Greetings prof @yousafharoonkhan. I am so elated to have joined your class, I really gained value. Thanks a bunch sir. And here is my assignment.

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Question no 1:

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

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Answer

Decentralization can be defined as the state of being decentralized. It has to do with reducing the authority of a governing body or distributing power evenly among a group of persons, individuals or organizations. Hence; a decentralized system is a system that gives every member belonging to a particular group, the freedom of expression and right to make concrete decisions on their own.

Image edditted by me on Corel-draw

From the above diagram, Communication is shared among the group. Here, every position is important.

Centralization

Centralization is the reverse of Decentralization. It is the process of combining differents parts into a whole. Such that, power is vested on an individual. Hence; a centralized system is a system that restricts the free flow of communication, decisions, authority or power among members of a group. This system is closed. Hence; information only flows from the top to bottom.

Image eddited by me on corel-draw

The above is purely a central administration. The alphabet A, from the image above is centrally positioned and everybody goes to him.

Question no 2:

Explain in your own words the difference between decentralization and centralization or compare both in your own words

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Answer

In every organization, Communication is a neccessity and an underlaying factor which detertmines growth and productivity. In a decentralized system, communication is distributed evenly and members of the group could easily make decisions on their own. Whereas, the cenralized system which is also known as a closed system restricts the free flow of communication. The leader here, occupies a very important position. Everybody communicates through him and also give account to him.

Question no 3:

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

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Advantages of a decentarlized system

• Comunication is evenly distributed among members.
• It is more effective in accomplishing complex task.
• Every member in a decentralized system occupies a very important position.
• There is freedom of expression, speech and decisions.
• Since is an open system, all members are free to air their views, Hence; initiation of ideas for executing a given task within the group is enhanced.

Diasadvantages of decentralized system

• It is difficult to regulate
• Abuse of power may become inevitable
• May lead to members of the group being passive.
• May give room to dubious act and fraudluents activities.

Advantages of a centralized system

• It is more effective in accomplishing simple task.
• Accountability is a major characteristics of a centralized system.
• encourages oneness of heart and unity in achieving a set goal within the group.
• It is easy to regulate in terms of disseminating information to every member of the group.

Disadvantages of centralized system

• It may lead to chaos and organizational conflicts.
• Those belonging to lower stratas in the group contribute little or nothing since is a closed system
• There may be Difficulty in getting a task done.
• may be a burden to the leader in terms of supervising and regulating the group.

Question 4:

Which one is better for business/trading?

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Truth be told, both systems are very important depending on the nature of business one is going into. But to tacckle this question with no sense of obscurity. I think a centralized system will work best especially when it has to do with Crypto trading. This is due to the high rate of Cybercrime, internet frauds and all other negative vices on the media space. Hence; operating a centralized system would help reduce the aforementioned problems in a blockchain platforms. Futhermore, since the fate of the group is determined by the leader only, that would also help regulate fraudulents activities and all other forms of dubious acts.

Question no 5:

How do you know if a blockchain is decentralized or not?

Answer:

To know if a block chain is decentralized or not? Alright, I will be using tronscan to make my explanations. All i have to do is to pay a visit to https://tronscan.org and then input my Trx code on the add filters blank space provided on the tronscan page. And To get my Trx code, all i have to do is just pay a visit to my steemit wallet as shown below:

screenshot of my steemit homepage account

I was then redirected to my steemit wallet account, from there I was able to copy my Trx code.

Screenshot of steem wallet account

The code is then copied and was pasted on the blank space on the troscan homepage as shown below;

Once that is done, locate and click on the contract button.

The contract code for the Trx address imputed appears automatically as shown below.

CONCLUSION

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In conclusion, from the above analysis one can see clearly that the ability to choose or decide from the two differnt schools of thought is holistiacally dependent on the nature of business one is to venture into. This is so because both decentralized and centralized system has its own unique or peculiar features. Hence; calls for critical thinking before initiation takes place.

Thanks for reading through. I await your feedback prof @yousafharoonkhan