STEEMIT CRYPTO ACADEMY/ SEASON 3/ WEEK 7 HOMEWORK POST FOR PROFESSOR @wahyunahrul

in SteemitCryptoAcademy3 years ago (edited)

WILL THE DECENTRALIZED APPLICATIONS BE ABLE TO REPLACE THR CENTRALIZED APPLICATIONS IN OTHER FIELDS IN THE FUTURE?

The Decentralized application, usually Called DApps are decentralised applications or programs that is completely open source. This means that the users of the application will operate without any third-party interference, it gives the users a secured privacy because it runs on a Decentralized computing system. Due to the Decentralized system that it comes with, it looks like it has successfully replaced the Centralized applications (Centralized apps are controlled and owned by a single company or a group of company, and they operate on a single server that is completely controlled by the owners.) to a large extent in the cryptocurrency world. But can the Decentralized Applications also replace the Centralized applications in other fields in the future? To a large extent, the answer is yes. Decentralization is a feature that many people are glamoring for in many fields, it has been widely accepted in the cryptocurrency and financial sector. So it is very likely that this will extend to many other fields like the health sector in future. In DApps, it is almost impossible to compromise data. This will be a big boost in election result transmission and it has already been considered by some Nations, this is a sign that Decentralized Applications will eventually take over in other fields in the future.

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IS THERE A POSSIBLITY FOR DECENTRALIZED APPLICATIONS TO STEAL USER DATA?

One of the the popular issues with centralized Applications is data theft. In so many cases, owners of some centralized Applications have been accused of stealing the data of their users. But can this really happen in the novel Decentralized Applications? Well, Decentralized Applications are developed and structured in such a way that it is not very possible for the developers of the Decentralized Application themselves to steal the day of the users.
The application allows the users to operate on a peer-to-peer nature without any interference, not even by the developers of the application. This does not allow the DApp to have any access to the activities of various users. Even if the blockchain is hacked, the Cyber criminal will definitely need the private keys of individual users before he/she can access their activities.

WAYS IN WHICH A DAPP PROMOTE ITS APPLICATION TO THE PUBLIC.

One thing is to develop a Decentralized application, but it is another thing to promote the application to the public. Without promoting it to the public, the potential users will not be aware of the application, they will not get to use it, and the purpose of the Decentralized Application will eventually be defeated.
Here are some ways that the creators of Decentralized Applications use to promote the application to the public.

Crowdsale and Token launch

One of the things done by developers of a Decentralized application to promote it to the public is to bootstrap the project through crowdsale and back it with a token.

Advertisement

This is another major way of promoting a Decentralized application. When the application is advertised, especially on relevant platforms, it will attract more users to the DApp. Most of the users might just want to try it out, but they will eventually stick to it if it satisfies their need.

Creating Digital goods.

One of the biggest way that Ethereum apps used to promote their Decentralized application is creating a digital good for it . This has also been seen in CryptoKitties when they developed generation 0 kitties and distribute them to the users of the platform to keep as a collectible. They made the kitties very unique and functional. With that, they were able to attract users to patronize the Decentralized Application by getting to own the digital good.

Referral Marketing

This is one technique that has helped to promote a lot of Centralized applications, this can also prove to be effective in promoting Decentralized Applications to the public and it has already been used by some DApp developers to promote their application.
If the developers of the application offer to pay so e commission to existing users for every new user they bring to the application, it will go a long way in making the public to be aware of such Decentralized application.

ANALYSIS OF A GOOD DECENTRALIZED APPLICATION; RARIBLE.

What is Rarible?

Rarible is an open-source NFT (Non fungible Token) marketplace that was started last year and(2020). This is where any user can buy, mint (create) and sell digital items.
The digital items (Non fungible Tokens) can be images, or videos, or music, domains, and many other things. The legal ownership of the
items are exchanged via the company’s online platform by the use of Ethereum blockchain technology.
This implies that there is no middleman, Rarible is simply like a market place where you interact with smart contracts and agree on it. You can create and sell your own NFTs, buy the ones listed by other creators on the platform. You can even sell those ones you have already purchased.

How to mint on RARIBLE

Visit the Rarible homepage, make sure you connect your wallet, and click on “Create”.
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  1. Choose whether you want it to be a single NFT or more than one.

  2. Upload the file that contains the artwork. It can be up to 100mb (PNG, GIF, WEBP, MP4 or MP3)
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  3. Select whether you will like it to be an auction or it should have a fixed price.

  4. Input the price and currency if you selected fixed price.

  5. Provide the title and the description of the NFT.

  6. If it was multiple, then you will have to pick royalties of up to 50% and the number of copies you want.

  7. Click on “Create Item”
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  8. Confirm the transaction for the process with your wallet, sign the transaction and your item will show up for sale once it has been
    processed on the network.

Why Rarible Is Very Good To Use.

♣ Apart from it being very easy to create your own NFTs on Rarible, another advantage is that you are able to choose what royalties you will want to earn on future sales of your artworks. You can even choose up to 50%.

♣ The distribution of their RARI tokens to the active buyers and sellers is a very appealing factor as well, because it has a good value and holding it allows the users to contribute in shaping the future of the platform.
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♣ The platform has a target of becoming a decentralized autonomous
organization (DAO) in the future.

♣ RARI is distributed with the rate of 75,000 per week, it is splitted
evenly between the most active buyers and sellers on the platform. This means that you will not only trade your artworks on the platform, but you will equally earn if you are consistent.

THE DECENTRALIZED APPLICATION I WOULD LIKE TO CREATE.

There are so many types of DApps that a developer would like to create. The choice of the type of Decentralized application that one would like to create depends on the kind of impact the developer would like to make and what he/she can offer.
But I would like to create a type III Decentralized application that will help in data storage, generate tokens for the network participants and also use the type II protocol to underwrite the token that will be issued.

MY DApp PLAN.

Developing a Decentralized application needs a good plan because it is not just a random application, but a kind of application that has to do with blockchain technology. Here is the plan I will make for my DApp.

Understanding my project.

Before you i anything, it is really important for me to understand my project from top to bottom. Not only will i need to understand how myapplication will be able to solve whatever problem that i want it to solve, but i will need to also understand such things like the reason application needs to be a decentralized app, how much it is going to cost, and whether or not there is a market for it at first.

Create a whitepaper.

Once i have a bery clear vision of what my app is all about, the way it will function, and how it will should be in a few years time.
I will now begin the process of writing a suitable whitepaper to help investors understand my vision. The whitepaper will include everything concerning the Decentralized Application, ranging from project purpose to the future aim of the Decentralized Application.

Launch an Initial Coin Offering (ICO).

ICO is the way i will use to raise funds that i will need to develop my project. This will help attract people to the Decentralized Application and it will go a long way in promoting the project to the public.

Start building my app

I will like to use contract programming language API's for my Decentralized application, I will use Ethereum solidity language for my DApp and I will like it to be on the truffle platform.
After developing and coding my Decentralized Application, I will deploy and test the app, then I will launch the app.

CONCLUSION

The innovation of the Decentralized application is a welcome development, it is transparent and does not connect all the power to the center or controllers of the project. With time, all other fields appart from the cryptocurrency world will adopt the Decentralized application technique.

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