Preface
The Advancement of Technology has brought the new face to the world by now. The new face whereas What A Small World quotes can be mean hundred percent work. Imagine when you send a message cross countries by a single minutes time settled; or you tried to fax journal paper from tour remote areas to the city town; or even more sending money/files cross countries. Besides, the start-up plan project about hologram communication is ahead by now. It just waiting the perfect time to make it worked it out, till then all mankind will utilized and applied into their life styles.
The short & simple paragraph to described about our world condition by now. The new age of modern technology will dominated in all life aspects. Talking about the whole technology advancement issues was the longst topics after all. As one of popular topics lately hit public attention arround the world, and that is #Blockchain technology after December 2017 issues flooded the news arround the world through its main term called by #Cryptocurrency. As one of popular cryptocurrency as the giant among another was #Bitcoin, followed then by #Ethereum, #Litecoin, #BitcoinCash and etc.
This issues was the hottest topic at that time, yup! Because its all about the prices toward the cryptocurrency (BTC; ETH & etc.). None can belief before related the prices that those cryptocurrencies will hit the limits, but after then public belief that there's kind like hope through #Cryptocurrency as it made them happy or sad (Sometimes) in financial aspects.
Blockchain
In simple defines, Cryptocurrency is a term toward digital assets whereas it run on the Blockchain as their mother network. For instances, Bitcoin as crypto run on Blockchain, or Ethereum run on Etherscan, each cryptocurrency have their own network (Blockchain) and all of them improvised from the main currency network (Bitcoin) whereas run on the Blockchain.
Blockchain was first outlined by Satoshi Nakamoto in his 2008 paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. Blockchain utilizes a chain of data blocks that are used to create a digital ledger. Once one block is written, it is verified and added to the ledger, where it then remains forever.
Click this link below to read more details about Blockchain and Cryptocurrency Definition!
So, the interesting part within this topics (Blockchain & Cryptocurrency) was the typical system adopted inside their network (Blockhain). In cryptocurrency system, there are two main popular roles/regulation made regarded their network.
1. #Decentralized
2. #Centralized
Both of terms must well understood by users/enthusiast, as it will affect your orientation toward crypto world (Exchange/Market/Cryptocurrencies/etc.). There are significant differences between both of part, as Decentralized mean all depend on users to utilized theirs, while Centralized mean the regulation is owned by the network, this system actually adopted dominant by the exchange platform, besides there are also some of cryptocurrency types do so. This was simple definition as I hope to make this post reached the point on all over individuals. Therefor, we need to make its understanding/knowledge/definition toward both of term more easy as we discussed below.
Decentralized & Centralized Overview
In simple define, #Decentralized is the full authority control placed on the users responsibilities. For instances, in cryptocurrency world we knew that an ERC20 Wallet was seeded by mnemonic phrases as the key to access to our wallet, and also the whole assets inside an ERC20 is fully controlled by its owner, or just like we used #Steemchain related its password once we lost it, its hard to recovered. The mean of decentralized is the admin/owner/company of the network has no access to your wallet/exchange orientations. This happen on both of cryptocurrency and exchange platform whereas characterized as decentralized, as we already used in ERC20 WEB 3, or another kind of exchange such as #digitex and etc.
In the mean definition, decentralized can be read as the following below:
The Movement of departments of large organizations away from a single administrative center to other locations
-Source
Its mean the authority moved to the users, whereas the admin/center only monitored without the access into it.
Still, in simple definitions #Centralized is the whole thing oriented toward the center or main regulation by admin/company. In this case, we can see as many exchange platform still characterized as centralized system. Whereas they can accessed into users authority, even the assets can be frozed or block. The regulations is above all within centralized system as it enhanced the company movement in expanding their popularities.
While, in the mean definitions, centralized can be read as following below:
The concentration of control of an activity or other organization under a single authority
-Source
Concentration mean taking over the authority directed intona single order. This mean your assets/activity are controlled or monitored or watched by the center/company in order to kept the milestone or project plan worked it out. They can even block your assets, or etc. Everything is depend on regulation, once you broke the rules, you get hit by the regulations. So, just stay careful and watchfull!
The Comparison: Decentralize & Centralized
We can see that there are significant differences between both part: decentralized and centralized. Meanwhile, there are also pros and cons related toward them, everything is depend on you! Whether you want good or otherwise!
In my opinion, if you follow the centralized, just be mindfull to read their regulations/rules. Beside, decentralized you must well careful in maintain your asset through one time password given by the first time you created your wallet or etc.
So, just be the best one who always learn those things before we turn our time, fellas!
Thanks for reading!
Keep steem on!