Introduction
Hi guys,
I am so happy to be a participant of this beginners introductory course as it has help me in no I'm a way to get more informed about the crypto world. I have attended the lecture delivered by our dear respected professor in the person of professor
@yousafharoonkhan. He took Task 2 in the introductory course. After attending his lecture, I will be presenting my homework task in this blog. Have a fun fill time as you read through my blog.
Question 1:
Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful? (write in own words)
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Define Decentralization
The word decentralization simply means a system in which users have absolute control over their asset. In a decentralize system, every member of the system has some amount of right as to how to manage and work with his or asset. This implies that you can have access to your asset at will. More also, it is important to mention here that most often when any change or decision wants to be made you have to be part of the decision body as a user of the system. This means that in a decentralized system, power is not vested on the hands of certain persons or individual. Users if this system all have equally right based on your level of abstraction.
This is not so for the direct opposite of a decentralized system which happens to be a centralized form of system. Here in the centralized form of system, power are vested in the hands of very few individual who are the leaders of the system. This individual are always at the center of the affairs hence the name centralization. Users of this system do not have absolute control over their asset and they have much restriction as well. Here decision are made by few on behalf of the others.
There are some decentralized system or forms of decentralized system which I will like us to take into consideration at the course of this studies and they are listed below.
- Market Decentralization
- Political Decentralization
- Administrative Decentralization
- Financial Decentralization
Now, from my explanation above on what a decentralized and a centralized system is all about, you will agree with me that a decentralized system gives it users total control without any form of interference. Users of this system can make use of it as the want based on the level of abstraction they find them selves with any form of restriction. But in the case of the decentralized, the center body has the saying to what ever activity you are performing and most times you may be restricted from carrying out your intended function. This means that as centralized user you do not have absolute control as the person using a decentralized system.
Describe the advantages and disadvantages of a decentralized system.
There are many Advantages of a decentralized system and in this blog we will be looking at few most important once from my little research.
Fast decision making:- Since you have complete access to your asset as user, you can decide what to do with it any any point in time without any form of external body restricting you.
Equality:- This a very important feature in a decentralized system. No one is bigger or greater than the other. Both Mr. A and Mr. B have equal right in the system.
Less stress:- There is no stress for users as everything they may need is at their disposal in the system. They don't need to get permission from the center as in the case of a centralized system.
Security:- Since individual have absolute control over their asset by keeping their private keys safe, then their asset will always be very secured. There is no any form of security trait once your key is kept safe with you alone.
Accessability:- A decentralized system can be access at any time and any where. There is nothing like it can't be access right now because the server is down. So transaction in a decentralized system can be carried out even in a very remote area.
Transparency:- In a decentralized system, there is no any form of secret as to hide the transaction carried out in the system. Once a transaction is done in the system, it can be access and viewed by all members of the blockchain.
Disadvantages of decentralized system are as follows:-
Problem of Trained personnel:- Since there is no central body involve in the system, it is always very difficult to train personnel. So if there is any upgrade in the system you have to put in effort to learn it on your own.
Lack of Coordination:- Since everyone in the system has equal right, it implies that no one is greater than the other hence no one will be able to gather and coordinate the others.
Abuse of power:- Based on the fact that the system has no body to check how the power given to individuals are used, users will tend to abuse the freedom of power given to them.
Cost of Operation:- Since decentralized system allows user complete freedom, you will agree with me that tools needed to make this possible will always be very expensive and hence the cost of operations in a decentralized system will always be very high.
In what areas of life can a decentralized blockchain be helpful?
Decentralized blockchain can be helpful in many areas of life. In this blog I will be listing and explaining briefly on few of this areas. Let's get started.
- Data Storage
- Election
- Fund Tracking
- Health sector
- Banking
Data Storage:- In terms of record keeping, data or record can be kept for a very long period of time and then can also be access at any point in time without much time waste.
Election:- Here in my country where elections are rigged on daily basis, if such a system is adopted the rigging of election will be eradicated as the result of the votes will clearly be seen by everyone in the blockchain.
Fund Tracking:- In the area of fund tracking, a decentralized blockchain will do perfectly well in helping to track stolen funds as any transaction done on the blockchain is visible by everyone on the blockchain.
Health Sector :- Since a decentralized system allows user to have complete control of all their running in the blockchain, in the health sector many may decide to render assistance at will in solving some health issue considering the financial constraints of the sick.
Banking :- We most often go to the bank and spend some quality time without been attended to. If such system is use you can be at the comfort of your home and perform which ever transaction you tend to perform.
Conclusion
I want to sincerely appreciate the professor in the person of
@yousafharoonkhan for such a wonderful lecture. I have really learnt a whole lot from you class sir. Based on my little research, I have been able to know decentralized system properly and the few advantages and it's disadvantages as well. More also, I have been able to explore areas in which if the decentralized system is applied will be of a big benefit to us as users of the system. Once again I say a very big thank you to the professor for such an insightful lecture. I look forward to learning more from you shortly.
Thanks for reading...
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Hi @johnkuzzy, Thank you for taking interest in the 2nd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
You are using a copyrighted photo, please replace it.
You didn't bold the questions you take.
If you want to put the source of an image that you take on the internet, you should enter a link from the original source, not from Google Image. Please pay attention to little things like this.
Vary headers and sub-headers to make them look more attractive.
Thank you!
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Hello professor @wahyunahrul, i need help on how to do this👇
I have actually done it the way i was taught but seems its not the right way.
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