.

a) Even though I mostly use houbi for my steem transactions because of the USDT pair, I also use the binance exchange too a lot because most traders use the steem/btc pair and btc/eth pair.

b) Transactions on the exchange is very fast.
Anytime I am transferring steem from my steemit account to binance its I confirmed within few minutes.

c)Binace also have a wide range of cryptocurrency assets on their exchange.

d) They require low commission fees for people who hold BNB. They pay very low commission fees on the exchange.

e)Customer support on this exchange too is super fast.
They are always ready to assist you within minutes of requesting for customer support.

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

Metamask is a cryptocurrency wallet.

This wallet only supports tokens listed on the ethereum network.
It also allows users to manage their keys.

Now I will show step by step how to install metamask with supporting screenshots below.

a)Search for metamask on google and click on the first link

b) Make sure metamask.io is the site you are logging in to

c) Click on the download button as indicated by the green circle

d)It can be downloaded on android, ios and on chrome browser.

e)As I am using my computer, i will click on install metamask for chrome browser

f)We then click on add to chrome as indicated by the green circle

g)After installing metamask on my pc I will now add its extension to my links and pin it

h)click on get started to continue

I)In this window there are two option; one for if you already have a new account and one for a new user.
as I am a new user I will click on create a wallet

J)after going through the instructions click on I agree

k)Then create your password and click on create password after accepting the terms to proceed

l)you are the given a secrete phrase; This phrase helps you recover you lost account click to reveal and copy them as indicated by the green circle)

J)After confirming the words in order, click on confirm as indicated by the green circle

k)our account has been set up successfully

This is the interface after successfully signing up

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

a)Log into the uniswap.org website.
after click on use uniswap and click select a token

b)am trying to convert 1 eth to 0.00360072 dai t. To do this i have to select a wallet

c) i then click on connect wallet and choose metamask

d)Then I select the wallet address and click on next as indicated by the green circle

e)then click on connect as indicated by the green circle

As shown in the screenshot above, I do not have enough eth so the transaction did not go through.

note: All screenshots are from my phone and laptop

Conclusion

I have gone through the professor's lecture and I must say I have enjoyed it.

I have now presented my homework task which i hope will be considered by the professor.

Thank you.