DApps - Steemit Crypto Academy Season 4 - Homework Post for Task 8

in SteemitCryptoAcademy2 months ago (edited)

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).

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What are DApps

Smart contracts are the backbone of blockchain technology. A dApp (decentralized application) is an app that was created for the purpose of running on a decentralized computer network like Ethereum. DApps are often seen as competitors to web applications, but they're really just making use of new technologies to operate in new ways. There are some things that dApps can do that centralized apps can't, and vice versa. No matter what, though, dApps will offer more security than your average web app due to their decentralization. The two types of decentralized applications you might hear about are those built on platforms like Ethereum and those built on protocols like BitTorrent or IPFS. These are the most common types of apps that are built on blockchains, but there are others. One of the most popular decentralized apps is CryptoKitties, but it's not technically a dApp because it's built on top of Ethereum rather than being an app that runs on the blockchain itself.

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Source

One way to think about dApps is as applications created by developers who intend them to be non-discriminatory, censorship-resistant, and transparent. While this definition seems simple enough, it's actually quite difficult to achieve all three goals at once due to several internal and external challenges. DApps operate through smart contracts, which are basically decentralized computer programs that manage funds or any kind of data in a trustless system.

Explain the working system of dApps?


Dapps work by encoding information (data) in the form of a smart contract. Without writing code, developers are not able to manipulate certain basic features of dApps. Smart contracts are computer programs that are compiled into bytecode, which is then run through the ethereum virtual machine to interact with the blockchain network. The ethereum virtual machine allows dapps to perform tasks that were impossible through traditional software protocols. For example, smart contracts can eliminate the need for intermediaries by automatically transferring funds from one person's account to another without any human intervention or third party trust requirement.

What are the differences between dApps and other applications?


Dapps are different from other usual application in a sense that they are built on blockchain technology. dApps make better use of blockchain technology to solve various real-life problems. dApps can be categorized into two major types:
dApps that run on the Ethereum platform (a decentralized application) . Developers who intend the dapps to be censorship-resistant and non-discriminatory. They can create applications that are both censorship-resistant and free from third party interference. Data stored by dapps cannot be altered or modified after it is sent or stored into blockchain network, which allows users to have full control over their data. dApps that run on other networks (protocols). Some of these applications include IPFS, BitTorrent, bitcoin, etc. Developers who intend the dapps to be censorship-resistant and non-discriminatory.

What are the benefits of developing dApps?


dApps allow developers to create applications without unnecessary friction or censorship . With decentralized applications, developers can create apps that are both censorship-resistant and free from third party interference. In fact, dApps as a category are as yet "unowned" by any particular company or person.

Provide users with a variety of clear choices regarding how data is managed and secured . Decentralized systems like Ethereum allow anyone to create their own transaction data center — or data marketplace — where they can sell and buy and store and process and distribute information in a transparent way without regard to corporate owners. This allows users to better understand exactly who has access to their information, how it's being handled, and what the costs are associated with that handling.
When considering which apps to use, the first respondent that comes to mind probably won't be a decentralized application (Dapp), but it's an option worth considering if you're interested in more privacy and freedom. Dapps are software applications that exist on the Ethereum blockchain and function as autonomous entities. It means these apps can’t ever be taken down or censored by any one person or entity — they operate entirely on their own.

The advantages of Dapps come from trustlessness, decentralization, and censorship resistance — all three of which were major hurdles for internet users who suffered from government censorship.

With a Dapp, one can choose to store a large amount of private information there and have no fears that a government actor will ever be able to access the information. Additionally, users can run their own code and have complete control over their data.

Additionally, Dapps are incredibly flexible. Users can customize them to meet their specific needs through the use of smart contracts which function as self-enforcing contracts between the user and the Dapp. In this way, Dapps can grant or limit access to various services or functions depending on whether or not provided privileges have been earned from the user's actions within the application.

Disadvantages of DApps

Everyone knows how to use an app, but many people are still confused by smart contracts. Ethereum is known for having one of the most complicated smart contract language systems of any platform. Not only that, but users need ether (the currency used on the Ethereum blockchain) in order to interact with Dapps. So not only do you have to install a new piece of software, but you also have to make sure you have some ETH or know someone who does in order to use it.

Additionally, it's important to be aware that DApps are still new technology and therefore they are often buggy and prone to exploitation. There have been many instances where a Dapp has suddenly taken everyone's money and disappeared — this is known as the DAO Hack.

This is why it's important to keep your currency relatively safe. Don't keep your currency in a DApp unless it is absolutely necessary and you're satisfied with the exchange rates (the currency used on Ethereum is called Ether, or ETH). If you do not do this, you will likely lose all of your currency.

People often use DApps as a way to circumvent certain laws such as censorship and gambling laws. Often times there is very high risk associated with these kinds of transactions so they should be thoroughly researched before entering into them.

How can dApps developers promote their apps?

Different DApps developer promoted their Apps differently. Some DApp developers are using traditional marketing tactics like themselves, making a website with the DApp, interacting with the community through social media. Other developers are using an unconventional approach to promote their project by introducing it to audiences through various events or film festivals. The games space is highly competitive and innovative strategies are needed for any developer to stand out from the crowd. The last trend in DApps development for 2017 was publishing on mobile platforms like iOS, Android etc., which has opened up new avenues of revenue generation that can supplement or replace ad-based revenue models that many other types of apps use.
Furthermore, some dApps are opting to create their own blockchain through the use of ERC20 tokens.When generating revenue for its developers, some dApps turn to traditional payment methods like selling game tickets or selling game copies. However, the importance of crypto has grown since 2017 and it is now possible to use various crypto payment methods including ETH, BTC, LTC etc. on many dApps. Some developers are using their own DApp as a platform for uploading videos of themselves building apps or writing about technologies they are passionate about. Some even create videos with animations and advanced graphics.
Some developers use music to promote their projects. Many dApps use a variety of strategies to bring attention to themselves and their platform, but most importantly, they all love their product and the technology it is based on.

How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).


STEP-1 Visit the URL https://dappradar.com/
STEP-2 Click on the Ranking and we are shown list of the popular and trending DApps at that moment.
STEP-3 Scroll down or search for the DApp you are looking for My choice for the demonstration purpose was QuickSwap

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STEP-4 Clicking on the Open DApp button will take us to the detailed page of the DApp but the current page also show some basic information like the overall ranking, ranking in the particular category, token name and its price.

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When scrolled a little this page shows some other information like the market cap, monthly, quaterly and yearly historical activity and other basic information

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STEP-5 On the QuickSwaps homepage we find different options to be selected.

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References:
Source 1
Source 2

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THANKYOU SO MUCH


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