Decentralized Applications : Crypto Academy Season 5 Beginners'Course - Homework Post For Task 8 by @bright6126

WHAT ARE DAPPS

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In the Crypto world, Decentralized applications (dApps) can be defined as digital applications or softwares which are developed to run on a single blockchain, peer to peer (P2P) network of a system of compiters in contrast to a single computer system. DApps ( which can be referred to as "dapps") are outside the jurisdiction and control of a single authority. DApps that are usually developed in the Ethereum platform can be built for different numbers of reasons for example finance, games and social media.

Let's say a full functional web app, such as Facebook operates on a computer system which is controlled, owned and operated by a central organization, giving it full authority and power over the app and its activities. Although, it may comprises of multiple users using the platform on the client side, but the backend is managed by a central body.

Furthermore, DApps is developed to operate on a peer-to-peer (P2P) network or a blockchain network. For instance, Tor and BitTorrent are softwares or applications that run on computer systems which are also elements of a P2P network, which a good number of participants are consuming and surfing contents, sending or receiving content, or simultaneously performing the two functions.

Take home definition
dApps can be likened as the blockchain version of traditional or regular applications. I.e, they operate in a similar way like the applications we use today except that they don't have a central authority. An average app like the Bank app, Facebook app, Tiktok etc that we use on daily basis stores all users Information in one central system. But on the contrary Decentralised applications stores their information on a blockchain and it gets distributed to several nodes avoiding the need, the presence, control and power, of a central authority.

Examples of DAPPs include some found on the Tron Ecosystem

• SunSwap
• Epichero
• Socialswap
• Us Swap
• Luminous
• JustLend
• Play Royal
• TronLending

EXPLAIN THE WORKING SYSTEM OF DAPPS?

THE CONSENSUS MECHANISM

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DApps runs on two mechanisms in order to reach a definite consensus, the two mechanisms
includes the proof-of-work (PoW) and proof-of-stake (PoS).

THE PROOF-OF-WORK
PoW is utilized as one of the consensus mechanism in blockchains and the distribution of reward, this can be achieved only by the number of work done by the various user on the network. An example is Bitcoin that runs on this kind of consensus mechanism, users are rewarded in a way which is known as minning.

THE PROOF-OF-STAKE
PoS mechanism enables users to vest decisions on the dApp explicitly by the influence of their stake on the network in addition to their percentage they own in the application. For example, if a 50% tokens which was distributed by the app is at the disposal by a stakeholder of that decentralized application, then 50% weight is carried by the stakeholder.

Some DApps are robust and can use both mechanisms at the same time and combining the two mechanisms allows the dApp to use or consume minimal energy, that is one of the drawbacks of using the PoW, not only but it also allows the app attain more resistance to 51% attack.

THE TOKEN CIRCULATION MECHANISMS
For issuing and circulating their prestigious tokens in the market, DApps adopt three kinds of mechanisms: which are

• Mining
• Fundraising and
• Development

MINING MECHANISM
This mechanisms functions similar to the PoW principle, which all miners are being rewarded for solving some complexities such as mathematical problems with the use of solid security computational power and resources for transaction verification, e.g. bitcoin.

FUNDRAISING MECHANISM
Fundraising mechanisms are fundamental methods of raising funds for the pre-app development. It also includes the initial coin offering process(ICO) which helps in carrying this processes out Successfully. Intending investors are provided with a white paper (i.e writings that contains the idea for the app), site, and a concept of evidence and if turns out convincing, the resulting will attract investors to make contributions to raise funds for the app. Tokens are provided to those who contributed to the pre app development.

DEVELOPMENT MECHANISM
In the development mechanisms, tokens are created by the use of predefined mechanisms. They are usually made available for the single purpose of developing the dApp.

WHAT ARE THE DIFFERENCES BETWEEN DAPPS AND OTHER APPLICATIONS
Decentralized applications, which is also referred to as dApps, are a variety of software application that are run or operated digitally i.e instead of running it on a single computer, it is run on a peer-to-peer blockchain network.

In Contrast, our traditional apps are softwares built and developed to solve a problem but this softwares have a central authority which oversee and make changes to the software or can even decide to shut it down anytime. Example is the Bank app.

But DApps are specialized open-source application which leverage the use of smart contracts to carryout transactions on a peer-to-peer Decentralized Blockchain. Something peculiar about this application is sequel to the fact that they are not own or controlled by any Central body so it can't be shut down.

Now, let's properly show the difference between them in the below table.

As we can see from the above The distinctive key difference between both of them is simply because of the principle of decentralization. In contrast to traditional apps which are governed and controlled by centralized authority, decentralized applications are built to run on a peer-to-peer blockchain.

EXPLAIN THE ADVANTAGES AND DISADVANTAGES OF DAPPS?
Decentralized apps comes with so many mouth watering merits but it still not void of drawbacks.
We'd show some advantages and disadvantages of Decentralized apps.

HOW CAN DAPPS DEVELOPERS PROMOTE THEIR APPS?
Decentralized apps market has continually recorded a variety of impressive outcomes for the past few years, like in the third quarter of 2018, it succeeded in ranking popularity. The Ethereum based dApps spanned out making good hits in the market, and immediately
EOS followed her footsteps, and then we saw Tron and steem following the trail.

Although currently, we have only 2% of DAPPs on in the internet and more still being developed now. Achieving this 2% hasn't been easy at all amidst the complexity and technicality involved. But nevertheless, developers have continually strive hard to achieve the great feats in Crypto world today.

Let's look in detail how they can promote their DApps in the preceding paragraphs.

• GOAL:
  Having a predefined goal is efficacy to promoting an app, developers must have a defined goal and aim for that app, as with every other business.

• SURVEY:
  Doing a robust research is needed to acquire knowledge on the latest trend in the crypto world. And using the best tools and resources that is currently in use.

• CREATIVITY AND INNOVATION:
  One of the best way to get the attention of clients and targeted audience is via developing quality products and adding glimpse of eye-catching features to the product.

*here are some of the ways to promote DApps

HOW DAPPS DEVELOPERS CAN PROMOTE THEIR APPS
Just like the traditional apps, DApps developers can use the following means to promote their apps.

• Apply for websites that review DApps and get listed on those websites.
• Some websites can request for little token to place the app link on their site.
• Establish a market plan on social media and a campaign too to facilitate the app.
• Attend webinars, seminars and conferences regarded for developers.
• Make elaborate research from those who have achieved great feats in the industry.

WHAT SHOULD WE PAY ATTENTION TO WHEN USING DAPPS?

There are certain variables one should focus on when using DApps in order to get the best experience.
We have high-risk DApps for example forsage, etherchsin most times have the structure and more like a Ponzi scheme.

• A promise of getting so plenty payback returns for even without doing anything.
• Continuous and persistent flow of returns that is independent of the state of the market.
• Acquire a token reward whenever someone registers under your link or username.
• DApps claiming to be partnership with popular wallets or exchanges that they are not.
• Difficulties when pulling out their tokens.

Some this kind of DApps can be found running on the Ethereum platform like
Forsage
SportX
EthereumGold.io
Tewkanaire(ETH),etc
HEX
DoubleWay

It is pertinent we put into the above variables into consideration before investing our time and resources on any DApps in the Crypto world.

HOW DO WE FIND THE INFORMATION OF A DAPP THAT WE WANT TO KNOW?
I will guide you through the process.

STEP 1
Open your browser and visit https://dappradar.com, where you would be taken directly to the homepage, at the top right, click on the 3 dashes (which is the menu).

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STEP 2
To see the latest ranking of all the dApps, click on Ranking

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After clicking on the ranking, a page that shows the lastest ranking of all DApps will display.
The DApps displayed are ranked by their balance, users, volume and activities.

STEP 3
For the purpose of this study, I will check for the details of Spliterlands
To check the details of Spliterlands , click on it's icon.

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FINALLY
On the next page that will display, details of Spliterlands will be shown. Details such as: the total value locked, historical activities, market capitalization,token and it's price, would be displayed as seen in the screenshot below.

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CONCLUSION
Decentralized apps are uprising are seeming to be the future as Crypto currency continues to make wave daily. In this study, we were able to discuss about the concept of Decentralized apps and the difference between DApps and transitional Apps.
We were still able to figure out the advantages and disadvantages of using the Decentralized apps. We also saw how we can promote our apps as a developer and how we can check Information of DAPPs using dapparader.com.

The task was robust but I learnt a lot
Thankyou all for reading.