REPOST |Steemit Crypto Academy Season 2, Week 1 Homework post for Professor @yousafharoonkhan:Decentralized an Centralized systems

Hi friends, how are you, I hope you are doing great, today I will make a review of centralization and decentralization

WHAT ARE CENTRALIZATION AND DECENTRALISATION

Centralization is a system that moves all its power to a single central authority or entity within a particular territory to manage and control its affairs. It has played a major role in developing the internet that we use today in a sense that, all the users on the network are connected to a specific server (middle-man, central authority) that stores user data and enables them to access them when needed.

Decentralization is a form of system that allows its users to control their own affairs (decision-making) without any authorization from third parties and enables users to literally get access to other trader’s information within the system. For instance; in steemit traders can enter each other’swallet to know the amount of SBDs, Steem power and Steem one possesses.

ADVANTAGES OF CENTRALIZATION

1. Decision-making in centralization is very easy/quickly implemented.
2. Since centralization is managed and controlled by a particular authority, it makes user activities
   to be easily regulated.
3. Transaction of Funds to wrong recipients is avoided due to the verification system it provides to its users.
4. Vision/goals of central authorities are shared with users regardless.
5. More job opportunities are created for individuals to manage the system.

DISADVANTAGES OF CENTRALIZATION

1. Decision-making power is handed to the central authorities only and passed on to the lower authorities (users/traders) even when its misunderstood/ not agreed upon and as a result
   creating an atmosphere of disappointment (conflict among the staff of the organization).
2. The system is very slow to manage.
3. Since the system operates under an authority, traders within are not treated equally
   (selectively treated).
4. Traders in this system always feel inferior which is very bad for business.

ADVANTAGES OF DECENTRALIZATION

1. Hackers find it hard to steal user’s information /funds, which makes it very secured and
   trustworthy.
2. Traders in this system are treated equally, hence given the privilege/power to take part
   in decision-making (it facilitates personal leadership).
3. Decentralized system improves data reconciliation by allowing traders to have a real-time access to view all their shared informations
4. Its helps to enhance the distribution of resources with better performance.
5. The decentralized blockchain network are more developed and organized.

DISADVANTAGES OF DECENTRALIZATION

1. It promotes conflict among members/traders during decision making.
2. It requires training programs that are extremely expensive and time consuming.
3. Unlike centralized systems, is very vulnerable and therefore user information can be
   accessed by intruders/hackers without their knowledge.
4. Decision making in this system takes longer, because of the power invested in the traders to
   share their ideas
5. Cryptocurrencies in the system are very unstable and can lead to greater losses.

WHICH ONE IS BETTER FOR BUSINESS
Actually from all the pros and cons of both systems, decentralization system is preferably the best and good for trading simply because it provides traders with all the solutions they need, its
blockchain network also gives them full control and a real-time access to all their shared data.
Traders feel superior and self-dependent which helps to enhance their businesses.

HOW TO KNOW WHETHER A BLOCKCHAIN IS CENTRALIZED/DECENTRALIZED

1. Search for etherscan.io on any browser of your choice.

2. Open CoinMarketCap and search for VRGX and copy the address provided.

1. Paste the address you copied into the etherscan.io search box and click on search.

1. Click on contract

Look through the codes for Function Destruct in the Contract Source Code (solidity).

1. If you find any, it implies that the blockchain system is centralized else decentralized

It has been a pleasure to take part in your work @yousafharoonkhan
THANK YOU
Cc: @steemcurator02
Cc: @steemcurator03

Reason for reposting: please my work was reviewed but has still not been curated.