Hello steemit community!

Hope you all are fine.last two weeks I missed crpto academy and here I am back with the homework for our new professor @yousafharoonkhan. I took the lecture and now I am doing homework to show my understanding regarding the topic so lets start

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

Decentralization is defined as the organization where each and every person connected to organization makes their own decisions and has full authority and they are free from any type of higher authority.Their is no one at higher position to oversee the organization and implement their decisions.Everyone can make their own decisions such organization is called decentralized organization.

Centralization is defined as the organization where there is some person or group of persons who makes decisions and are implemented on other people working in that organization.only those few people or single person at higher rank has the authority to make decisions.the people at low ranks donot have power to make any decisions.

Question no 2 :Explain in your own words the difference between decentralization and centralization system Or Compare both in own words.

The centralizion system is the reverse of decentralization system.In centralization system their are people who makes decisions for the other people in the same organization,every individual donot have the privilidge of making their decisions where as in decentralization system each and every person involved in an organization has the power of their own decisions their is no one to implement decisions on them or there is no one to rule over them.In decentralization system everyone is their own boss and makes decisions which they think are good for them.
Example of Centralization system is of an office where bosses make the decisions what to do or what to not and their employees only follow their order.Bosses donot have any interference from their employees in their decisions.employees follow orders like robots whether decisions are good or bad.
And the example of decentralization organization is the crypto coins which works on decentralized blockchain system.

Question no 3 :Write five Advantages and five Disadvantages of decentralized and centralized system.

Decentralized system

Advantages

1.The funds are controlled by the users themselves.
2.It is secure as it can never be hacked or edited by other people.
3.People of different skills and talents are on this platform so it connects people from different parts of world.so there is great exposure.
4.Services are provided in an efficient manner.
5.People take their own decisions and no one is their boss so it gives them freedom.

Disadvantages

1.It is complicated so using it is little bit difficult.
2.It is volatile.
3.System is very costly.
4.Crimes are increased.
5.Prices donot remain stable and vary rapidly.

Centralized system

Adavantages

1.It is very simple to use.
2.All people have the same moto as decisions are passed from higher authorities.
3.Single authority so implementation is not a problem.
4.Performance is enhanced as people have to answer to authorities.
5.Problem of Funds transfer to wrong people is eliminated.

Disadvantages

1.The funds are not controlled by the user.
2.It is not very secure as its data can easily be stolen or edited.
3.Lower level employee donot have the power to make any decision.
4.Unconditional favours are granted to some users.
5.Chances of fraud are high.

Question no 4 :Which one is better for Business/trading and why? (write in own words)

We can not really say which system is good or bad because both of the systems have some plus points and some negative points.We have to first define the scope of our business,what basically our business is and how long is its timeline.keeping in mind these points we can follow both types of system.but In my opinion decentralized is good one and I may be wrong.but In centralized system because of the decisions of some one else at higher authority we may suffer.In decentralized we will be taking decisions for ourselves and it will be good.we will have to report no one else.In todays world no one wants to work under someone everyone wants their freedom.

Question no 5 :How do you know if a blockchain is decentralized or not? You can describe any method, but in your own words.

To check whether a blockchain is centralised or not first we have go to https://etherscan.io/
Then we have to type token contact address in search box and it will take us to next page where we have to click on contract and coding will appear from there we will search for function destruction only administration or self destruction phrases.if these phrases are seen it means it is not fully centralised.

Conclusion

Overall it was very helpful and my knowledge about centralised system and decentralized system is enhanced.Thanks to our professor for teaching us in as simplest words as possible so that everyone can easily understand.

That is all from my side.I hope I have justified my points.