Thank you so much professor @yousafharoonkhan for the great lecture. This is a topic of interest as every body has his or her own experience when it comes to social media. Below is my homework task. Please join me.

CENTRALIZED AND DECENTRALIZED SOCIAL MEDIA

A centralized social media is one in which a user opens an account on the platform but doesn't have any control over the account. The account itself, is being controlled by the central authority of such social media, and the activities or contents to be created by the user is in line with the rules and regulations of such central authority. In summary, a centralized social media give no control and protection to users.

Source

A decentralized social media on the other hand give users full control over their account and the activities of such account. There is no external control over the account and the contents created are not in line with any centralized authorization. An example of such is the steemit decentralized social media.

THE DIFFERENCE BETWEEN A CENTRALIZED AND DECENTRALIZED SOCIAL MEDIA

Taking Facebook and steemit as a case study, Facebook accounts could be suspended in the case of violations of the central authority rules. But for steemit, there are no such rules. Everyone has their rights to create their contents.

On Facebook, the control of individual accounts lies with the central authority but on steemit, the user is in full control of their account.

On Facebook, there is a high possibility of losing everything you've wasted time to build on your account; while steemit offers the assurance that you own your account and nobody can ban or delete it.

Also, a centralized social media like Facebook is open for hacks. This is not debatable as we all know the rate of account hacks on Facebook. It is impossible to hack someone's account on Steemit due to the complex and unique nature of the security and password.

THE FUTURE OF SOCIAL MEDIA
The future of social media, whether centralized or decentralized system depends on people's preferences. Some people or most people prefer being in charge of their affairs. They want to be in control. But at the same time, most of these centralized social media have been long established. People have gotten used to them and are not even ready to quit no matter how rigid the bureaucracy is.

In a more realistic sense, if you ask people if they are willing to quit Facebook and Instagram now, I'm sure a larger percentage of the populace will give a negative answer. So I feel the centralized social media will still rule the future even though the decentralized media is better.

HOW STEEMIT DECENTRALIZED SOCIAL MEDIA IS BETTER THAN FACEBOOK AND TWITTER

As stated already in the differences, the steemit decentralized social network offers an opportunity for users to be in charge of their accounts. There is no centralized control of individual accounts. On Facebook and Twitter, there is a centralized control of everything, both the account and the affairs of the account. There is no fear of account suspension, ban or deletion on Steemit. This places steemit above Facebook and Twitter as an account can easily be placed on ban or suspension.

Steemit has a reward system which gives users the advantage of earning through the network. This is not found on the Facebook and Twitter platforms. All of these makes Steemit more advantageous than Facebook.

Also, there are no rules and regulations concerning the posts that should be made on Steemit. Everybody has equal rights of expression as opposed by the operations on Facebook and Twitter.

HOW STEEMIT CHANGE THE LIFE OF ITS USERS

When it comes to steemit changing lives, it is not an overstatement and it cannot be overemphasized. Many people joined the platform because they heard about the life changing aspect of steem and they can testify about that today.

Steemit offers its users an opportunity to earn while creating content and having fun on the platform. Almost all contents created gets rewarded with a cryptocurrency known as Steem Dollars (SBD) and Tron and this could be transferred to aome Exchanges for conversion.

Many people have paid their bills with the rewards gotten from this platform. I am also a beneficiary. In fact, I have benefitted so much from the platform and I'm sure every single user have too, and we are very grateful.

HOW TO MAKE MONEY WITH STEEMIT DECENTRALIZED SOCIAL MEDIA

One can make money by simply participating in the affairs of the steemit network. Posts created on Steemit gets upvotes from both the curators, moderators and the users as a whole.

For instance, in 2020, there was a heat in the platform during the diary game. People posted about their daily activities and the posts were rewarded in the form of upvotes which were due for payouts in seven days.

Right now, in the SteemCryptoAcademy, people read posts and learn about cryptocurrency and then make their own contributions by taking part in the homework task. These posts get rewarded as well.

For every community on the Steemit platform, contests and competitions happen from time to time and users are free to partake in it and then get rewarded. All these rewards can be monetized at any point in time.

STEPS ON CREATING COMMUNITIES ON STEEMIT

First, login to your steemit account and click on communities.

Step 2: Click on explore communities and then on create new community.

Step 3: Add your community name and description as shown below. My community is about News.

Step 4: Save the password given and click "next".

Step 5: The next page will tell you to confirm.

Step 6: By clicking OK, you will be asked to put your username and password in order to make your payment of 3 steem.
Once this is done, your community will be created.

Thank you so much for your time... I really appreciate!