Decentralized Applications (DApps) - Steemit Crypto Academy Season 5 - Homework Post for Task 8
Introduction
Happy new week steemian, I am very proud to learn about decentralized application because it is what is ruling the world currently and is very secure. I will answer this question below
Question
What are dApps?
Explain the working system of the dApps?
What are the differences between dApps and other applications?
Explain the advantages and disadvantages of dApps?
How can dApps developers promote their applications?
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 has it acronym has Decentralized applications, it is a system that is open source and is being built on blockchain technology.
source
DApps is an acronym for Decentralised Applications. It is an open source system built on the Blockchain technology. It is a decentralized application which means that it is only the individual that has the private key and he or she can perform transaction without any central authority or third party. In other words, DApps is also an application that has the P2p technology which help it users to interact with one another, it also has a very good security network and no environmental boundaries.
Explain the working system of the dApps?
Dapps has a device that is like a ledger and help in storing of information about all the transaction that have been carried out in an individual account, it is known as smart contract and is the working system of Dapps and also use in validating of transactions.
In Dapps we have the peer to peer network which plays a big role to connect individual despite their distance to perform transactions with one another
In Dapps we have a very strong and good security network that avoid hackers from having access to individual account, the security network here is strong
In Dapps it is only the individual that know how to manage and perform transaction he or she doesn't need any third party approval before running a transaction
What are the differences between dApps and other applications?
In DApps we have a very tight security which means that individuals transaction is secure and also the funds and assets of an individual is only know by the owner while in Other application there is no strong security and there a third party or outsider that has information about the individual account
In DApps, there is no need of any body like bank manager, or third party when the individual want to perform transaction in his or her account but in other applications there is always a third party that will be involved when a transaction is going to be performed so as to approve it.
In DApps the speed at which transaction is done is slow while other applications is different
In DApps the charges that is being charged for a transaction that is executed is always low compared to the other applications that you will sometimes be over charge in performing transaction.
In Dapps the cost that will take to develop it is always high unlike the other applications that doesn't require much.
DApps is not popular but other applications are very popular
Explain the advantages and disadvantages of dApps?
Advantages
Decentralize application is an application in which an individual in his or her comfort zone can sit down and perform transaction without any third party approval.
Here, there is a high level of security which will makes the transaction and individuals secured which will make the account secure from being hacked.
When transaction is performed here there is no geographical boundaries you can transact with anybody despite the location with the help of Peer to peer technology.
It is very transparent which prevents fraud.
There is no excess charge individual charge is low here.
Disadvantages
The speed at which transaction is executed here is slow
There is nothing like finds reversal if funds are mistakenly sent to wrong account.
Higher cost of maintenance because of the programming language.
Hard to operate by newcomers that has no idea about cryptocurrency
How can dApps developers promote their applications?
There are so many ways through which DApps developers can promote their
It can be promoted by organizing an airdrop event in which free token are being shared as gift to user after the event.
It can also be promoted by publishing it in books and also by making advertisement on radio program and tv shows.
DApps can be promoted by running advertisement on all social media platforms like Instagram, Facebook, Twitter, medium and telegram by this the user of this device will be aware.
Can be promoted by using banner or a billboard with the dApp characteristics
it can also be promoted on dapp website
What should we pay attention to when using dApps?
Dapps has a high level of security, and it is important for is to take note of the characteristics of DApps before we make use of it because of fake site that is owned by hackers
We should always pay attention to the charging rate because in DApps the charge is always minimal
We should pay attention to the the the DApp and check how effective it is before investing in it.
User should check coinmarketcap.com to know if there is availability of the token.
How do we find the information of a DApp that we want to know? Provide the steps (screenshot required).
step one
The first thing for the user to do is to visit the DApps website which is [website] (https://dappradar.com) and click on the menu icon
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step two
After you click on the menu icon, there is another page that will pop up in which you will have to click on Ranking as seen in the screenshot.
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- step three
After the ranking icon is click, lists of DApps will display and I selected uniswap
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- step four
To go further, I will click on the uniswap to get more information about it
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| Uniswap | characteristics |
|---|---|
| Token name | UNI |
| Token price | $20.34 |
| TVL | $11.09 |
| Market cap | $20.34B |
| Cap/TVL | $1.83 |
| ATVL | $11.25B |
And from this same page, I clicked on open DApp to know more about the uniswap DApp
Source
From the, I saw that token can be swap, wallet can be connected, pool, vote and chart can be found and done here.
Conclusion
This lecture has really made me know amd understand more about the whole what dApps is all about. Many thanks to prof @wahyunahrul and @dilchamo for the interesting lecture.
Am grateful
