Crypto Academy Season 2 Week 1|| Homework Post for @yousafharoonkhan by @faisee
Hello steemit
How are you all? I hope everyone is fine. So after two weeks break steemit crypto academy is back with some new professors and with some new rules. So after getting free I got lecture by @yousafharoonkhan and fully understood it, now I’m going to do his homework to show my understanding. First of all let me mention the homework of him so we can start doing it.
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
Question no 1 : Write the definition of Decentralization and Centralization in your own words. Explain these two systems in your own words.
First of all let me explain the centralization and decentralization by the simple definitions. In centralized system, all users are connected to main componenet i-e some server or system. The main component in centralized system is the server or system through which all users are connected. Their data including profiles, passwords etc depends on it. The centralized system stores data of all users, it has power to accessit, remove it, block it or whatever he want to do, In simple terms all users are dependent of it or the main component of centralized system has complete authority over its users. Example of centralized system is wikipedia who has main server in USA from where its works on the request its users.
In decentralized system, there is no main component or system, All users are connected individually. In decentralized system, all users have no concern with anyone because each one works individually. No one can access anyone’s data in decentralized system, everyone has their own centralized system through which they can access their data. Example of decentralized system is bitcoin because no company or organisation owns it.
Question: 02 Explain in your own words the difference between decentralization and centralization system Or Compare both in own words.
Centralized system
We can understand centralized system by the example of a company which has its board. That board now acts like centralised system because it takes all major decisions of the company which are to be followed by its employees. It has all the record of its employees can promote them, fire them or anything else and that decision is applied to its all branches and its employees.
Another example of centralised system is wikipedia. Wikipedia acts as a central system which on user request, search that article from their server. Their can access, modify or remove the article of its user.
Decentralized System
We can understand decentralised system by the example of a new startup. It is a new startup and has to take decision individually and has no central body which take decisions on its behalf or is its main body. The decision taken by the company has no effect no anyone but on itself. Another example of decentralized system is bitcoin, which is not owned by any organisation or company. Basically it maintains the bitcoin amount by sum of all nodes who talk to each other.
Question no 3: Write five Advantages and five Disadvantages of decentralized and centralized system.
Centralized system
| Advantages |
|---|
• A note of a system can easily be detached from the system. We can just do it by removing the connection from the server.
• It has its dedicated memory and cpu cores.
• We can easily update it through one main computer.
• In this system, Simple system is used like a user with its own dedicated computer and a company with its own dedicated computer under Centralized system.
• Centralized system is cost effective.
| Disadvantages |
|---|
• Some problem or any other error in main computer or system can result in connection loss or system fail of all connected nodes.
• Highly dependent on network.
• There is high probability of no backup in this system because if node to server fails or disconnected, there will be no backup which result in loss of data.
• It is very difficult to maintain the server in centralized system.
• Connection problem in any node can results in disconnection from other nodes.
Decentralized system
| Advantages |
|---|
• Some problem or error in any computer doesn’t result in disconnections.
• There is high probability of availability in this system.
• very easy to maintain the servers in this system.
• Load is balanced in this system on several nodes but not entirely on one node.
• Every node has better control, power and authority over its resources.
| Disadvantages |
|---|
• It is difficult for the one to achieve big tasks in decentralized system.
• No one to keep an eye in this system which makes impossible for audiotors to audit.
• Disconnected node will be problem to find because we can’t know which one is disconnected and when it is disconnected.
• Responded node will be problem to find because we can’t know which node responded and when it responded.
• Expensive system
Question no 4 : Which one is better for Business/trading and why? (write in own words)
I think I’m not in a position to answer this question perfectly but I can say this that both systems are better for those who are earning through it. A centralized system person would never say that decentralized system is more advantageous than his system and same is the case for decentralized system person because they would think their is better because they are earning through it. I think both systems has pros and cons. Both systems are better according to nature of someone’s business and priorities. If centralized system meets the business requirement of someone and he is earning through it, it is better for him, same is the case for decentralized system, if it meets the business requirements of some business then it is better for him.
Question no 5: How do you know if a blockchain is decentralized or not? You can describe any method, but in your own words.
There is a simple process through which we can easily understand wether the blockchain is centralized or decentralized.
The blockchain I chose is: Tether I need code for this blockchain to find the system of this blockchain for which I need contracts
After searching the contract, I found that tether is centralized system.
This is the process I learned through the lecture of the professor.
Conclusion
I will conclude my homework by saying this that I got to learn about centralized system and decentralized system and their pros and cons through the lecture by professor and by this homework. I never knew before, how to know wether the system is centralized or decentralized, but I got it today. I will conclude by saying this, There is an increase in my knowledge through this lecture.
First respected student Thank you very much for taking participate in Steemit Crypto Academy Season 2, Week 1 course class..
I have read your assignment very satisfactorily but you had to define the two systems in your own words while understanding the system. The second question was to explain the difference while understanding the definition of both the systems. And you didn't say in the last question which token you checked. How do you know it's not decentralized? In it you had to explain brieflyhow would you came to know that the coin is centralized or decntralized with the help of coding.
Grade : 5
Dear respected professor, I think I defined the Question 2 with example which explain the difference between them and I did mentioned the tether coin in Question 5 which I checked but didn’t found its code and I accept my that mistake.
BTW thank you for evaluating my work and I hope I’ll do better in future
@steemcurator02