Assignment for Professor @yousafharookhan

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Question 1

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

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Decentralization is defined as a system that gives every person or individuals involved the ability and power to make decisions that is going to be in the favor of the system. In this system, every person is independent on its own decisions i.e you can say that power can not be limited to a particular person because everyone in the blockchain starting from the bottom to the top has the power to make decisions.

NB: From the decentralized structure, it can be seen that each block can be referred to as users and individuals. You can also note that all blocks are not connected to particular center but rather thru have different branches.

Centralization is the opposite of decentralization if we are to define it literally. Centralization is defined as a system in which decision made are only permitted by those in higher authority. Unlike the decentralization system where there's freedom in decision-making, the centralized system doesn't give you that opportunity because decisions are made by the top authority therefore making other users to have no say.

NB: From the Centralized structure, all users are all connected at the center through a particular blockchain. They are basically no branches unlike the decentralized system.

Question 2

Explain the differences between decentralization and centralization.

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1. In Decentralization all users in the blockchain has the power to make their own decisions while the all users in Centralization can't make their decisions except those in top authority.

2. In Decentralization the system is independent but in Centralization the system is dependent.

3. The structure of the decentralized system has branches while the structure of the system doesn't have any branch.

4. Decentralization structure have a center but centralized structure has a center.

Question 3

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Advantages of decentralization.

1. The system can't be hacked into

2. All funds are protected

3. There is a great opportunity for users to share ideas

4. All users are independent when making decisions

5. The system is efficient i.e all data are safe and secured

Disadvantages of decentralization

1. If the users are not sincere in the blockchain, it can lead to increase in crime rate.

2. There is difficulty in maintaining the system because of the number of users.

3. The system is unpredictable

4. A coalition can be formed amongst users which will affect the system negatively.

5. Crypto price instability affects the system.

Advantages of Centralization

1. It improves self development of all users in the blockchain.

2. Since all users in the blockchain are connected at the center reporting won't be be difficult.

3. All users and those in top authority share the same common goal

4. Decisions made see quickly obeyed and implemented by those in the blockchain.

5. Decisions made are the priorities of those in top authorities.

Disadvantages of Centralization

1. The security system is not safe

2. Only those in top authorities are permitted to make decisions i.e other lower users in the blockchain are neglected.

3. Decisions made will not favour all users

4. There's an increase in crime rate.

5. Data on the system can be tampered with.

Question 4

Which one is better??? and why??

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Decentralized system is more better than centralized system. All data in the decentralized system are not stored in a particular server, which makes it more safer and secured. Hackers will not have access into the decentralized system. Decentralized system gives room for independent decision making and also ideas can be shared in the blockchain.

Question 5

How do you know if a blockchain is decentralized? Describe any method??

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You can tell if a system is decentralized or centralized if the coding area have some certain words in the token which includes “self destruct” and “function destruct administration only” if it possess these words it is centralized but it doesn't then it is decentralized.

Steps to show if Dogecoinis decentralized or centralized.

Step 1:

Log on to etherscan.io on your browser.

Step 2:

When the website opens you will see a search engine with an encryption search by “address/block/token” search for “edogecoin” in other to retrieve the contract token.
The contract token for dogecoin is “0x44cba3a62a15ac8f66ff75bf7abd058dcca7d7ed”

Step 3:

Now paste edogecoin contract token you have retrieved on the search engine again then search

Step 4:

Now locate the “Contract” icon for the edogecoin then click on it then a “Contract source code (Solidity)” will appear.

Step 5:

When the “Contract source code (Solidity)” appears. Carefully go the codes to spot for code words “self destruct” and “function destruct administration only”

Step 6:

Decide if the system is decentralized or centralized.

In conclusion, Dogecoin is decentralized