A great day to be alive once again, as I've been down for the past two days and I've not been able to function optimally. A lot of it has to do with the weather as well though, because its the rainy season and everywhere has been somewhat cold.

I've spent the last two days just reading novels, eating , sleeping and just trying to get better. Already getting better though I've not been able to write here. So I was scrolling through my notepad and I saw something I was writing a few months back on decentralization, I didn't finish it back then but I didn't want my writing to go to waste and I decided to share here since I've not been in the right frame of mind to write.

Decentralization

I believe for most individuals at this point, we're all familiar with words such as Decentralization, exchanges and other key words in relation to cryptocurrencies.

I will be giving a quick foundational definition so we can see the correlation.

Decentralization in simple words means not centralized. Centralized systems are those in control of a single authority or a single group of authority. Hence decentralized ones are those that are not under any form of authority as each user is afforded the same access as other users.

Exchanges on the other hand are platforms that provide exchange services just like the name suggests. Here you can buy, sell, swap amongst other crypto related services. Popular names such as Binance, Poloniex, Probit (for us users on blurt) come to mind when the word exchange is mentioned in relation to cryptocurrencies.

Exchanges such as Binance, Poloniex and others are called centralized exchange. From the definition above we can safely say that the exchange is under an authority which has the right to make modifications or changes as they seem fit. Some real life information on your identity are need to fully register on such exchanges.

At this point we can begin to understand what a decentralized exchange is about. Firstly you do not need real life information to use this kind of exchange. Secondly unlike centralized exchange where control is under an authority, here you are in charge of the safe keeping of private keys to your account.

Many users confuse the words wallets with exchange although this is not entirely their fault. Nowadays we have most exchanges providing services of wallets for the safekeeping of cryptocurrencies. Hence an exchange can perform the function of a wallet, but a wallet is not necessarily an exchange platform.

I hope you were able to get a few points on decentralization.