Decentralized Applications (dApps) - Steemit Crypto Academy Season 4 - Homework Post by @michael71

I am really glad to finally carry out my 8th task and much appreciation goes to the professors of our prestige crypto academy. Thank you all.

Homework task - Question1

What are dApps? Explain the working system of dApps? What are the differences between dApps and other applications? Explain the advantages and disadvantages of dApps? How can dApps developers promote their apps? What should we pay attention to when using dApps? How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required)

What is DAPPS

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DApps is the acronym for Decentralized Applications. A Decentralized Application is an application that is created for a user but is operated on a blockchain. It is called 'decentralized' because since it is operated on a blockchain, it follows the principles of most blockchain technologies that are decentralized in nature. That is, it uses a Peer-2-Peer network as it is the users in the network that play an active role in running the application such as the storage of generated data in the application.

It is made up of codes that render a front-end user interface (UI) that is connected to a back-end smart contract that also makes use of a consensus mechanism in a blockchain network. This makes the system that runs a decentralized application to be open source, as the application events are accessible by anyone which makes the data stored to be difficult to manipulate as each user on the network can access all the data on the system.

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Because blockchain technology is a new form of technology that helps to store data in a highly secured fashion, it has become the go-to technology for new applications. The decentralized applications can be found in different categories. Some of them include finance (DeFi), exchanges (DEX), games (NFTs), etc.

Also, decentralized applications are one of their kind in the sense that it allows users to have free control over their accounts. Because there is no single authority controlling the application, users can behave as they wish on the application. Users can carry out operations without being covered up or censored. No third parties are involved during operations and everyone can control their accounts as they wish.

All of the decentralized applications make use of cryptocurrency which is usable within their blockchain network. The cryptocurrency can be in the form of a coin, token, or an NFT. This is because the blockchains use a means by which the transaction that takes place has to be verified and recorded and it is mostly done with their native cryptocurrency. It can also be used to serve other functions like Governance, ICO, etc.

Explain the working system of dApps?

Decentralized applications have their smart contract running on a decentralized organization and not an incorporated server. They utilize their founder blockchain (such as tron) for information stockpiling and as well made use of smart contract for their application rationale.

A smart contract resembles a bunch of logic that live on-affix so anyone might see for themselves and run precisely as indicated by those standards. smart contracts can perform transaction similar as your cryptocurrencies account. This permits code to intercede arrangements and exchanges.Once dapps are sent on the parent network you can't transform them. Dapps can be decentralized on the grounds that they are constrained by the rationale composed into the agreement, not an individual or an organization.

Explain the advantages and disadvantages of dApps
Advantages of dApps;

No Single Server: There's no single server, which infers that on the off chance that there is inconvenience in a server still clients are ensured which implies clients will not lose admittance to the application if your server goes down .

No central Storage: There's no central storage which implies client information will not be compromised in case there's an information break or hacking .

No Restriction- when it comes to dApps there no restriction issues out by an influential organization, it's extremely challenging for state run administrations or influential people to control the organization.
Blockchain based:- As they are made of smart contract, they can without much of a stretch incorporate crypocurency into the fundamental functionalities of the Dapp.

Open-source:- This empowers the far and wide improvement of the application environment empowering engineers to fabricate better applications with more valuable or intriguing capacities.

DisAdvantages of dApps;

Ease of use:- A ton of Dapps have unfamiliar User interface, which have put a ton of clients off, due to the fact they are not famiiar with the user interface and the dApps interface are not majorly for beginners .

Hacks:- As many are run on open-source smart contract , it permits programmers the uncommon chance to test the organizations searching for shortcomings. This has prompted a spate of hacks on well known Dapps.

Slow delivery:- With such countless hubs attempting to check each exchange on a DApp, the stand by time took long sometimes . DApps are slow on the grounds that they rely upon a local area of hubs, and not a single server .

Other (Centralized) Applications

In other applications the users have to depend on the control of the entity that owns the network.

The processes involved are done by a centralized entity, individual, or group.

Transaction fees are larger when compare with decentralized applications.

The transactions are not executed in a Peer-2-Peer manner or directly because it makes use of third parties.

In comparison with decentralized applications, the security level is lower because they are operated by centralized entities.

The execution is done by intermediaries which make it not automatic, sometimes complex, not quick enough, and not very convenient.

The transactions are recorded and stored in the central servers of the entity which makes it to be mutable.

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Conclusion

I appreciate the opportunity to work as a promoter. I will continue to improve my efforts as I aim to get more new people to qualify and join the academy.