Blockchain and Cryptocurrency Course by Professor @zology69by written by @davchi

Hello Friends, this is my enrollment into this week's lecture, as taught by Professor @zology69

In your own words, discuss cryptocurrency and Blockchain.

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Crypto currencies are digital money which has it's existence only in the online market. ownership of these coin are streamlined on public ledger using strong cryptography in recording transactions that transpired within wallets.

Crypto currencies are also fiat currencies and they are not convertible to normal commodities.

Most crypto inventors employ validators in sustaining their inventions (cryptocurrency) and this majorly through proof of stake medium.

Nevertheless, crypto currencies have no precise governing body and as such, it belongs to no regional or geographical government.

Finally, inventors may decide to set their prices as this may not be consistent over time because what determines their prices is just the forces of demand and supply.

Blockchain

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Blockchain on the other hand is a means of streamlining or possibly recording information in an immutable way.

This is also a distributed database disseminated among different nodes of computer network and this typically maint in sharing information in a digital format that perpetually stands immutable.

Blockchains are used in security transactions in cryptocurrencies as it guarantees confidence and security in crypto transactions.

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

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Crypto currencies as it's now more vivid that it's a currency that is owned by no precise location, and such can be owned by any one, and with the help of the Blockchain, one can be confident of the security of his assets.
In real life scenarios, most people have lost money and other valuable assets in the cause of securing their assets but with the help of crypto currency and the Blockchain the issue of unnecessary asset losses have been reduced.

Cryptocurrencies have also made Life easier to its users as we can attest to the increasing rate of unemployment, poverty and job insecurities in the society especially for people living in developing countries of the world.
Nevertheless, with the help of cryptocurrency and Blockchain technology, job insecurity and unemployment rate has been quialed as most people get self employed using their crypto earnings without waiting to be employed by any one.

What is decentralization? What are some advantages of decentralization?

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Decentralization is a process whereby the activities of an entity is delegated or distributed away from a central source to a distributed network. That is, it is out of central control and hence provides a trustless ecosystem, improves resource distribution, and reduces points of weakness.

Some advantages of decentralization includes

Improved security system

A decentralized network helps in improving the security protocol of the different nodes that operate in the Blockchain since every node operates without the impediment of a central server.

Quick decision making

Since every node in the system operates distinctly from any central interference, it makes it possible for every computer operational in the system to take actions without waiting for any one to authenticate any probable action.

Dissipates weaknesses

Over reliance on a particular node may cause a breakdown of the system and also loss of data and other vital information but when a system is decentralized, there will be an ease of burden on all the operating nodes in the system and further, a breakdown of a particular node will never bring the entire system to a halt.

Conclusion

Crypto currencies are good forms of investment in our contemporary world, and such must be driven with good sense of knowledge and moreso, the Blockchain technology has so contributed immensely to the transparency and growth in this invention and this really needs to be appreciated more especially when decentralized thanks.