INTRODUCTION

Hello Everyone!!!

It is another beautiful day today that I want to submit my homework task assignment. but before I will like to thank professor @yousafharoonkhan for his wonderful lecture and taking his time to give us such a resourceful l lecture note. Kudo professor.
This week's task is Decentralized and Centralized Exchanges, How to use Uniswap and Best Cryptocurrency Exchanges of 2021. This is the topic at hand which I will be submitting research made by me covering all aspects of questions asked by the professor.

Question One: Write the definition of Decentralized and Centralized Exchange in your own words.(definition should cover exchanges ,not system) only explain in your own words, after understand the exchanges

After going through so many articles and making personal researches, I will say that a

Centralized Exchange has to deal with a type of exchange whereby personal records of its kind is used to receive and review all transactions (trade and orders) and then its is used to match accordingly using software servers which is designed and created purposely for that. To further deduce this, transactions made through this centralized exchange is being manipulated by somekind of internal systems working under closed environments.

A Decentralized Exchange can also be explained as a type where by it runs or operate on computer networks. This means that, decentralized exchanges do not have their own softwares or servers, so they are dependent on network of computers. This enables it search and then able to match the orders in the exchange. But also, in decentralized exhages, smart contracts are used or the second-layer networks working on secured nodes which are known as relayers.

Reasons why majority of exchanges are centralized is as a result of them being or built based on user-focussed. To breakit down, these exchanges are very much easy to use and also it has a low learning curve and being able to offer betterliquidity in their crypto coins unlike that of Decentralized Exchanges where it is the vise versa and offer a hire liquidity.

Question Two: Explain in your own words the difference between decentralization and centralization exchanges

Here I will be telling the major differences between a centralized exchange and a decentralized exchange. The solutions are presented in a tabular form.

Differences	Centralized Crypto Exchange	Decentralized Crypto Exchange
In terms of control	The platform of centralized exchange has much control than user	But the user has much control in decentralized exchange than the platform
Talking about security	Centralized Exchange are pron to hackers	In decentralized exchange, there is no chance of hacking or any danger
Popularity	Centralized Exchange is highly popular	Decentralized Exchange are not very popular
In terms of Liquidity	There is high liquidity in centralized exchange	There is low liquidity in decentralized exchange
Speed taken to execute	It takes milliseconds to execute orders	It takes up to a minute before executing orders
Features of the exchange	Centralized exchange provides variety of features	very few features are available in decentralized exchanges
Fee	It charges a fee for using the platform	It charges a zero or minimal fee for using the system
Regulation of Exchanges	With lincese from authorities, it is easy to regulate	It does not require any license and it is very difficult to regulate
Cryptocurrencies	Under centralized exchanges, there are so many different kinds of cryptos you can either buy or sell	Here in decentralized exchanges there are a few of these cryptos

write about any 2 best centralised exchanges of 2021 . why are they best in front of you?

There are so many exchanges available in the system but what I use most is Binance and I have Huobi als although I do not use it most. What I prefer is Binance but I have Huobi as well and I have been verified also on it. Some of these exchanges are not available to use in certain countries so I choose to use those that are for all

BINANCE

Binance is one of the most safest exchanges that we know that enables its user account protection through the Two factor Authentication

source

Binance was established in the year 2017 by Changpeng Zhao the CEO and Yi He who is the Organization founder

My Reasons for choosing Binace

1. Binance is very reliable that one can depend on, although I am new to it but the few things I have learnt and able to make a transition was successful. Not it being a success but the steps they take to ensure that no party is cheated is very Important and it makes it so much reliable.

2. Also Binance's commission is less. What I am saying is that, having tokens in Binance or Binances itself does not have much commissions on your tokens

3. Cryptocurrencie diversity: Here Binance provides a lot of different cryptos in its exchange. samples are BTC Ethereum, Dogecoin and so many other coins.

There are so many reasons for choosing Binance which if i want to mention all, I wouldn't be able to finish.

Below is my verified Binance account, you can see in the picture is written verified with my phone number shown half way on the left hand side

Shown below in the diagram are some of the tradns I made in the last 24 hours.

Huobi

Another exchange I created but do not use most is the Huobi, which I will be showing a screenshot of my profile but I have not actually made any trade on it either.

Huobi is also another exchanges which was established in the year 2013 by Leon Li the CEO and Du Jun the one who founded the Organization.

Question Four: Install Metamask, and share step by step screenshot

Metamask also being part of cryptocurrencies wallets. It provides an intersection or support tokens that are operating on ethereum .

I will be providing steps with screenshot on how to install Metamask of your computer

Step One

log into MetaMask through the Metamask.io web address. Then click on the "Download" to download

Step Two

We will download it into the Chrome browser, IOS and Android devices. I prefer the Chrome browser. Then click on the '' Install MetaMask for Chrome '' section below.

Step three

We click on the marked indications ( add to chrome extension)

Step Four

MetaMask has been added to the Chrome browser as an add-on. Then click on the MetaMask logo.

Step five

Click on "Get Started" to proceed.

Step Six

Click on create wallet to proceed, we are not interested in importing as for the first time

Step Seven

After going through the warnings, we click on the "I Agree" option.

Step Eight

We create a password consisting of 8 characters, then confirm our password. and accept the terms and proceed.

Step Nine

Read thoroughly what you see in the picture, a 12-word password will appear. you need to keep that password securely in order to regain access to the account.

Step Ten

After saving the words somewhere, we confirm the words in order. Then we click on the place I marked.

Step Eleven

Created the account successfully. All done to proceed

Step Twelve

We log into the wallet. We can interact with the exchanges shown in the picture via the MetaMask wallet.

You can also perform Swap transactions in the MetaMask wallet. For example If want to convert (trade) 1 ETH to Uni.

I cannot perform this transaction because there is no ETH in the account.

Question Five: How to use Uniswap exchange , and Swap/buy or swap/sell any coin

Swap/buy

Step one

logi into the Uniswap.org website. When it opens, click on use uniswap

Step two

After selecting your swaps, maybe changing ethereum to SKL we do that and click on connect to wallet because we need a wallet to connect to.

Step three

After selecting your swaps, maybe changing ethereum to SKL we do that and click on connect to wallet because we need a wallet to connect to.

Step four

I choose MetaMask as my wallet.

Step five

select the wallet address and click on the marked place below

Here it will not proceed, it will fail because I do not have Ethereum in my wallet so the transactions was not able to complete.

The same process takento buy in uniswap is the same process you take to sell. So lets do that again for you to see.

Going through the same process, Here I do not have anything so it displays insufficient SKL balance so I cannot proceed from here.

CONCLUSION

I will like to conclude by saying that the tutor really brought up an important topic cause it has really broaden my knowledge on other aspects of swapping.

Also, I will state that, comparing centralized exchanges to decentralized exchanges, both are are very useful although centralized has many opportunities but as time goes by the decentralized exchanges might over shadow it as a result of its advantages. Lastly, Uniswap is also a popular decentralized exchange which I have shown how you can make swaps in the site.

Thank you so much for reading

Cc:

@steemitblog
@yousafharoonkhan