CRYPTO ACADEMY SEASON 3 BEGINNERS COURSE – HOMEWORK POST TASK 2 FOR @yousafharoonkhan BY @EXCEPTIONAL20

I am so excited to be part of this season 3 crypto academy. It has been exciting and educating having gone through the second lecture in the beginner's course. All thanks to @yousafharoonkhan who made the lectures very simple and easy to understand.

Homework is a feedback tool employed by a teacher to ascertain if the lectures were well understood. Hence, I have gone through the lecture and have also presented my homework post to show that the lecture was indeed understood.

Decentralization refers to a decentralized system by which users are given the privilege, right, and power in decision making. A decentralized system makes users autonomous to run their work and business in any way possible.

A decentralized system offers users freedom of expression. It gives the user control of its activity and organization.

Decentralization can mean for instance the sharing or devolving of power and authority to the other tiers of government, empowering them to carry out some functions within their jurisdiction and not to keep power at the center like in a centralized system of government.

• It grants users the freedom and empowerment to establish and run their own business as they desire.

• Power or authority is not vested on the central body, it is transferred from the top to the bottom.

• All the options in a decentralized system are with the users, and each of the users has a central position
  One can make timely decisions in a decentralized system.

• Freedom of expression is 100% allowed without control or limitation of any kind in a decentralized system.

• Users' data are strictly under their control because it is not stored in a central server as it is with a centralized center.

• The central authority has no role, but everyone works independently.

• There is transparency in a decentralized system, hence, corruption and fraud are eliminated.

• Third-party in a decentralized system is impossible.

• Nobody can access any user’s data and editing or changing information in a decentralized system is rather impossible, hence it is protected from hackers.

It is said that anything that has advantages, has disadvantages also. But when the list of disadvantages is minimal, then the system is good to operate with. Below are the disadvantages of a decentralized system.

• Everyone has autonomy and is at liberty to make decisions. Hence it leads to the misuse of funds.

• Everyone can transfer their money to anyone they desire at any time without considering the system.

• Any money mistakenly transferred to the wrong person can be impossible to get it back. Hence the system demands skilled and trained people.

• It can lead to people suffering the consequences of a wrong decision.

Despite the disadvantages of the system, with caution and discipline, I believe these factors can be handled successfully. But decentralization is far better than a centralization system because it helps individuals make quick decisions about the progress of the system.

I want to appreciate @yousafharoonkhan for making this lecture simple and easy to understand. With this crypto academy season 3, I am learning how the system works. Thanks once again.