Decentralized Applications (DApps) - Crypto Academy Season 5 - Homework Post for Task 8
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 are DApps
DApps are decentralised apps that run on a blockchain and employ a peer-to-peer approach to provide users complete control over their accounts on the app without the need for a central authority. Other programmes, such as Facebook, use a centralised structure with a central authority in charge of everything and humans running the show. Everything is digital with DApps, and no human intervention is required.
Furthermore, features an open source system where anybody may examine the code recorded on the system, ensuring that data cannot be modified or manipulated. DApps are extremely safe thanks to cryptography, as transactions are communicated as codes that are encrypted and decrypted using private and public keys.
Some DApps that I am familiar with are Steemit, Justlend, Sunswap, and others.
Explain the working system of dApps?
DApps have a simple and effective working system. Smart contracts are used in DApps to record transactions digitally and automatically without the need for third parties such as humans. As a result, DApp transactions are faster and less expensive.
Simply send money or tokens using DApps on any blockchain, and the transaction will be validated by the blockchain system. Smart contracts record the transaction, and the funds are sent to the recipient's wallet. This transaction takes only a few minutes, and the transaction's details can be seen at any moment on the blockchain.
What are the differences between dApps and other applications?
Security
DApp transactions are recorded on the blockchain's digital ledger, which is open to the public. These applications are completely transparent. Just only the private key can decrypt the contents of an encrypted message delivered to you using the public key. The tokens cannot be stolen without the secret key. The central authorities of a centralised system can make modifications at any time and may even request that your password be changed.
Privacy
Individuals' personal information is safe because the application and blockchain are anonymous. The public key serves as the person's address. Every transaction in a centralised system is visible to those in charge. When conducting transactions, there is little to no privacy.
Decentralization
DApps use a peer-to-peer network to provide consumers complete control over their accounts and transactions. In this, No requirement for a third party. In centralised apps, the central authority has complete control over everything that occurs within the app.
Explain the advantages and disadvantages of dApps?
Advantages
- DApps' registration process is simple and quick, and it doesn't require much information, so anyone may sign up.
- Dapps are protected by the same blockchain-based security, making them extremely safe.
- DApps have comparable functionalities and may be used in similar ways, making it simple to work with DApps from different blockchains.
-DApp transactions can be completed by anybody, at any time, and from anywhere in the world. - DApps are decentralised, meaning there is no one point of control over transactions.
The transaction fees for DApp transactions are lower, and the transactions are faster.
-DApps keep users' identities confidential, allowing two people to conduct transactions anonymously without the need for personal information.
Disadvantages
- It is impossible to recover money or tokens transferred to the incorrect address.
-If you lose your keys, you lose access to your account, which is nearly impossible to recover. - DApps can't be used effectively by those who don't understand blockchain, especially when there's no third party to guide them.
- DApps are still gaining traction in the markets, so it's unclear whether they'll be able to accommodate the expanding population without being clogged.
What should we pay attention to when using dApps?
- When utilising a DApp, we should be aware of the fees applied to each transaction as well as the transaction speed.
- We should understand the DApp's purpose and functions so that we can find what we're seeking for and use it effectively.
- We should be wary about the app's security. Make sure it's decentralised, and that only you have access to your keys.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
Following these criteria will help us obtain the information we need about a DApp...
Use anybrowser's search bar to look for DappRadar.com.
At the upper left of the homepage, click the square box with the red do. then select Ranking.
The top DApps at the time I completed this were:
Pancakeswap
Splinterlands
Alienworlds
- On the DApp, I chose to Pancakeswap.
- Click it to discover more information and statistics about the DApp, such as (number of users, transactions, volume, balance)
A graph of historical activities will also be displayed.
Have a nice day
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Prof . @dilchamo
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