Crypto Academy Contest / S1W3 – Reviewing Blockchain through the concepts. by @rad-austine.

Hello friends greetings to you all, i am so glad once again to be here today, to participate in this wonderful contest, in this unique steemit Crypto-academy community, which is titled Reviewing Blockchain through the concepts It's well explained and simplify below.

Blockchain Through The Concept

Blockchain is a system that functions as an immutable ledger which allows transactions to take place, in a decentralized manner.

Blockchain is a platform that does recoding of information, in a way that is hard to steal, from the system, internet fraudster can not steal from a Blockchain.

Also they can't hack the system neither can they alter any changes in the system, that is why it's information are immutable, can not be changed, edited or even deleted from the system.

Blockchain is an important digital ledger of transaction that is been shared to a computer network, on the blockchain, it's also act like a distributed database that is been shared to a node of computer network.

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Do you know that Blockchain store information electronically? Blockchain is a very important concept in the crypto-world Do you also know, that Blockchain act like a distributed ledger technology ( DLT)? because it enable digital information to be recorded and distributed.

But users can't edit the information, that is why it's difficult to, steal, cheat or even alter a change in the Blockchain system, are immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed.

Because of all these unque functions about the Blockchain system, internet fraudster or hackers can not succeed in carrying out the criminal act on the system, so it's a very secure system that is been used in the cryptocurrencies.

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

My favorite concept or term related to blockchain is Decentralized in blockchain network.

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Decentralization of the Blockchain system
Decentralization of the Blockchain system simply refer to the transfer of power, authority, or decision making from a centralized entities, it could be an individual organization or group of people, to a distributed network, that is a computer network system.

the unique thing about distribution of decision and power is to reduce trust, also transaction in decentralized system tend to be cheaper because there is no third party, or middle men involved.

Do you know that decentralization system transaction use to be more faster? because there is no third party to slow the whole process, that is why it's transaction is cheaper, so it's a very unique concept in the Blockchain system.

Just imagine trusting an individual or group of people or organization that have the authority, they take decision alone without involving it's users, i could remembered by last visit to a traditional banking system to make a transaction.

I almost spent the whole day there at the bank they don't care about participants opinions, because they were in charge, they are in control of the system, the system is slow and i spent a lot of money all because their transaction fees charged was high.

Further more: as a steemians, steemit platform, operate in a decentralized system, meaning, i take decision on my own, am in charge of my private active key, i carry-out my transaction the way it's pleases me, without anyone controlling me, or telling me of what to do.

I could remembered the last transaction i did, i simply, power up half of my steem, and transfer half of it to my exchange wallet, because of my club status, it's was very fast and no fee involved, that's how decentralization system operate, but the moment i transferred from my exchange wallet called Roqqu wallet which is centralized i was charged of five steem as means of fee payment.

Decentralized consensus mechanism

A decentralized consensus, simply means a fault tolerance mechanism , that is use on a blockchain in other to acquire trust, security and agreement, across a decentralized blockchain, or computer network systems.

Consensus mechanism is very vital in record keeping.and there are various types of consensus mechanism use in decentralized blockchain system which are as follows:

The Proof of work (POW) POW Is a form of consensus mechanism that functions base on a node to receive and add a transaction to a blockchain, this is also the type of consensus mechanism used by top cryptocurrencies such as Bitcoin and Litecoin.

Proof of stake (POS) POS Is another type of consensus mechanism, but POS deals with low energy consumption, as such low cost is usually involved when compared to POW, it require the sharing of duty in maintaining the ledger, to a functioning node in proportion to the number of virtual currency hold by it.

there are other types of decentralized, consensus algorithms like Proof of Capacity (PoC) which allow sharing of memory space of the contributing nodes on the blockchain network. The more memory or hard disk space a node has, the more rights it is granted for maintaining the public ledger.

Proof of capacity (POC) is also another kind of consensus mechanism that, enable memory share of the contributing node on the blockchain network system a node will have a right to permit a control of the public ledger depending on the number of memory space it have, which means the more memory space a node have the more chances it will have to grant a public ledger.

There are other form of consensus mechanism used in decentralized blockchain such as proof of burn, proof of activity etc.

Benefits or Advantags of decentralization

Faster transaction times
Decentralized Blockchain system, has a very fast transaction time, there is usually no delayed in terms of transaction in the system because they is no middle men.

Involved to slow the whole process, besides it's has a low transaction fee. It's not like our traditional banking system that transaction can even take the whole day to process, the time involved in carrying out a transaction is within a minute.

Increased financial efficiency
Decentralized blockchains enable transactions to be made directly from one person to another person without the involvement of a third-party. by so doing it allows the efficiency of fund, because people will not even be stressing themselve, visiting the bank, where they will have to pay high for their transaction.

Protection from government meddling
Blockchain network, or decentralized are not controlled by any form of government, not like our traditional banking system, that are been control by government. Most decentralized blockchain are not own by government of a country as such their are free from government meddling.

Steemit platform for instance, is not own or manage by the government so it's free from government meddling in to it's affairs, because government meddling is a big challenge that can devalue any given system especially it's price or value.devaluation of currencies usually occurred through strike government rules and regulations.

Reduces points of weakness
Decentralization can reduce points of weakness in a systems where there may be too much reliance on specific individual or group of people, may fail in carry-out their duty effectively.

Because of so much reliance on them, which can even lead to corruption, within the system, this weak point can lead to inefficient to work, or poor service. Decentralized system help to break all these points of weakness by distributing functions, decision and power within the system network.

Improves data reconciliation Organizations often share data with their participants, this data are often store for future reference or purposes with the aid of the decentralized information, data are stored, in such a way that both entities can share the view of one data.

For instance as steemians, it's possible to have a view of another steemian data or information that is why it's easy to comments and vote on one's post.

Provides a trustless environmentDecentralized blockchain system there is no need of trust, users are unknown which means, participants are anonymous, each users have a copy of the original data in the form of a distributed ledger.

So any participants, that their ledger is changed, damaged or has been corrupted other users will not allow such a ledger to operate within the system. In decentralized Blockchain it's very easy to take note of fake or corrupt ledger, data or information.

Optimizes resource distribution Decentralized, is very important in the sense that it's optimize the distribution of resources so that it can be possible to achieve the services that has been promised, with effective working performance, with a very long range of existence also it's will help to minimize the challenges that will be involved in the promise service when it is been achieve.

Fraud prevention
Since Blockchain operate as public ledger and every transaction is recorded on them when fraud, want, to take place it's very easy to notice it, fraudulent act can not take place because the system is very secure, so it's difficult to steal from the system or even make a change in the decentralized Blockchain network.

Why do you think it is important in the blockchain?

Decentralized is very important in the blockchain system in various ways such as

Decentralized facilitate transaction,
Here the transaction is more faster, which means the transaction can occur, without delayed because they is no middle men involved to delay the whole process also it's very important in the blockchain system because it's require low fees charged,when compared to the centralized system.

In addition: there is distribution of authority decentralized system allow participants to be in charge of their affairs, every one is a boss of their own , there is separation of power which makes every users to enjoy the system.

Further more, decentralized is very vital in the blockchain network because it prevent fraudulent activity, any alterations in any users data other participants can quickly notice the change.

Besides it's very difficult for fraudster to steal from the system, it's very hard to even edit a given important, or delete a given data so it's very essential and necessary in the blockchain network because of it's great security.

Finally decentralized system is very Paramount in the blockchain network system because it's increase financial efficiency, since the transaction is faster users tend not to stress themselves with the traditional banking system, which will give them high fees charges,

In conclusion: decentralized system is important in the blockchain network because it tend to have protection from government meddling in the sense that, government is not in control of the System by so doing it's free from most government decision.

Because government been in control of the system might devalue the system because of it's rigid rules and regulations. So decentralized system is very important in the blockchain network.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

To the best of my knowledge and understanding it's not possible for a blockchain to exist without decentralized system because, decentralized is the basic of blockchain network, that is why most cryptocurrencies are built on a decentralized system.

For instance as a steemian, if the steemit platform is not decentralized it's will be very difficult for users to join the platform, participants will have to take permission from the central authority before joining an registration fees involved will be so high which will scare a lot of users, not to join the platform.

So blockchain network can not functions without decentralized concept, because if it's does it will not be secure, fraudster can easily steal from the system, also it's will then be easy to even change users data and information on the system.

In addition blockchain network can not exist without decentralized system, because if it's does the government can easily manipulate the system with it's strike rules and regulations, by so doing it may degrade the system and devalue the blockchain network.

Finally blockchain network can not exist without the decentralized system because if it's does the individual or group of people in charge will end up corrupting the blockchain network.

In the sense that many people will then relie on those in charge of the system, they will end up making fake promise without accomplishing any because of the trust, so to my understanding blockchain can never functions or exist without the decentralized system.

There is an alternative or similar terms To the best of my knowledge the opposite of decentralized is centralizedso in a situation like this, centralized systemcan act as the alternative of decentralized system

Now let me explain briefly what centralized system is all about centralized system is a system by which there is a central authority, here an individual or group of people can be in charge of the system, also it's involved middle men or third party in carrying out their transaction, a very good examples of the centralized system is our traditional banking system.

It's advisable to, visit a bank around you, try to carry out a transaction by so doing you will understand the similarities and difference between decentralized system and centralized system even without making a research or asking someone because experience is the best teacher in really life.

Do you think it is possible to improve this term in some way? Explain us how

Yes it's possible to improve on decentralized system although it is unique in it's special way the area i will like to be improve base on my own understanding and experience with the system. Volatility Base on my own experience as a steemian and crypto-user i have realized that most decentralized system in the blockchain

Tend to have volatility in terms of their price rate it's not always constant, always fluctuating, if it will be possible to create a system that will make the price of all decentralized system to be stable so that it's users will not be running at losses in terms of business purposes.

Crime, fraud or hackers
I will like all participants in decentralized system not to be anonymous, users she always provide their valid information, and identity so as to minimize the risk of fraud, hackers or any criminal practice in the system, so that any users that tend to carry such act can easily be trap , catch or hold on.

There should be a governing body in a decentralized system so that it's will be easy for it's participants to lay complain concerning pressing issue, so as to create trust within the system, by so doing users will not be having challenges in operating with the system.

crime
Since there is no need of trust, crime can easily occur, besides participants are anonymous, in decentralized system any crime that occurs it's will be very difficult to get hold of the criminal, users in decentralized blockchain system tend to hide their identification, everyone is in charge of the system, no group of people to hold on to or even report a complain when the need arises.

Volatility

Most decentralized blockchain system are volatile, in the sense that their prices are not stable, it's can rise in the morning and before evening the before you will know there will be changes like fall in price so it's not always stable. Even as steemians we can see the fluctuations in the price of steem it's not always stable, that is how all decentralized blockchain system operate

Conclusion:

I want to thank the steemit crypto-academy for organizing this contest, it's has really been nice, engaging with various steemians all around the world also am so excited for sharing my view about. Reviewing Blockchain through the concepts. Best regards, @kouba01

I invite @olabillion and @goodbest to come an participate in this contest.

Thank you all for reading through my post i sincerely appreciate.