"Initiate" stands for launching or engaging, switching-on some objects in rather science terms... e.g; "The security protocol has been initiated." or.. "Initiating rocket launch."
WHEREAS "Initialize" is rather a computer term, which stands for loading process, close to the actual "initiating", but more in terms of "loading" or "retrieving". "Initialize" also refers to virtual objects (e.g; within computer software), whereas "initiate" regards physical objects (such as science machines, rockets, weapons etc...)
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