Crypto Academy Week 11 - Homework Post for @yousafharoonkhan by @kelechisamuel


The lecture by @yousafharoonkhan gives understanding of what decentralized and centralized exchanges are
So, I had a grasp on what a decentralized exchange is which I will be explaining below

Question no 1 :

Write the definition of Decentralized and Centralized Exchange in your own words.(definition should cover exchanges ,not system) only explain in your own words, after understand the exchanges

Decentralized exchange could be seen as exchanges that give investors liberty of trading whenever , however and wherever
In other words this is a kind of digital exchange where the trade decisions and are made solely by the investors without involvement of another system or person.
Unlike in other exchanges where some trading roles are given to a system called a third party
In a decentralized exchange every traders has his or her own link with their buyers and sellers
There are also merits as to a decentralized exchange including :

  • There is less ambigousity ie the connection of exchange traders directly to their respective receipients without a middle man that may delay the process
  • There are still shortcomings or demerits to a decentralized exchange which us that they are mostly not trust worthy due to it's simplicity

Centralized exchange also could be as exchanges directly opposite to the above explained
Here we see other factors ie a third party being involved in trading activities .In this system the trader does every trading action ordely and this centralized exchange serves as the third party of the system .
More understood here we can see that every trader under a centralised exchange would have to use a middle man to reduce issues while trading
Finally we could see that all the trades are controlled by the market and trade forces
One of the beauty of the centralised exchange is it's trade freedom ie it's allowance of users to buy and trade whenever
It also has shortcomings which include it's ambiguous nature especially for new traders who find it hard to cope

Question no 2 :

Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges ,not over all system.. (answer must be written in oun words, copy paste or from other source copy will be not accepted)

There are distinctions between centralised exchanges and decentralised exchanges including ;

  • Just like we understood in the lesson decisions and all trade actions are made without a middle man in the de-centralised exchange while in the centralised the middle man factor remains very important and is necessary for facilitating trades
  • Another cogent difference is the ambigousity factor ie in centralized exchanges most trade processes are very ambiguous and complicated unlike in the decentralised exchanges where everything is made easier and less ambigous
  • We can consider trading time to be another major factor in differences between the two exchanges ..Since in centralized exchange there are no restrictions to when traders can buy ,sell or trade where as in decentralised exchange there a bit of restrictions as to when to do as in the latter
  • The decentralised exchange gives understanding that every decisions are made by a sole personality while in the centralised part decisions are delegated to athird party

Question no 3 :

write about any 2 best centralised exchanges of 2021 . why are they best in front of you? (Show screenshot of your verified profile to make verify that you are really using them, or also share any one trade that you made in last 24 hours )

My Two best centralized exchanges of 2021 :
Two centralized exchanges include Kraken and Binance

Kraken
Kraken could be explained as an exchange where traders are granted access to buy , sell and trade several currencies using various tenders and online currencies
The utility of the Kraken exchange included passage and movement of currency and from accounts of their traders or their digital purses with Kraken associated accounts
Just like we understood from the roadmaps in the former lessons, they linked up with the coin base company to gain prominence so that they could finally gain self prominence enabling funding and gaining better usage

Binance :
The binance platform has been one of the greatest thriving exchanges in 2021 since it has been a great basis for buying and selling crypto currencies
It leaves a network for trading of several crypto currencies .
More so the binance platform exhibits the centralized system of exchange ie every trade actions are taken on the platform without middlemen organization in the process
With their provision of mobile and digital wallets traders are free to buy and stock trade with it's own token as binance coin
This platform has great standards also of security terms alternatively.
Various services also are offered before trades can be bought , traded , listed and fundraised just like we saw in the previous ICOs lessons
The binance function also gives various steps of verification before actions can happen on the platform

IMG-20210501-WA0000.jpg

That is to say on the binance platform the account gets Verified before you can be able to trade , you must

  • Download the binance app or search up on chrome
  • Sign up if you don't have an existing account or log in if you do have one
  • Details would be filled ie phone number and passwords and otp codes are sent to verify the sign up process
  • Going to the home icon and clicking on verify for my country Nigeria, Bank verification number is needed or national passports
  • After the details are entered a face verification is done online and after it is done the account bears an icon seen as verified
    And transactions can then take place anytime

Question no 4 :

Install Metamask, and share step by step screenshot ,(Practicle step by step )

Installation of metamask is a very simple and straight forward step
First of all search for metamask on Google, navigate to the website, download metamask and click add extension to chrome

meta.PNG

Click on the get started button to get started on metamask

meta2.JPG

Next step, if you already have an existing account, you can import it or you create a new one , As for me, I will be importing my wallet

meta3.JPG

Fill in your 12 seed phase, create a password and confirm it and boom your metamask is set

meta5.JPG

my line.png

Question no 5 :

How to use Uniswap exchange , and Swap/buy or swap/sell any coin (practicle step by step )

Access the uniswap platform in the metamask

meta6.JPG

I will be swapping from ETh to SKL so I will be checking 1 ETh worth in SKL, after putting the unit, click on review swap

meta7.JPG

The review swap shows you the value and the estimated network fee as you can see below

meta8.JPG

Conclusion
It was an interesting lecture by @yousafharoonkhan and I really learnt a lot , although I didn't have enough money to make any swap but definitely, I will make a swap some day.
Thanks for the insight


Comments 3


First respected student Thank you very much for taking participate in Steemit Crypto Academy Season 2, Week 3 course class..

  • you did not show last trade of cex
  • i could not see your swap of any coin after connecting with uniswap

thank you very much for taking interest in this class

grade : 4

02.05.2021 06:40
0

Screenshot_20210502-120406.png [screenshot gotten from your post]

You said show a verified or one trade, you didn't instruct us to show the both
It's unfair to mark me down for doing what you said, you said show verified or transaction

It would have been nice if you were more specific telling us to use both not saying this or that

It is really unfair @yousafharoonkhan

02.05.2021 11:08
0