Steemit Crypto Academy Season 2, Week 1 || Decentralized and Centralized system , Advantages & Disadvantages and which one is best for business?

in SteemitCryptoAcademy27 days ago (edited)

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Hello All,

As-Salaam-Alaikum ,

I am @yousafharoonkhan, your crypto professor and I am from Pakistan. And this is my first class this week.

And in the first class of this week we will talk about decentralization system and Centralization system in very simple words and in this class I will talk about the advantages and disadvantages of these two systems, comparison and which system is better for business.

Hope you like my first class . So before the class starting I am very grateful to the steemit team for giving me the opportunity to work here as a crypto professor. I am very grateful to the steemit team.


Let's begin our First class week 1.


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Decentralization


We will try to understand Decentralization in very simple words. Decentralization is about authority. And Decentralization is the system in which each individual has the power to make decisions in their own right. Power and decision-making is not controlled by a single individual or organisation or group, but every individual involved in this blockchain and system has the power of decision-making and thus each unit is considered important in a Decentralization system.

Now, if I were to define a decentrlized system in my own words, I would say, "A system in which everyone has decision-making, freedom of expression and the transfer of power from top to bottom. Such a blockchain or system is called a decentrslized system."


We can also say that a system or blockchain system in which every person in the community has freedom of speech and authority.Well, my students, when we hear that this project or this or that project or website is decentralized, it means that everyone will be empowered in this project and no individual or system will have the decision making power in any matter.

To put it simply, decentralized does not have a single owner of any company or system, but all the individuals and communities that are connected to this blockchain. And everyone is independent in their decisions.

Dear students, when you look at the graph, you see a lot of blocks interconnected. And each branch seems to be playing a central role. Thus we will not see a center in the graph. This system is called block chain decentralized system.You can also refer to these blocks as users and you can compare these blocks to individuals or organizations or businessmen of any level. And that's the beauty of this decentralized blockchain.

A decentralized blockchain is a modern system that will last as long as a computer system exists. Because in this block chain, computers from all over the world are connected to each other and a decentralized system is running with an independent system.


Centralization

Now I will try to explain to you in simple words what is Centralization. So in a centralized system, the authority and decisions are vested only in the higher authorities. This system is connected to a center and all the rules, decisions are with an individual or a group. Not all individuals or entities connected to a centralized system are empowered. In short, a centralized system works against a decentralized system.

It means that the opposite of decentralized is centralized and the opposite of centralized is decentralized. We say that "organizational structure in which decission making is connected at the top." Means all decisions are in the hands of the top authority.Centralized systems are systems that use client/server architecture where one or more client nodes are directly connected to a central server

If you look at the structure which is the first number, we can clearly see that all the computers are connected to the server and all the computers that are connected to the data system are receiving data from the server computer. And this structure is an example of a centralized blockchain system. Thus in the second structure, all the clients who are connected under a system have the same controlling authority. Thus in the last structure we can see that all the stations are connected to a place which is considered to be the center through a link and we call a blockchain connected to a similar system as a centralized system.

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Comparison of Centralized and Decentralized

  • If we compare decentralized and centralized, it becomes clear from the detailed definitions above that there is a big difference between the two systems. As you and I know about cryptocurrency and we trade cryptocurrency on the exchange. They are mostly centralized and the user's funds are in control of the exchange in a centralized blockchain. While in decentralized blockchain system the user controls his own funds. In this way, decentralized systems can only be anonymous and you can fund and run your business through a decentralized blockchain without even identifying yourself. Whereas in a centralized system the user has to identify himself and then he can enter the system only with the permission of the higher authority.

  • If we talk about the administration of a decentralized system, it is clear that decentralized is the strongest and most reliable blockchain system. Because the decentralized blockchain is not owned by a single individual but all the users from all corners of the world who are connected to the decentralized blockchain network are running the decentralized system. If the centralized system operators can shut down their network whenever they want and the user may be harmed. While a decentralized blockchain, if truly decentralized, can do no harm.

  • Centralized is easy to use while Decentralized is not easy to use. Centralized has high liquidity while Decentralized has low liquidity.

  • Dear students, if we talk about finance, then "Decentralized finance is an experimental form of peer to peer finance running on cryptocurrency blockchain. And students always remember that decentralized system runs on blockchain. Says that can never be hacked while the centralized system has been hacked hundreds of times in the world.

  • Dear students also remember that the record of a decentralized system is not kept in one place because this data is stored on the server on which blockchain is stored in many servers which are connected through blockchain system. And it is impossible to change or edit the data, while in a centralized system, powerful people who have access to the main server can edit the data whenever they want. So this is also a big difference between the two systems.

  • If we talk about scaleabilty, it is high in decentralized and low in centralized.

  • Realability is high in decentralized and low in centralized because decentralized is working with hundreds of servers while centralized has only one server which if it goes down then the whole system is down while decentralized is not one server

***Decentralization Advantages ***

  • In decentralized, the transfer of power takes place to a lower level.

  • If a company is operating on a large scale and wants to see its customers and workers prosperous and empowered at the grassroots level, then a decentralized blockchain connected network is very useful.

  • Decentralized funds are safe and the chances of system hacking are zero percent.

  • light burden on top management it is also advantages of this system

  • in decenttralized blockchian user or customer relation increase

  • In a decentralized blockchain, the skills of people from different parts of the world are also improving as people from around the world are connected to an integrated system. A decentralized blockchain builds confidence in us.

  • Decentralized blockchain increases Greater participation in Governance. It also creates better coordination.

  • It also improves the efficiency in service provision. Because it increases the customer's self-confidence and enthusiasm for work.

  • If I tell you the benefits of Decentralized in a short words , it is one that makes everyone work from self-confidence, and from top level to lower level, and since this is the beauty of this system, everyone involved in their affairs Is independent. And he works hard in a decentralized system. And everyone has equal opportunities to develop.

  • Data is stored in a decentralized blockchain and no one can edit it. The center of the decentralized system is the user. In a decentralized blockchain, the user is anonymous. Decentralized systems are safe in every way.

Disadvantages of this area

The biggest disadvantage of decentralized is that it can lead to an increase in crime as the transfer of funds can lead to problems. Also, if we look at cryptocurrency, price fluctuations have not kept prices stable in a decentralized system. And volatility also adds to the disadvantages of a decentralized system.The cost of the system is very high.

***centralization Advantages ***

Having a command in a centralized system makes reporting easier. In a centralized system, decisions of the same command are followed, thus getting rid of many powerful people. Centralized financing can eliminate the transfer of funds to the wrong people. Every user working under a centralized system has the same vision that the top authority chooses. In a centralized system, the decisions of the top authority are given priority. Such decisions are implemented quickly. In addition, since every user has to answer to one authority, every user tries to improve his performance.

Disadvantages of this area

The security system of the centralized system is weakened and hackers succeed in hacking. The centralized system does not include the lower level user and user in decision making and decision making which creates an atmosphere of frustration.In this system user's data can be edited which is a demerit of this system. Some users are preferred in this system which explains the unfair behaviour of this system. It has also been observed that not all users are treated equally in this system. Because the system operates under an authority, the element of fraud is more prevalent.

Which one is better for Business ?

My dear students, in the above lecture I have tried to explain to you the Decentralied and Centralized system and now we will see which of these systems is better for business with the above discussion in mind. If we look at both the systems there are some flaws and some advantages and thus we have to look at the nature of our business before starting a business. Because everyone wants to make a profit from their capital, we must first look at the merits of these two systems, and we must also look at the nature of our business and the time frame work. Because some people join the system for short term and some for long term.

And I think for any business to succeed, we have to adopt both types of school of thought and sometimes we have to prioritize one system according to the circumstances, so the two systems sometimes become inseparable. And sometimes one has to be preferred.

Thus, if we want to do business under a decentralized system, we must also look at whether I have the ability or the ability to make timely decisions that are necessary for the success of a business under this system. And so if we move towards a centralized system, we also have to look at our capabilities and business there and the centralized system under which we are doing business, to see how effective that system is for your business. Decide which system is best for the business and why.

If a person is doing business in a centralized system and powerful people make decisions that are not acceptable to you or can harm your business. In such a centralized system we have to follow the decisions of the top authority. If at some point the top authority changes its rules and regulations and harms your business, then I also look at long term and short term frame work on a priority basis in business and here in the lecturer I am focusing on the same again and again. Am Decentralized in this way you have to go with all the ideas and theories and even if it is possible that the rules you have created will not help you, then while adopting any system, we have to keep in mind the nature of the business and time frame work and our capabilities. ۔ You have to discuss this topic in detail in the given homework.

How do we know if a blockchain is Centralized or Decntralized?

Dear students we often hear some blockchain claim that their blockchain cryptocurrency is decentralized but after a while it is found out that blockchain was not decentralized and this company lied to its customers then how can we know if there is a blockchain or Whether cryptocurrency is decentralized or not, I share a little bit of information .

Step 1:

Go to google page then type https://etherscan.io/

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Step 2:

after opening the given site ,then look at the below screen shot and paste company token contact address.

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Step 3: now i am going to check VRGold (VRG) blockchain that it is decentralized is or not

now i will paste the VRGold (VRG) token cotract address that is "0xB6F09f221d7a93390235d427c72fFFC4F3856a9F"

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step 4; now click on Contract

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step 5; now check Contract Source Code (Solidity) below in coding, area if you see

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in coding area you can see every detail about blockchain,, so here is one points if you see then its mean it is centralized so i show you that my search contract is decentralized or centralized

in coding you will search in the coding function destruct only administration,self destruct , if you see this type of wording in coding area about any token,, its mean this system is not fully centralised . so it was easy way to check the any token that it is decentralised or not.

VRGold (VRG) token look decentralised because in coding i did not find these coding .

screenshot
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Thank You

My dear students, this is the first week's course and I hope you all like today's class. And I have tried to put this subject in front of you in simple words instead of complicated words. I hope you have understood the course. And you can let me know in the comments how you like my class today so that I can prepare my lecture in the next class using the easy teaching method for you. thanks so much.

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Home Work Week 1

Question no 1 :
Write the definition of Decentralization and Centralization in your own words. Explain these two systems in your own words.

Question no 2 :

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

Question no 3 :

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

Question no 4 :

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

Question no 5 :

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

Conclusion


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Rules

  • Important All Homework posts should be posted in the community Steemit Crypto Academy .

  • Your Homework should be at least 300 words.

  • Add tag #yousafharoonkhan-s2week1 #cryptoacademy in your post and should be among the first five tags. Also, tag me as @yousafharoonkhan

  • PLAGIARISM Will not be Accepted, make sure your content in the post is not copied and pasted from other sources.

  • Submit Homework Season 2 -Week 1 Post between 13th April 2021 To 18th April 2021.

  • It is necessary to complete all given questions in the week 1 course to gain the full marks.


Thank You.

@yousafharoonkhan
Crypto Professors at Steemit Crypto Academy

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Sort:  

Beunas noches profesor @yousafharoonkhan. Esta es mi tarea
pulse aqui
Gracias

Hi professor I have completed my homework post here is my link thank you

https://steemit.com/hive-108451/@chimezunem001/steemitcryptoacademy-or-my-submission-post-week1-season-2

Can u hlp me how to use steemit.. M new and I have no idea

Hello @tayiba...welcome to steemit. We have a telegram group where we brief newcomers about the platform. Would love to assist you

what you want to know???you feel free to ask anything

🆆🅴🅻🅲🅾🅼🅴

🅗🅔🅛🅛🅞 @tayiba, First of all,
For helping the New Comers to train them to become professional in steemit. We organize a community to guide all the steemit members.

You are welcome to join the Crypto Paksitan Community.

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Join us at Crypto Paksitan managed by @faisalamin

Very fantastic and informative lecture dear sir @yousafharoonkhan. I have clearly understood all the points and will share my homework ASAP.

Again thanking @steemitblog for continuing the Steemit Crypto Accademy.

@yousafharoonkhan
You have explained your lecture very well that anyone can understand easily. You have done really in good way. I appreciate you on this.

Greeting to you professor, sir i completed the assignment you gave me last week , and you didnt score me

Well done with your first lecture. Will submit my homework very soon.

Good post about your lectures .Thanks giving Prof @yousafharoonkhan

The method of explaination is outstanding. @yousafharoonkhan , sir it is explained in very simple method and good manner containing all the necessary info.

I want to thank you so much for making your note simplified for understanding. May Allah guide and protect you. Attached to this is my Homework post

https://steemit.com/yousafharoonkhan-s2week1/@silencewan/crypto-academy-season-2-or-or-homework-or-or-decentralized-and-centralized-systems-pros-and-cons-and-which-would-be-best-for

Thanks sir for giving lecture, I will surely submit my homework very soon in Sha ALLAH

Dear professor @yousafharoonkhan, it's a great pleasure to attend your lecture and I have learnt a lot from it. Thanks for the lecture and I have attended to the task given which I will be presenting the link below.

https://steemit.com/hive-108451/@fredquantum/steemit-crypto-academy-season-2-week-1-task-or-decentralized-and-centralized-system-advantages-and-disadvantages-and-which-one

Thank you, sir.

Hello, great course you have here. I have just submitted my homework at https://steemit.com/hive-108451/@unbiasedwriter/centralization-and-decentralization-homework-for-yousafharoonkhan-steemit-crypto-academy-course

One question, as I also wrote in my homework... I do not understand the principle behind checking whether a project is decentralized or not based on the function descruct principle. What does that principle even mean? Does it mean that one person can destroy the project with one mouse click? Or what is that principle all about. I understand how you can find that in the source code of a project, but I don't understand what it really tells about the project.

Wow. This was a great lecture.

I am done with my home work.

Home work Link: https://steemit.com/hive-108451/@pandev/crypto-academy-week-9-homework-post-for-yousafharoonkhan

Assalam-o-Alaikum. It's a very great moment to see you as a Professor here. First of all your lecture in very informative and to the point. I read it carefully and answer all the questions in detail. Thanks. Here is my Homework

https://steemit.com/hive-108451/@faisalamin/homework-or-or-steemit-crypto-academy-season-2-week-1-or-or-decentralized-and-centralized-system-advantages-and-disadvantages

Here is my homework task for the week.

Click it here

Wow, I just love the way you simplified your lectures Prof... I will be dropping my home work soon.. thank you🙏..

This is really great thanks.
Will be submitting my home work soon

Good day Professor @yousafharoonkhan. I'm glad to have taken your lesson. Thank you for making your lesson informative.Below is the link to my homework task.
Best regards.

https://steemit.com/hive-108451/@reminiscence01/homework-task-season-2-week1-for-professor-yousafharoonkhan-or-decentralization-and-centralization-or

Thankyou so much dear Professor @yousafharoonkhan for this wonderful lecture, This helped me alot in clearing my concepts about centralized and decentralized system.
This is my Homework given by you.
link: https://steemit.com/hive-108451/@shahab1998/crypto-academy-season-02-week-1-homework-post-for-sir-yousafharoonkhan-or-centralized-and-decentralised-systems-or

😃 will do my homework soon 😌

Asalaamu alaikum Professor @yousafharoonkhan
You might have missed my Home work. I hope you find time to review it.
Thank you!

My Home work link:
https://steemit.com/hive-108451/@pandev/crypto-academy-week-9-homework-post-for-yousafharoonkhan

Thank you very much sir. Your explanations were very understandable.
I will be submitting my assignment in a short while.

Thanks for this wonderful class

This is my homework link here

Hello @yousafharoonkhan,

Thank you for pulling up an amazing Homework task. This really made me excite and at the same time consumed my energy. Below is the link of my Homework Article:

https://steemit.com/hive-108451/@jassennessaj/steemit-crypto-academy-season-2-week-1-or-homework-task-for-professor-yousafharoonkhan-or-centralization-vs-decentralization

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