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Hello steemit community! How are you all. The steemit crypto academy is back! Many new professors which means many new things to learn!
So without wasting any time, let’s get started!

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

• Decentralisation

The transition of control and decision-making from a centralised entity (individual, organisation, or group thereof) to a distributed network is referred to as decentralisation in blockchain. Decentralized networks aim to minimise the amount of trust that participants must put in one another and to prevent them from exerting authority or power over one another in ways that damage the network's functionality.

The principle of decentralisation is not recent. Three key network architectures are commonly considered when developing a technology solution: centralised, distributed, and decentralised. Although decentralised networks are often used in blockchain technology, a blockchain application cannot simply be classified as decentralised or not.

• Centralisation

In a centralized system, Only the higher authorities have jurisdiction and make decisions. This system is linked to a central hub, and all rules and decisions are made by a person or party. Individuals and institutions linked to a centralised structure are not always empowered. A centralised structure, in other words, operates toward a decentralised system.

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

• Centralised

1. A single agency in a centralised location maintains and controls the network/hardware resources.
2. A central body is in charge of maintaining and controlling the solution components.
3. A central authority manages and controls the data.
4. Single point of failure.
5. Low fault tolerance
6. Security is maintained and controlled by central entity.
   Example- ERP system.

• Decentralised

1. Network members own and share resources; it's impossible to manage because no one owns it.
2. Per member has an identical copy of the distributed ledger.
3. Data is only incorporated after a community consensus has been reached.
4. No one owns the data, and everybody owns the data at the same time.
5. No single point of failure.
6. Extremely high fault tolerance.
   Example- Blockchain

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

• Advantages and disadvantage of decentralised.

~ Advantages

1. Power transfer takes place on a lower level.
2. Funds in this system are very safe because there is no chance of hacks.
3. Top management has less burden.
4. The relation of user / customer gets stronger.
5. It also increases the reliability with which services are delivered. Since it boosts the customer's self-esteem and excitement for their job.

~ Disadvantages

1. Transfer of funds is not safe
2. There’s a lot of crime while transferring funds
3. There’s a lot of fluctuation and Prices are not stabilised
4. Huge volatility in this system
5. The cost of the system is very high.

• Advantages and Disadvantages of centralised.

~ Advantages

1. Reporting gets easier if you have command in this system
2. In a centralised structure, decisions made by the same order are enforced, excluding many powerful individuals from the equation.
3. In centralised system, the transfer of funds to the wrong people is eliminated.
4. Every consumer in a centralised system shares the same vision as the system's top authority.
5. In a centralised structure, the top authority's decisions take priority. Such decisions are easily adopted.

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

Both have advantages and disadvantages but we have to decide which one has more advantages than the disadvantages.

In my opinion, doing business in a decentralised system will get you more benefits because it has a lot of advantages and less disadvantages. But then again, you will have to see if you have the ability to make decisions needed to be made and on the right time. We have to keep in the mind the future of the business; the frame work and the nature of the business.

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

I will explain in words without any screenshots.
Go to google and search “etherscan”. Open the website of it and then in the search engine, type the company token contact address for example, for VRGold token address that is “ 0xB6F09f221d7a93390235d427c72fFFC4F3856a9F”

Then on the bottom of the page, you’ll see “contract”, click that and check Contract Source Code (Solidity).

You’ll see every detail about blockchain. If you see “ function destruct only administration,self destruct” it means it is fully centralised.

Conclusion

Both have their advantages and disadvantages.
In centralised, a single entity is responsible for data, control, network/resources and it’s the opposite for the decentralised system. Funds in decentralised system are safe but their transfer is risky. The transfer of funds in centralised is safe.
For doing business we have to look at both systems.

That is all from the homework. All the work is plagiarism free.