This homework post of mine expired without curation from @steemcurator02. Here is the link to the original post

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

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I would say Decentralization is a system whereby ownership is delegated to all parties. Delegated in a sense that, no single individual or entity has absolute control over the system.
Thus, a decentralized blockchain is one that distributes ownership and absolute control to its users on the blockchain.

In a centralized system, an entity holds absolute control over the system and makes decisions and actions as it deems appropriate for the smooth running of the system.
Centralized blockchain is therefore a blockchain in which those in higher authority(stakeholder) manage and make decisions on behalf of all users on the blockchain.

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

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Users of decentralized systems boost advanced security and reliability as opposed to that of centralized systems. Decentralized systems offers are more reliable because the administration of the platform is not centered at a particular node which when compromised, would lead to loss of funds of its users.
Administration of decentralized systems is spread across the entire continent which each node having the same level of authority as the other. In case of any disruption at one node, the others continue to perform at the same capacity. It is safer to say that decentralized systems are safer than centralized systems where all operations are managed at a unique center.
Once the center is comprised, are is lost. Also, owners of the centralized system can shut down the system at their own convenience, causing the funds of patronizers to be lost. A certain level of trust is built when dealing with users on a centralized system since every user's identity is required upon enrollment on the system.
Decentralized systems on the other hand do not concern themselves with users' identity. Anyone can remain anonymous and run his/her operations in secrecy. Users perform transactions with each other without disclosing off their identity.

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

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Decentralized System

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Advantages

• Not vulnerable to hackers.
  Decentralized systems can not be easily hacked since their authoritative access is spread worldwide.

• There is the transparency of operations
  Since every user has authority over the system, they are able to have access to all the runnings on the system.

• Promotes teamwork and coordination
  In a decentralized system, everyone contributes to the development of the system. The input of every user is crucial in decision making and coordination

• It is safer to use.
  Information transacted on the system stays on the system forever and is accessible to all anytime anywhere.

• Quality decisions are made
  Decision-making involves everyone o the system. Though the decision-making process may take a longer time, the final is always fail-proof since all aspects are analyzes thoroughly with no loopholes left uncovered.

Disadvantages

• No proper regulation
  Since everyone manages his/her own assets, there is no external entity to check the activities of other users, thus users can get away with wrongdoings.

• No legal framework to punish offenders.
  With the lack of proper regulation comes increased criminal activities which go unpunished since there is no set of rules or law to sanction criminals.

• Lack of assistance
  New users on the platform are left to figure out the system all on their own since there is no higher power to control such affairs.

• High cost of maintenance
  Huge sums are channeled into system maintenance due to the involvement of many servers on the system.

• There is no privacy on the system
  Everyone can have access to the information on the system. Sensitive information which is mistakenly shared on the platform stay forever and expose to the general public.

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Centralized System

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Advantages

• Reduced wrong transactions
  All transactions on the system are processed through a third party that seeks to it that funds are sent to the wrong recipients

• Protection of assets
  In centralized systems, the higher authorities act as a third party that ensures the users are not doped of their funds. Users are required to provide identification so as to promote quick identification of offenders.

• One objective adheres too
  The objectives set by those in authority are what every user follows. As such, all actions are precise and straightforward.

• Quick and easy decision making
  Since only those with higher authority take part in decision-making, the decision-making process is often quick and simple to organize.

• Increased general performance
  Since everyone is subject to a higher power, all protocols set the higher power is observed which leads to increased proficiency and stability of the system

Disadvantages

• Vulnerable to hackers
  Centralized systems are the major focus of because how easy it is to hack as compared to decentralized systems. This is because, there is only one entity withholding all the authority so once that single entity is hacked, all assets become accessible to the hacker.

• Discrimination
  Since all authority is held by an entity, they can decide to work things in favor of those they deem fit whiles rendering poor service to others.

• Users data can be tampered with
  Those in authority have the power to change information of other users to their preference which sometimes is geared towards fraud.

• Decision made may not be in the interest of all users
  Since those in authority sometimes make decisions that are not in favor of the users on the su=ystem but nothing can be done about it since they run the system.

• Users' assets can be stolen by those in authority.
  Once the system is shut down by those with the power to do so, users funds are lost and cannot be retrieved

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

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I would not say that one system is better than the other as it all boils down to the user's preference As mentioned in the lecture

' then while adopting any system, we have to keep in mind the nature of the business and time framework and our capabilities'
@yousafharoonkhan

According to the information above, one has to take into consideration such factors in order to decide on a system to trade on.
Being a newbie in the world of trade, I deem myself not capable enough to sight out a profitable trade. Trading on a decentralized system would be at a disadvantage for me since there would be no guidance so I would have to trade with no expertise. I would prefer to enroll in a centralized system in a short period of time until I get used to managing my own trades and transactions and being able to make crucial decisions for myself. Meanwhile, the authorities of the centralized system are expected to help make important decisions regarding trades in the shortest possible time in order to take trades as and when profit is high. I believe my time spent trading on a centralized would be fruitful until I gain much experience myself and then venture off to trade on a decentralized platform. I believe this ought to be how someone new to the trading world has to pass through in order to become fully sufficient in his/her own way before exploring the decentralized system.

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

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To find out whether a system is decentralized or not, you can copy the contract address of the system and verify it at https://etherscan.io/.
In this tutorial, I will examine whether DAI is decentralized or not.

1. First copy the contract address of the company's token.
   Here, I went to CoinMarketCap to get the contract address of DAI.

1. Go to https://etherscan.io/ and paste the copied contract address of the token into the search bar and explore

1. Click on Contract below to view the source code

1. Now scan through the source code whether you can find the following code lines, function destructs the only administrator, self destructs. These code lines are unique to centralized systems.

Upon searching through the contract address source code of DAI, I could not find such code lines in its coding.
This means DAI Stablecoin(DAI) is decentralized.

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Thank you professor @yousafharoonkhan for your attention