Crypto Academy / Season 3 / Week 7- Homework Post for Professor@ wahyunahrul - Topic: Decentralized Apps (DApps) - Future Apps From Blockchain System

Hello, everyone!

There have been many remarkable changes in technology, and Most of these technological upgrades have happened in this century alone.

I am delighted to be part of this week's activities on Cryptoacademy because this week's lecture taught by Professor @wahyunahrul introduced me to the "Decentralized Apps (DApps) - Future Apps from Blockchain System." Here I got to understand more about blockchain technology and its usefulness in others fields, apart from the well-established cryptocurrency realm.

This week allowed me to understand the relationship between DApps and Cryptocurrencies, the Characteristics of DApps, Types of (DApps) and how to know a good DApp.

This homework post was made in response to the tasks and questions asked in the previously mentioned lecture.

Question 1. Will DApps be able to replace centralized applications in other fields in the future?

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DApps are not yet as popular as our conventional centralized apps. Still, regardless of this fact, the functionality, effectiveness, and diverse application of DApps cannot be limited to its current popularity status.

In other words, DApps will be able to replace other centralized applications in different fields in the future, and this is due to the beautiful benefits which DApps offer, including;

• Transaction fees are eliminated.

• Users gain total control of their data, which goes a long way to reduce data theft.

• There is no monopoly when using DApps because there is no central authority.

• DApps are Open-sourced which offer a high level of transparency.

• DApps are Censorship-proof, allowing more user liberty

• DApps reduce massive data breaches because there is no central data bank to hack.

• DApps are readily scalable

• The use of cryptocurrency in executing transactions.

• DApps can quickly generate income for users.

However, the growth market capitalization will go a long way to determine how soon DApps will replace the most widely used centralized Apps. Nevertheless, the study done by the Blockchain Examiner shows that the Dapps "market size is projected to reach USD 21,070.2 million by the end of 2025."

Question 2: Is there a possibility for DApps to steal user data.

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People have grown more security conscious of how their data is stored or dispersed on the internet in recent times. Hence, high data security policies have become a requirement for successful apps and websites, whether centralized or decentralized.

However, in the aspect of user data security policy, DApps are always a safer bet as there is almost no possible way for users' data to be stolen or tampered with in any way. DApps are very secure because they are built using blockchain technology. Blockchain can be best described as a ledger that consists of records organized in connected blocks. This ledger is neither stored in a centralized location nor managed by anyone. These features of the blockchain make it transparent and more resilient to data theft.

The probability or possibility of DApps stealing users' data depends on the reliability of the blockchain network system that powers the DApp. Some of the well-known blockchain network systems include the Ethereum blockchain network and the Binance Smart Chain.

Question 3: Explain how a DApp promotes its application to the public?

DApps, in general, need to gain popularity to function effectively. Hence DApps have employed several ways to advertise their unique and lucrative features to the public. Son of these ways include;

• Conducting Airdrops: conducting Airdrops and various initial offerings have become a trendy way to raise awareness and attract investors to start-up projects in areas relating to cryptocurrencies and the blockchain in general. DApps can easily use this concept to promote their application to the public to gain a massive stream of users.

• Effective use of social media platforms : The use of social media platforms has become an efficient way to advertise and promote products. Although, when promoting DApps, not all social media platforms can efficiently reach the targeted audience. For example, social media platforms like Twitter and Facebook may suit general news and updates once the DApp has gotten many fans. However, platforms like Telegram, Reddit, Discord, and BitCoinTalk forum could easily promote any DApp to the targeted audience because blockchain enthusiasts rely on these platforms for accurate and updated information.

• Being listed on DApp reviewing websites : This is one of the easiest ways DApps promote their unique features. DApp review websites search through all DApps listed on it and help advertise the special features of each DApp by creating a ranking system for all DApps base on various criteria users consider essential for using a DApp. Some of these DApp re bowing websites include dAppRadar, dAppReview, and StateOfThedApps.

• Collaboration with more significant projects and powerful influencers : When DApps collaborate with massive projects whose services can be utilized through the DApp platform, such DApps tend to gain popularity within a short period.

However, DApps can also gain popularity quickly by collaborating with powerful influencers. These influencers have a vast amount of supporters, and people usually trust their investments/business decisions. The only drawback to this method is that it can be costly to gain collaboration status.

Question 4.Choose a DApp and do a detailed analysis that proves that the DApp is a good one to use. (Provide proof with screenshot).

I visited the DappRadar official website and checked out the ranking of the latest DApps in the DeFi category, as shown in the screenshot below.

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Following the question, I chose the pancakes that were DApp to analyze to prove that it is a great DApp entirely. However, these are the steps to sign into the Pancakeswap DApp successfully

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• Step1: First, I clicked on Pancakeswap to access the DApp, but I was redirected to the online version of the pancake swap DApp. However, users can also download the DApp for a better experience of pancake swap.

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• Step 2 : The next step is to connect a wallet to the DApp. This requirement quickly clicking on connect wallet. As shown in the screenshots below, there are options to connect a wallet through trust wallet, MetaMask, wallet connect, and many more. However, I chose to use the trust wallet route. This action will need the user to connect the wallet by accessing pancake swap in the trust wallet app.

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• Step 3: I created a Trust wallet (I never had any before this post) and connected the wallet to the pancakeswap Dapp. The process was smooth due to the excellent design of the trust wallet and the pancakeswap DApp, which are both built on the Binance Smart Chain. In addition, they both support so many tokens, including TRX, ETH, JST, BTC, am many more. All these Cryptos can easily be exchanged on pancakeswap.

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To further analyze the DApp, I had to explore the features offered by pancakeswap. Among all the parts of this DApp, its uniquely low transaction fee attracted me to start using this DApp, unlike other DeFi DApps like Uniswap.
However, the significant features of the pancakeswap DApp include;

• Staking

• Swapping

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Staking

Staking involves lending your token for a project that will last for a specific period, which will earn the user rewards at the end of a stipulated time. The volume of tips a user receives is greatly dependent on the number of tokens the user stakes.

There are a lot of projects and liquidity pools that can be found on pancakeswap.

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Swapping

Swapping can be referred to as Exchanging one Crypto for another. The pancakeswap DApp was built in a way that users can swap whatever cryptocurrency they desired.
However, users should note that every swap on pancakeswap DApp will incur around 0.02% of the trading fee.
This DApp can swap any coin of your choice, as far as it is featured in the pool of crypto tokens listed on the DApp. The landing page for swapping is shown in the screenshot below.

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Question 5: If you were a DApps developer, what kind of app would you like to create? Explain all the details of the DApp plan that you will make.

If I were a developer, I would love to build a gaming Dapp, but Unlike gaming Dapps like cryotoblades, where you have to achieve certain milestones to gain rewards and upgrade your level, my gaming DApp will be built around the game of Chess. Hence it will display some features found in social media DApps like steemit.

Furthermore, users will earn tokens per their contributions to the various communities on the DApp. The contributions would involve participating in tournaments, PVPs (player vs. player), and multiple challenges. The DApp will also have a built-in wallet feature that will help users manage their crypto assets.

Everyone looks for different features when downloading any DApp. However, my DApp offers an opportunity for chess lovers to earn valuable rewards while enjoying the game of Chess casually.

Conclusions

Over the last decade, there have been many innovations that have started reshaping the technological texture of the world. Blockchain technology is one of such innovations, and it has presented man with the art of decentralization

The introduction of DApps built on blockchain technology has given the application users a new sense of liberty and control over their data. Even though decentralized apps are not as popular as our conventional centralized Apps, I believe the age of DApps has just begun. It will be wise to accept the changes in technological trends rather than fight them.

Before I conclude, I will like to show gratitude to both professor @wahyunahrul and the crypto academy for introducing me to the world of DApps.