Crypto Academy Season 3 Beginner Course -Task 2| Blockchain, Decentralization, Block Explorer By @safdarsultan
Hello
All my friends I hope that you are all will be fine. Today am here for the post of my favorite,honest and hardworking professor @yousafharoonkhan . It is great honor for me to participate in his lecture. So without wasting time am going to start lecture.
Questions
Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful?
Question 1
Decentralization
Source
The process of the existence of decentralized blockchain is called 'Decentralization'. As the word decentralized shows the whole of the meaning, 'de' means not, and centralized means ' any center'.
So, decentralized blockchains are the blockchains in which different nodes belonging to different areas of the world are interconnected with each other and form a chain of blocks. The transactions or funds are under the control of the users themselves rather than any involvement of the central PowerPoint.
All the activities and the transactions that are made on the decentralized system are done without seeking permission from any third party. Users can make transactions anywhere, at any time according to their will.
Types of Decentralization
The types of Decentralization are given below;
- Architectural Decentralization
- Political Decentralization
- Fiscal Decentralization
- Economic Decentralization
- Administrative Decentralization
Question 2
Advantages of Decentralization
The advantages of Decentralization are following;
Security
The Decentralization is very safe system and no one can hack it easily. Because in this system there is no central authority,we can control our whole account in our way. In this system the data is distributed into the blocks so it is very difficult for any hacker to hack it. Thats way it is very secure and we can trust it.
Provide Framework
Decentralization provides a large Framework to a user. At local level the people get benifits in the form of opportunities and leaderships. So it works throughout the world. It is a participatory process and decentralization is very important for the betterment of society.
Cheap Fees for Transfer
In our daily life we we share different cryptocurrencies to one another by paying some fee. The centralized system have more transfer fees than Decentralized system. So it is really important thing for the user on this platform.
Transparent
The Decentralized Blockchain offers a transparent system in which we can easily detect our transactions. Also we can record all about our transactions. In the history of Blockchain system it is very transparent.
Disadvantages of Decentralization
As we know, anything that has advantages has its disadvantages also. There are many advantages of Decentralization and following are the some disadvantages of the Decentralization;
Costly System
Mistake in Transaction
Lack of Uniformity
Question 3
IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL
The Decentralized system can be very helpful for the many areas of our life so these are given below;
Health Centers
Cutting out the middle man
Conclusion
Forst of all I wants to appriciate the hardwork of dear professor sir @yousafharoonkhan for his best lecture. He deliver this lecture in a very simple and easy wording any one could easily undersatd with his lecture. He described in his lecture about Decentralization and its uses on our daily life in very intersting way. I read the whole lecture and enjoy a lot. Also it is very informative and intersting lecture. I really learn very useful things here.