Crypto Academy Week 2 Homework Post for @yohan2on
Hello steemians , I hope you all are doing very well.
In this post , I am here to submit my homework task which I have carried out as required by @yohan2on crypto professor.
What is Dapps ?
Imagine having your car working away, transporting passengers while you’re at work. Imagine having your computer utilizing its spare capacity to serve businesses and people across the globe. Imagine being paid for browsing the web and taking ownership of your, arguably invaluable, attention. Imagine a world like that. That world is not far away.
A paradigm shift in the way we view software models is approaching. When Bitcoin, the first cryptocurrency, made us reassess our definition of Store of Value (SoV), it also revealed a sneak peek of the future: a world running on decentralized applications (Dapps). These distributed, resilient, transparent and incentivized applications will prove themselves to the world by remapping the technological landscape.
The Birth of Decentralized Applications
As the concept is still in its infancy, there might not be one definition of what a Dapp is. However, there are noticeable common features of Dapps:
Open Source. Ideally, it should be governed by autonomy and all changes must be decided by the consensus, or a majority, of its users. Its code base should be available for scrutiny.
Decentralized. All records of the application’s operation must be stored on a public and decentralized blockchain to avoid pitfalls of centralization.
Incentivized. Validators of the blockchain should be incentivized by rewarding them accordingly with cryptographic tokens.
Protocol. The application community must agree on a cryptographic algorithm to show proof of value. For example, Bitcoin uses Proof of Work (PoW) and Ethereum is currently using PoW with plans for a hybrid PoW/Proof of Stake (PoS)5 in the future.
If we adhere to the above definition, the first Dapp was in fact bitcoin itself. bitcoin is an implemented blockchain solution that arose from problems revolving around centralization and censorship. One can say Bitcoin is a self-sustaining public ledger that allows efficient transactions without intermediaries and centralized authorities.
What is Tron or Tron blockchain?
Tron is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology, and allows easy and cost-effective sharing of digital content.
Tron was founded in September 2017 by a Singapore based non-profit organization called the Tron Foundation. It is headed by CEO Justin Sun and has a dedicated in-house development team that includes renowned technology stalwarts. This article explores the Tron network, its workings, and its cryptocurrency Tronix (TRX).
Tron network tokens
TRX
TRC10
TRC20
Eliminate the Middle Man
By using the features of the blockchain and peer-to-peer (P2P) network technology, Tron attempts to bridge the gap between content creators and content consumers by eliminating the middleman. The result is an overall cost reduction for the consumer and improved collection through direct receipts for the content producer, which offers a win-win situation.
Back to the Question.!
Q. Explain at least one Dapp on the Tron Blockchain.
There are many popular Dapps in Tron blockchain.
JustSwap
JustSwap is TRON’s first decentralized token exchange protocol and it allows users to make instant exchanges between any TRC-20 token pairs. Along with that on this platform you can contribute to TRC20 token pair liquidity pools to earn passively.
This app was launched by JUST which is a foundation committed to develop TRON-based DeFi protocols and explore the potential of DeFi on the TRON network.
How do I connect to a Wallet?
Homepage of JustSwap
Step 1. Click Connect to a Wallet on the top left of tool bar.
Step 2. Choose TronLink Wallt
Step 3. Enter your password & log in to your Tron link wallet . Choose account you want to connect.
Step 4. Your wallet will connect successfully. Check you Wallet address and TRX balance.
Key Features of JustSwap
Instant exchanges between TRC20 Tokens
Infinite Liquidity
Fast and Convenient
Accessible to All
High Returns
How it works?
JustSwap is an automated liquidity protocol. It allows instantly exchange between TRC20 Tokens. There is no need for making offers or matching orders, and there is no intervention of any organization or centralized establishment in the transaction.
Justin Sun CEO of TRON Foundation said, JustSwap will have 200 times lower and faster fees with instant payments.3