[Repost] Decentralized Applications (dApps) - Crypto Academy S5 - Homework Post for Task 8

• Here is the Link to the original post.
• Here is the Link to me first repost which was overlooked
  #repost
  

Created by me (@b-naj), using PixelLab

QUESTION 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).

What are dApps?

The word DApps simply means Decentralized Applications.
As such, DApps are decentralized applications that run work on blockchains with the help of a peer-to-peer system, paving the way for its users to reserve absolute control over their accounts, hereby eliminating the idea of a third party. Their system codes can be seen and accessed at any given time by anyone so as to maintain transparency and eliminate data changing manipulations. This feature is made possible since they use an open source system.
DApps have high level of security with the help of cryptography, which helps carry out coded transactions (encrypted) which are later decoded (decrypted) by recipient, with the use of Public and Private Keys.

Most socially based applications today like Facebook and Twitter for instant, run on a Centralized system. This process deprives users of the full benefits that comes with privacy, since user's data can be changed by a third party (humans). Unlike DApps, wherein third parties are not needed since everything runs on a digital level.

I am used to a few DApps such as Justlend, Sun.io, Dtube and last but not least Steemit

Explain the working system of dApps?

DApps are able to digitally and automatically record all transactions without attaining help from a middle man (third party), through the use of Smart Contracts; thus leading to a cheaper and faster transaction action within its system.
This makes a DApp's system quite easy to use, and very efficient as well.

When tokens are sent via any blickchain with the use of a DApp, the system on these blickchains validate these transactions by means of Smart Contracts. When a transaction is performed, these Smart Contracts record the transactions and the receivers gets validations in their respective wallets in less than no time. These transactions are made public for all users to view on the blockchain at any given time, so as to eliminate any form of manipulation of details.

What are the differences between dApps and other applications?

Explain the advantages and disadvantages of dApps?

• Familiarization is assured for user's of a DApp when navigating on another DApp, since the functions are very much similar on all DApps.
• They are highly decentralized, with no third party involvements.
• The identities of users are reserved and personal data is not necessary during transactions.
• The registration process is very easy, and done within a reasonable time frame. Not much private information is needed.
• Location or time is not a restriction since transactions can be done at anytime, and from any location in the world.
• Transactions are validated very fast due to the absence of third parties to monitor before sending to the recipients.

• Due to the progressive growth of DApp users all over the world, it is not assured that they will be able to manage a much greater increase in users.
• Loosing your Private Keys could easily lead to the loss of your account as a user, since retrieval is almost impossible.
• A blockchain novice will face difficulties trying to use a DApp on his/her own for the very first time, and as such, might result to seeking assistance from a third party.
• A validation of transaction to a wrong recipient address, cannot to undone.

How can dApps developers promote their apps?

• Creation of Demo accounts can greatly help users get fully familiar with the new features and how they work on the DApp.
• Paid adverts of the DApp could be placed on high rated and very popular sites and/or other applications, to reach a wider audience, and gain popularity.
• Native tokens could be made available by the DApp, so as to reward users for activities on the DApp.
• Giveaways, Airdrops and bonuses could be made available occasionally, to entice its users and attract visitors.
• A referral program could be made available, so as to increase their chances of spreading the word and becoming popular.
• A wide variety of deposition and withdrawal methods could be made available, so as to ease such worries by its users.
• By making the initial sign up process relatively short and simple. Follow up steps could be completed and verified later, the goal is to get the visitors registered.

What should we pay attention to when using dApps?

• The goal of the DApp should be keenly observed and affirmed by multiple users as testimonials, so as to ensure that we found what we were searching for.
• Be certain that the DApp is completely decentralized and you as a user have complete control over your accounts and Private keys.
• Make sure to note the time frame taken for a transaction to be validated and completed.
• Take special note of the fees being allocated for each transaction carried out.

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

The following steps can be done to get details on a DApp we are researching on.

Procedure

• Go to your browser and type DappRadar.com as shown below.

• -
  Click the square box icon just before the notification bell icon at the top left corner, as shown below.
  

• Chose Rankings (first option) to see the rankings of varying DApps. The top ranked DApp at the time of research were PancakeSwap, Sunflower Farmers, Splinterlands, and Alien Worlds for first, second, third, and fourth spots respectively; as shown below.

• For explore, i will work with the Steemit DApp, since i have a greater mastery of how it functions. Presently, the DApp, Steemit, ranks at 68 as shown below.
  

• Clicking on the Steemit DApp above, takes you to a more detailed page where information such as number of users, Volume and Balance of the Steem token in circulation, transaction histories, and a graphical display of activities.
  

• A click on the Open DApp button as shown above, will redirect you to the Steemit blockchain instantly.
  

As pointed in the screenshot above, you can see that i am already logged in.

Signin/Signup For Steemit

• Click on the 3 horizontal lines at the top right corner, and a pullout will be seen as shown below.

• To signin (if you already have an account), simply click on the Signin option and you will be taken to a page where your signin details will be requested, as shown below.
  

• To signup (create an account), simply click on the Signup option and you will be taken to a page where you simply click on the Signup for free button to begin the signup process, as shown below.
  

• Now, you will be taken yo a page where details such as Username, Email and Phone number will be filled in and verified.
  

• You will arrive on the next page wherein you will be required to safely secure your Master Password before proceeding.

• Thereafter, you will move on to a page wherein you will be asked to download the PDF that holds all your Private Keys.

• As soon as that is done and you proceed, your account is created.