Steemit Crypto Academy | Season 4: Homework Post for Task 8

in SteemitCryptoAcademy7 months ago

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snappa.com


Greetings steemians, in today’s post, we would be exploring more on Decentralized apps(DApps) which is the question number three(3) of the Task 8 fixed courses, let’s get started!

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?

Dapps or decentralized applications as per its name are applications that run on a decentralized platform like a blockchain. Decentralized means there is no central authority who controls the running of the application. For example an app like WhatsApp which is not decentralized is owned by Mark Zuckeberg who has an established central authority that runs and controls the application with some laid down rules and regulations.

There is therefore no security, anonymity and freedom in this type of centralized application as users for example can be blocked if they breach some rules, have their personal information accessed without their permission and also have their accounts susceptible to the activities of hackers.

In decentralized applications or Dapps, there is nothing like authority as power is not vested info one single user or entity. Users are therefore free to do what they like and also have full control over their information, funds or any valuable present on these applications.

Security is also very high on these applications and user information are held in higher confidentiality. These applications run on a blockchain which is impossible for hackers to hack, also they do not demand users personal information in order to use, users are also free to write or post what ever they want on the platform without any dire consequences afterwards.

An nice example of a DApp is STEEMIT. Steemit gives us full access to our passwords, keys and funds, security on steemit is also very high, there are no KYC verifications needed to success create and use steemit. Uses are also free to post whatever they want on the platform.


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Working System of Dapps

Since Dapps run on blockchain technology, they use smart contracts to run a peer-to-peer network. A peer-to-peer network means involved parties or users are in direct contact without any need for a third party. This speeds up operations of decentralized apps since no third parties are present.

A centralized system like a bank for example act as a third party for its users, hence regarding transactions between two users, the banks serves as an intermediary or third party in the transaction.

This can result to delays in processing transactions since the bank has to confirm transfer from the sender, process it before sending funds to the recipient. This result in unnecessary delays in transactions.

However taking the operation system of DApps, it eliminates these intermediaries and third parties as it brings users into direct contact, the recipient confirms the transfer as soon as the sender processes the transaction. Hence speed of transactions in decentralized apps is unprecedented.


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Difference between DApps and other Applications

DAppsOther Centralized Applications
Highly secured and impossible to hackLess secured and easily susceptible to hack attacks
Decentralized or has no governing central authorityHas a central authority that controls its processes
Operations of DApps are faster through the use of smart contracts which eliminates third-partiesOperations are slower since third-parties are involved
Users have full access and control over their accounts and passwordsUsers of centralized apps have little control over their accounts, funds and other personal information
Does not require KYC verification in order to useRequires KYC verification before users can use or gain access.

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Advantages and Disadvantages of DApps

AdvantagesDisadvantages
Users of DApps have full access and control over their fundsRecovery of passwords and other login information of DApps are impossible if lost
Are high secured through the use of blockchain technologyUsers of DApps are responsible for the safekeeping of their keys, hence accounts of users can be accessed if he/she fails to keep the keys safe
Transactions or operations of DApps are very quick, since no third parties are involvedSince user are given full control over their accounts, they are entirely responsible or liable for any losses or whatsoever happens to the account
DApps provide anonymity to its users since they do not require KYC verification , thereby keeping their identity confidentialDApps are very difficult to build as they require high level computing skill and experts
DApps are transparent, hence any information a user wants can easily be seen or accessedUsers can use DApps to carry out illicit activities without been caught. Some users can use DApps to request for ransoms and since the DApps do not use KYC verification, these people cannot be tracked

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How can DApps developers promote their Apps?

Developers of Dapps can promote them through the following ways

  • Making their interface user-friendly and also make them easy to use.

  • Proper advertising on social media and other platforms of large audiences. This would inform more users about this application and hence would gain new users, which would increase the user base of the application.

  • Provide rewards or tokens to its users. With this the DApp would gain popularity as people would now see it as an online website to make money. This would therefore increase its number of users. A perfect example of this is our STEEMIT platform, since steemit rewards its users, more users are joining everyday. This promotes STEEMIT and also makes it gain popularity.

  • Enable them run on any type of web browser.

  • Making the DApp accessible from any type of device or operating systems. This would increase the number of users if it supports any type of operating system.


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What should we pay attention to when using DApps

Some key factors we should take into consideration when using DApps include;

  • Check out the company’s whitepaper to know more about the project in order to ensure its authenticity

  • Check out the projects team, it’s aims and future projects to ensure that it is not a scam

  • Ensure that the DApp has all the characteristic features of DApps like high security, full control over accounts and absence of third parties. This would make detection of non-decentralized apps easier.

  • Ensure keys given to us by the DApp are stored in a safe place to prevent unauthorized access by another person.

  • Users should also know the terms and conditions of using the DApp to avoid breaching them. For example a user on STEEMIT who breaches its terms and conditions can risk loosing votes from the STEEMIT curators, which would affect him greatly on the platform.


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How do we find information on a DApp we are looking for

In this regard the DApp I would be using is Axie Infinity

  • I first searched dappradar.com on google and clicked on the first search result.

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  • I clicked on Axie Infinity

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  • The website displayed me with key information on the Axie Infinity DApp. It provided me with information on current token price, market cap, traders, average price and its statistics
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Conclusion

In conclusion decentralized apps have very great features like security which is needed in the fast changing technological world we find ourselves. DApps are also seen as applications of the future, I would therefore advise more people to join these platforms as they come with great benefits.

Users should also weigh the advantage and disadvantages of these applications to determine whether it meets their desired specifications or not.

This has been a very educative homework task. Looking forward to more educative tasks like these. Warm regards to all professors and members of this wonderful community.

Thank you all for your time.

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