Decentralized vs centralized digital currencies
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Decentralized vs centralized digital currencies
Decentralized digital currencies, such as Bitcoin, operate on a peer-to-peer network, where transactions are recorded on a public ledger known as the blockchain. In this system, there is no central authority that regulates the currency, but rather a decentralized network of nodes that maintain the integrity of the system through consensus. The decentralized nature of these currencies means that they are not subject to government or financial institution control, providing users with a greater degree of privacy and autonomy. Transactions in decentralized digital currencies are processed quickly and securely, with the blockchain providing a transparent and immutable record of all transactions.
Centralized digital currencies, on the other hand, are typically issued and controlled by a single entity, such as a central bank or a private company. Centralized digital currencies rely on a central server to manage transactions and maintain the ledger. The centralized nature of these currencies means that the issuing authority has complete control over the currency, and can make decisions regarding its supply, circulation, and usage.
One of the main advantages of centralized digital currencies is the ability to enforce regulations and prevent fraudulent activities, such as money laundering and terrorism financing. Governments and financial institutions can monitor transactions and enforce compliance with regulations through the central server, which can be beneficial for maintaining stability in the financial system.
However, centralized digital currencies also have some disadvantages. By relying on a central authority, users are dependent on that entity for the security and privacy of their transactions. The central authority also has complete control over the currency, which can result in censorship, freezing of funds, and other limitations on the usage of the currency. The central authority may also have access to sensitive user data, which can raise privacy concerns.
In contrast, decentralized digital currencies are not subject to the same level of control and censorship, providing users with greater privacy and autonomy. Decentralized digital currencies also provide users with a greater level of security, as transactions are recorded on a public ledger that is maintained by a decentralized network of nodes. This makes it more difficult for hackers to access or manipulate the system, as there is no central point of failure.
Despite the benefits of decentralized digital currencies, there are also some challenges associated with their use. Decentralized digital currencies can be more difficult to use than centralized digital currencies, as they require users to have a basic understanding of how the technology works. Decentralized digital currencies can also be more volatile than centralized digital currencies, as their value is based on market demand and is not backed by any central authority.
In conclusion, both centralized and decentralized digital currencies have their own advantages and disadvantages, and the choice between them will depend on a user’s specific needs and priorities. Centralized digital currencies provide a high degree of control and regulation, while decentralized digital currencies offer greater privacy, autonomy, and security. Ultimately, the choice between these two systems will depend on a user’s individual circumstances, and it is important to carefully consider the pros and cons of each before making a decision.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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Decentralized vs centralized digital currencies
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