Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task for @wahyunahrul
1). 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).
The term dApps stands for decentralized application. A decentralized application is a computer application that runs on a decentralized system and is controlled by the user. No authority has power over the users in a decentralized application, and the user has power, unlike in a centralized application.
dApps, unlike standard applications, function on a decentralized, peer-to-peer network over which no single entity has complete control. Decentralized apps (dApps), such as the Ethereum blockchain technology.
Smart contracts, also known as decentralized applications (dApps), are computer-coded agreements between two people, such as a buyer and a seller. As a result, there is no need for a third party in the decentralized application. dApps are often decentralized and open source, with particular protocols agreed upon by the community.
DApps work in the same way that the Blockchain network does. Each user is a node in the network, and each user is accountable for the network's correct operation and functioning.
The records of activities carried out via a smart contract, as well as the contracts that govern these apps, are saved in the network. Making all operations subject to smart contract programming is one way to ensure that all users engage in accordance with the rules.
Smart contracts offer a compromise for authenticating each interaction. All nodes are updated when the DApp executes a new operation. The structure shown is one method of ensuring that we have access to the platform at all times. The only way to turn off all the nodes is if there is a computer attack; if this does not happen, the platform will continue to function.
DApps have achieved significant development as a consequence of their usage of Blockchain technology. They're safe and provide privacy, as well as anonymity in some cases.
| DAPPS | OTHER APPLICATIONS |
|---|---|
| The decentralized blockchain network is used to create the dApps. | Others are centralized and not built on blockchain. |
Smart contracts and peer-to-peer transactions are used in the dApps. Smart contracts aren't used in other apps, and transactions are difficult.
The users have complete control of their assets. | Users must rely on the authority that has complete control over them.
Because of the peer-to-peer approach, dApps are safer, quicker, and easier to use. | It need authority authorization, which is time-consuming.
Low transaction costs and cryptocurrency usage. | High transaction fees and fiat currency usage
ADVANTAGE OF dApps?
• dApps allow users to conduct transactions without the need for a central authority.
• Making a transaction in dApps is more easier than it is in other apps, and it does not cost a a lot than it does in other applications.
• Users in decentralized applications may do anything they want to keep closer to their assets without having to deal with any authorities.
DISADVANTAGE OF dApps?
• In dApps, if you make a transaction and accidentally send funds to the wrong address, there is no way to recover the loss.
• In dApps, because users have a lot of freedom with any third party, when the system has a problem, it's practically impossible to fix because the system might be damaged.
• Setting up decentralized apps is extremely expensive; it requires a significant amount of funds and consumes a lot of time and energy in the process.
• DApps are frequently promoted on social media platforms such as Twitter, Facebook, and Telegram.
• Blogging sites and other types of social media can also help promote dapps.
•the DApp may be advertised by creating airdrop.
Cryptocurrency has a lot of potential, but it also has a lot of risk, which most people don't consider before investing. There are several scam Dapps out there with ridiculous terms and conditions.
The bulk of high-risk Dapps claim to be transparent, decentralized, and compatible with well-known exchanges, but they seldom live up to their promises. They also guarantee to give out tokens to individuals who join through your referral link. It is vital to undertake research before investing in any of these dApp or smart contract.
• In getting information on a decentralized application, visit dapprader
![iMarkup_20211025_060703.jpg]
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• Click on the tab on the top right corner and click on ranking
• A list of decentralized applications will pop up once you click on ranking. Click on any of the applications to explore. For this assignment I chose the 10th dApp which I will be making my explorations on
• CryptoBlades is a smart contract that runs on the binance smart chain
• Now the details of the Dapp CryptoBlades which include the total users, the transactions, volume and the balance.
USERS 26.11k
TRANSACTIONS 85.28k
VOLUME $14.72k
BALANCE $50.09k
I was able to see and grasp the significant distinctions, benefits, and downsides of DApps when compared to other programs. DApp are incredibly important to the blockchain, because they were created to defend it from unscrupulous individuals who penetrate it for their own personal advantage but it also have it own disadvantages too.
Thanks to you all, and a special thanks to Professor @wahyunahrul for the lecture.