Hello everybody,
Assalam-O-Alaikum and welcome to my this post. Hopefully, all of you will be good and enjoying your health with the grace of Allah. This is my homework submission post for dear sir @yousafharoonkhan from Pakistan.

First of all, I congratulate Mr. @yousafharoonkhan to selected as a Crypto Professor. Accept my heartiest congrats on this opportunity. I am very glad to learn from a teacher like you. Thanks for your great lecture I have read the whole of the lecture and now explain all the questions one by one.

Source from Professor's post

(1)

Write the definition of Decentralization and Centralization in your own words. Explain these two systems in your own words.

Decentralization

Source

Decentralization word describe the meaning of the whole concept beyond it on its own. The word "De" means not and the word "centralization" means the process of existence of something with a center. So, the whole word decentralization means the process of existence of something without any central point or central idea.
In the cryptocurrency world, the word decentralization means the process of the existence of systems and blockchains without any specific central authority. Every member of this blockchain has the ability to make his own decisions according to his own will. The decision-making and power are not under the control of some specific individual or organization. But in decentralized blockchains, everyone has his own right to his decisions and works. So, each part of a decentralized system is important for his works.

In decentralization, there is no single owner or organization which is controlling the whole system but all the individuals are equal in the order of significance from top to bottom power distribution. And every individual and community which belongs to this system has its own power of making decisions and is independent in this aspect. Computer systems from different corners of the world are linked with each other and run an independent system or chain of blocks known as a decentralized blockchain.

Centralization

Source

The word Centralization describes its own meaning as the process of the phenomenon of the existence of any system or any organization with a specific center that controls all the aspects and the values of the respective system or organization. As you can see in the picture above that many clients are linked together and at the end, they are linked with the sole center. This picture shows the centralization concept.

In the centralization, the authority and the decisions are under the influence and under the control of the higher authorities. Only one individual or only one organization handles the whole working of the system and makes the decisions and regulations for the whole of the system. In this type of system, not all the individual have rights to make their decisions by their own. They followed the decisions of the empowered authorities. The centralized system is exactly the opposite of that of the decentralized system. We can say that the system of organization in which different clients are joined together and in the end, they are linked with the same server known as the center. All the clients are linked with the same server and transferring and receiving data from the server. The controlling center of all the clients is the same in the centralization. Thus, these clients are joined to the server forming a chain named Centralized Blockchain.

(2)

Explain in your own words the difference between decentralization and centralization system Or Compare both in your own words.

Source

There is a clear and pure difference between these two behaviors i.e.Centralization and Decentralization. They both are exactly opposite to each other and the difference between them is clear to all. Now, we will discuss some of their major differences in a tabular form.

Centralization	Decentalization
=> This system has a proper central controlling individual or organization which manages all the corners of the system.	=> This system does not have any proper central controlling organization and everyone has their own decision-making power.
=> The user's assets are under the control of the central empowered organization.	=> The user's assets are under the control of his own will.
=> Centralized system cannot be run by any individual without any identification.	=> Decentralized system can be run by any individual without any identification.
=> Centralized Blockchain is less trustable than the decentralized blockchain as it is the property of a single owner or organization. The owner of the system can wind up the system whenever he wants and in this way, the active users are at the risk of harm.	=> Decentralized Blockchain is more trustable than the centralized blockchain as the individual has his own access to the assets he owns and the decentralized system does not harm the users in any way. A user can leave the decentralized system whenever he wants.
=> It is easy for a user to work in a centralized system.	=> It is not easy for a user to work in a decentralized system.
=> More liquidity	=> Less liquidity
=> It is easy to hack this system.	=> It is not easy to hack this system
=> The powerful authorities have access to edit or change the stored data.	=> It is not easy to change or edit the stored data in a decentralized system.
=> Scaleability is lower in a centralized system.	=> Scaleability is higher in a decentralized system.
=> It has only one server so it has less reliability.	=> It has many servers so it has high reliability.

So these are some main differences between these two systems. i.e Centralized and Decentralized systems.

(3)

Write five Advantages and five Disadvantages of decentralized and centralized system.

Source

Advantages of Centralized System

• In a centralized system, it is easy to follow the rules as all of the rules and regulations are set by a single organization or power.
• The transfer of funds to the scam or fraud people can be avoided in this system.
• Everyone working in the centralized system must have to follow the same rules as set up by the lone server.
• The decisions and the orders of the upper empowered are considered valuable for the users.
• As it is controlled by a single authority so everyone has to face the authority in regard to his works and he is not answerable for all the users.

Disadvantages of Centralized System

• User's data can be edited and changed by the server of the system which is in fact a very bad aspect of this system.
• The security and the privacy of this system are weeker as hackers can easily access the server which degrades the users working on this system.
• The lower users cannot take part in the decision-making. This thing really demotivates the users and the higher authorities get more preference in this system.
• Some users are preferred while others are considered as a low level which is really a bad thing about this system.
• All the users are not treated equally. Some of them are motivated while the others are demotivated which leaves behind a bad impact on the lower users.
• As it is controlled by a single authority so there are more chances of frauds and spams in this system.

Advantages of Decentralized System

• The decentralized system is a safe system as the controlling point of the system is the user himself and he has complete control over his data.
• Only the creator of the data can change the stored data.No one is able to change or edit the stored data in a decentralized system.
• All the users are treated equally and can work together with each other. In this way, a power of self-confidence is developed among the users and they work with more passion.
• Everyone can develop him on reputation in the system and he is encouraged by this way that his quality of work will be rewarded more and more.
• Decentralized system develops proper coordination between the higher and the lower authorities and in this way the lower users get opportunities to get success.
• The control of the decentralized system is in the hand of the users and in this way there are approximately zero percent chances of being hacked.
• The security system of decentralized blockchains is very strong and private.

Disadvantages of Decentralized System

• The decentralized system is very expensive and has a high cost.
• The volatility and disorders of this system are also a disadvantage of the decentralized system.
• The prices of the coins and assets in the decentralized system increase or decrease randomly and such fluctuations also harm the users.
• The main advantage of this system is that the transfers and transactions are not efficient in this system which causes harm.

(4)

Which one is better for Business/trading and why? (write in own words)

As we have discussed the terms centralization and decentralization briefly in the above questions so now it is time for us to make a decision about the choice of the system for our business. As everyone in the universe, if started a business or some work, first of all, one looked after the advantages and disadvantages of the system he wanted to adopt for his business keeping in view the time frame in which he wanted to do a business, total assets available for him to start his business and many more things. The main thing he focused on is the profit that is deemed to be earned by him in a specific business. One can choose the system of the work by keeping all of the above aspects in his mind and his good and timely researchers on the business helped him in this way.

So, the same is the case in the cryptocurrency world. Before starting a business, one must have to adopt a system either Centralized or Decentralized according to the values and time frame of his business. Thousand of people started business in centralized or decentralized systems but many of them joined the decentralized and centralized system according to their business type for a very short and many of them also joined the system for a very long time. So one must have to join the respective system according to his business details and time frame.

If someone wants to start his business in the centralized system them he must assure that he could follow the rules and regulations set by the higher organizations and authorities of this system. If he could not afford and follow the rules and the regulations of this centralized system then he should leave the system to avoid any kind of harm and loss of any capital. Similarly, if someone wants to start his business in the decentralized system then he must have all the basic information and techniques to work on this system and it is a possibility to condition that his own rules and principles could not help him to earn better profit in the business and in this way he might be harmed.

So, these are some parameters that must be kept in view before the choice of the system either the Centralized or the Decentralized system to start a business in this system.

(5)

How do you know if a blockchain is decentralized or not? You can describe any method but in your own words.

We have discussed the centralized and decentralized systems in the above segments and now we will discuss that how can we check whether a system or blockchain is centralized or decentralized. So by following these steps we can check it.

Step 01:

Go to Google Chrome or any other search engine you use. And search "etherscan" in the search box. As shown in the below screenshot.

Step 02:

You can see the etherscan.io website on the top of the result page. Here click this one as mentioned in the screenshot below.

Step 03:

Here on the etherscan web page, you will see the search box where you have to put on the name or the contract address of the required token or blockchain. I want to check the 1inch token so I searched it and copied the contract address of the token.

Step 04:

Then this copied contract address is pasted in the search box as shown in the below screenshot.

Step 05:

On searching the token, you will see a page on which the brief introduction of the token is given. You will see the Contract option here as shown in the screenshot below.

Step 06:
You will see a coding area there. Where a series of coding words are showed. If you will see the "Function destruct only administration, self destruct " like the wording in the coding then the token or blockchain will be centralized, and if not then it will be decentralized. You can see the coding area in the screenshot below.

As I didn't found any type of coding like that so 1inch is the decentralized system, without any central controlling unit.

So, this is a very easy way to check whether a system is centralized or not. There are many other methods to check this thing but this is the easiest one among them.

That's all about this week's assignment. Hopefully, all of you will like this post related to the homework task in the SteemitCryptoAcademy season 2 week 7.

Thanks to all of you to stop there for visiting my post.

Special mention dear sir @yousafharoonkhan to visit my this post and review this post kindly.

Thanks to:

@steemitblog

for this amazing ecosystem.

Regards: Your loving @steemlover63