Contest! The Crypto Quiz || Blockchain

^{Picture source}

Hello bloggers how are you all doing today I hope all is well and you all are having a nice and wonderful day and I am so delighted to welcome you all to another exciting edition of crypto quiz contest organize by @steemdoctor1.

When hearing of the term Blockchain first what comes into you mind as a lot of people do not know what Blockchain really is that is why in my today's entry I will be sharing with you all the meaning of blockchain as well as what is meant by a centralized and decentralized blockchain.

So sit back as I take you all through an amazing blockchain adventure to make some discoveries on some of the things that were a myth to us.

What Is A Blockchain?

At first even for me I never really knew what was meant by the word blockchain untill of recent that I became a steemian and started earning cryptocurrencies.

When talking of blockchain it is simply seen as a set of records containing transactions specifically those made in cryptocurrencies and are maintain through a computers that are link in a peer to peer network.

^{Picture source}

What Do You Know About Centralized Blockchains?

This are some of the must minor but difficult things to know about blockchain and I didn't even know what it meant until now to be sincere.

*Though I do not know much but according to my own personal research I have learnt that a centralized blockchain is a type of blockchain in which an intermediary or a third party is being used and entrusted to help conduct transactions and only a single data source is being used.

And this system is very common in a bank setup as a customer puts his or her trust in a bank to keep hold of all their money in other to Keep it save.

Now that we understand what is being meant by a centralized blockchain let's all move now to what is being meant by a decentralized blockchain.

Share Your Thoughts About The Decentralized Blockchains.

As I was doing my research this was the hardest part to understand but I will do my best in explaining it to all of your understanding, when hearing of a decentralized blockchain what comes into your mind.

A decentralized blockchain is simply a type of blockchain like Bitcoin and steem were there's a transfer of control and decision making from a single centralized entity to a distributed network of computers.

A decentralized blockchain resources are manage and contributed by it's users and most of it's data's are all contributed by it's users take steem for example that we steemians will have to set our payout to null in other to help contribute and stabilize it's price.

Conclusion

This will be the end of my entry and I sincerely hope that my explanations are clear and simple to understand and we all can now easily differentiate between a centralized blockchain and a decentralized blockchain thank you and remain bless

^{I will like to invite
@chiabertrand
@max-pro
@solaymann}