INTRODUCTION

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First of all, I will like to say a I'm loving this homework tasks week after week, even though this is just the second week running. I have learnt lots of cryptocurrency terms and I have been to contribute by doing my homework tasks. The genesis of mist cryptocurrencies is based on the blockchain technology which is what will be treated here today. Also, I have noticed for the past years now that lots of crypto-users don't know what this decentralization means, or even what a blockchain technology means. This task will enlighten us the more and give us a little background knowledge on these terms that sounds so easy but difficult to write down for must people.

Please read carefully as I go into my task for this week's lectures.

Cryptocurrency and blockchain

To understand blockchain, we have to by all means understand what a cryptocurrency is. Going by this, I will give a plain definition of what cryptocurrency is.

what is cryptocurrency?

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Just like the Fiat/paper type currency, cryptocurrency is an online asset, used to make secured payments and transactions between two users. They are digital money used for safer and faster transactions without the interference of any authority or governing body.
Having given a simple definition as to what cryptocurrency is, I will want to define what a blockchain is.

what is a blockchain?

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A blockchain is a system of highly interconnected networks of different informations which is very difficult to tamper with. Blockchain is a type of online ledger which keeps track of all transactions with an unhackable signature to every transaction known as the hash.

Blockchain encompasses of different blocks connected on a ledger. If there is a transaction in the blockchain ecosystem, there is this dependent verification from each node from each member of the network. This is the reason why blockchain transactions are almost impossible to forge and to hack.

The blockchain technology can also handle the issues of serving an online voting poll and other crowd funding services.
Transactions on the blockchain ecosystem is best and has a secured end-to-end transaction that can not be hacked, forged or tampered with.

what then is the relationship between blockchain and cryptocurrency?

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Blockchain is the sole foundation to which all cryptocurrency is being built on. Cryptocurrency on it own wouldn't run any transaction. It is the blockchain that serves as a database comprising of all transactions of cryptocurrency done anywhere and at anytime. This cryptocurrency runs on the technology of a blockchain to keep all it transactions and data safe, since the blockchain is very impossible to tamper with.
Cryptocurrency serves as the child which runs under the control of its parent, blockchain.
In the blockchain technology, all cryptocurrency transactions are visible. You get to see everything without an external body controlling it.

How is crypto and blockchain making life easier today? Discuss giving real life examples.

Cryptocurrency today has made life completely easy for everybody. There are lots advantages on a daily basis with cryptocurrency.

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Firstly, we will talk about making transactions more easier and safer for people. Imagine standing in a queue at the bank just to make a transaction. You have to wait for a long time before making any transaction. You might be lucky sometimes, but comparing it to cryptocurrency transactions, you just have to get your phone, gets the receiver's wallet address and boom!!! You're set for transaction. In essence, you only need your phone as a tool for transaction.

Now going with transactions, you still have to pay some charges at the bank. In cryptocurrency, you have little or no transaction fee. Making it more cheaper for transactions.

It also helps create a cashless community. It has helped largely in reducing the danger if carrying physical cash everywhere. This will in turn reduce some robbery issues and also, help promote a safer money atmosphere.

Also, I will like to talk about availability and accessibility. Using cryptocurrency is much more accessible than using a banking system. You only need your smartphone or computer to run any transaction. It in turns saves time and this accounts to it faster transactions.

What is decentralization.

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In cryptocurrency and blockchain technology, decentralization is said to happen if the interactions transactions of two or more is not controlled by a centralized body. It is the transfer of authority from any firm of centralized authority to the participants or networks. These networks gets to interact on a peer-to-peer network system without the interference of any third party.

In a decentralized system or network, informations are being distributed to every node on the network for validation before it being printed permanently on the blockchain ecosystem. The validity of this data isn't done by any centralized it third party body, it is rather fine by other networks on the system.
Unlike the bank where all transactions is governed by a centralized body, in decentralization, each node depends on one another. These node will rather connect with one another, maintaining privacy and same time, avoiding third party intervention.

This in turn make the system secured while maintaining it decentralization.

What are some advantages of decentralization?

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Having known what decentralization means, we will head straight into knowing some of it advantages. In this section I will briefly explain four of it advantages.

1. Fast and safer transactions

Unlike the centralized body, the decentralized system helps in making transactions much more faster and safer. It helps to reduce the stress of going up and down looking for how to make a transaction. It has a secured end-to-end transaction that cannot be forged.
Adding to this, we can testify in how decentralized exchanges (DEX) works, allowing peer-to-peer transactions with no external body controlling it.

2. Eliminating trust.

When we come to decentralization, you will hardly know anybody on the system. Unlike banks that shows names and home addresses of it users to other users, decentralized networks do the opposite, and in doing such, tends to create this atmosphere of trustless participants in the network. By limiting this amount of trust on users, it in turn prevents then from controlling one another which may downgrade the authenticity of the network.

3. Transparency

Decentralization encourages transparency within it network. Most cryptocurrencies which supports decentralized networks holds more value than those ones that are centrally controlled. Most transactions are without doubt open for users to see, it operations are always transparent, making any cryptocurrency dependent on it as trustworthy.

4. Consensus.

This is the aspect I love the most. It allows participants of the cryptocurrency system to make agreements that will run for everybody, rather than allowing a centralized body to make decisions that might not favour some members of the community.

Appreciations

I want to use this medium to appreciate the lecturer for this week's beginner's class, @zology69 for such a wonderful topic. This will certainly enlightened most of the blurt users and will add up to our cryptocurrency knowledge. Thanks once again. Thank you all for reading my post.