Centralization vs Exchange

A system structure where control, decision-making authority, and data storage are concentrated in a single entity or small group rather than distributed across many participants.

A platform facilitating cryptocurrency buying, selling, and trading, either through centralized services managing transactions and custody (like Coinbase or Binance) or decentralized protocols enabling peer-to-peer trading through smart contracts without intermediaries (like Uniswap or dYdX).