Decentralized Applications (dApps) - Steemit Crypto Academy Season 4 - Homework Post for Task 8
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).
a) What are dApps?
dApps are Decentralization Application which operates on the Blockchain for it's users that function it by running applications such as storage of generated data inside the system since it doesn't requires the services of any third party or any Central authority and it usually requires the use of Smart contract keeping records of all the transactions that are usually being processed in the application
So it is often referred to as Peer-2-Peer network since it enables the users to be able to share their knowledge via communication with each other and it's usually called Decentralized simply because it usually follow principles of other decentralized Blockchains technology.
This applications are highly secured and it's the users that usually have full control over the application since they can do what ever they wish to at their convenient time since the Blockchain technology is one that usually help it's users in storing their data in a very high secured manna. The transactions here are usually relatively very fast
A good example of where we can find a decentralized applications are NFTs(None Fungible Tokens), DeFi and so many others and they are can't be hacked since they are build and established on a Blockchain.
b) Explain the working system of dApps?
Before the existence of Decentralized application, a centralized system was already into existence, this centralized application Involves third parties during transactions and the transactions here are relatively very slow, less secured and costly since it's not established to a Blockchain technology.
But the introduction of dApps (Decentralized application) have been able to solve all this problems since it's Linked and established directly to a Blockchain technology since it has delegated most of it's powers to all it's users who Uses it since it gives them power to express them self by adding value to the system through their contributions and ideas which will inturn bring a Change to the platform if their ideas and contributions were really good
This decentralized applications functions by making very good use of Smart contract since it enable the application to record and keep all transactions that are usually performed by it's user's since all transactions are carried out and control by them without the intervention of an intermediary since the Smart contract can't be altered once installed into the system.
The level of security here is relatively high and can't be easily hacked unless a user exposes his private keys by not putting it safe. Transactions between users here a extremely very fast and transparent and this application uses a Peer-2-Peer network system meaning that users can be able to share their knowledge and ideas through information amongst them self.
c) What are the differences between dApps and other applications?
Below I will be giving the main differences between Decentralized application and other centralized applications
| Decentralized applications | Other Centralized Applications |
|---|---|
| Users have absolutely full control over their account and assets | Users depends solely on the entity that usually controls the network |
| High security level here is extremely high and difficult for hackers to hack it | security level is relatively low and can easily by manipulated by fraudsters |
| Transaction rates here are relatively very low | Transaction rates here are relatively very highl |
| Transactions here are extremely very fast | Transactions carried out here are extremely very slow |
| It doesn't requires third parties before carrying out any transactions here and there is high level of trust since transactions carried out here are highly secured | It requires the concern of 3rd parties here before carrying out any transaction and there is low level of trust since the security level here is very low |
| Transactions carried out here are very transparent for all users | Transactions carried out here are not usually transparent |
d) Explain the advantages and disadvantages of dApps?
Below I will be giving you the disadvantages and disadvantages of dApps
| Advantages | Disadvantages |
|---|---|
| Users Don't need to to identify them self through their Id cards and other related things about them self, but instead, they need just their signature and their address in the form of a password which will enable them to be able to operate on the platform | Performance here are relatively hard in scaling and it's also over head since it requires the use of consensus mechanism to be able to store data |
| Charges rates here are relatively very low when ever users are carrying out transactions | The absence of 3rd parties makes it difficult for new users to be able to understand how the system functions |
| Users here have full control over their assets and account since there are no 3rd parties that are involved here | Transactions here at times becomes congested and complicated when the speed limit is slow |
| Registration here is extremely very easy and fast and it doesn't cost a user to register | Once more is send to a wrong address, it can never be refunded again unless the receiver decides to send it back to the sender |
| Users here can send and receive money at anytime across the entire world at their convenient time and place | Once a user here losses his/her keys, his/her account will automatically be lost for ever since the keys can never be retrieved again |
e) How can dApps developers promote their apps?
This question is straight forward because we a have so many ways dApps developers can do to promote their apps and I will be briefing you with some of the ways below
They can use different websites to launched their applications and then promote it since so many people uses websites for their research to fine important and available informations
Thet can use airdrops to promote their apps since airdrops usually attracts attention of users towards their dApps. This promotion is usually extremely effective and highly productive
dApp developers can also Promote their apps through video conferencing because it will host a lot of people. When they does this, their sole purpose is to talk nothing but only about their apps to hundred of thousands of people that are attending the video conference
dApp developers can also Promote their apps by first of all creating demo accounts for new users to be able to use and Know how it functions before signing up in the real account
Another good way is making extremely good use of all the available social media platforms. What they do here is that they promote about their apps by publishing it in all the available social media so that people using the social media can know about it and interested users get to know and sign up emmidiately
f) What should we pay attention to when using dApps?
They are so many things all users of dApps should pay extreme attention of when ever using the DApps which I will be naming few below
Every users should make sure they always go to coinmarketcap and check the availability and value of different tokens of their interest so as to confirm that their interested tokens really do exist. Once confirmed, they can officially get their native tokens of their choices
They should also pay attention to smart contracts because it helps them to record and keep all transactions that are being carried out on the decentralized applications
All users should also also pay attention on the charges the system does during any transaction because transactions carried out in dApps ate usually very fast and low fee cost implying that charges here are relatively very low
dApp users should pay attention of the security level when ever carrying out transactions because it's very important here. Transactions here are always very secured hence enabling trust between it's users and extremely difficult for hackers to manipulate the system.
Users should extremely be very careful with the projects they choose because some are scam since scammers have taken the advantage to produce fake decentralized applications by increasing the rate of scam projects as well
Users here should extremely be very careful with the way they store their private and public keys because once discovered and hacked by scammers, they will lost their account and assets for ever
g) How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
I will be performing this task by going through dapradar.com platform by looking for the information of my choosen dApp. Below I will give a description of the process
Below is the homepage of dapradar.com, so what I have to do next is to navigate to the icon at my top left corn and click on it as seen clearly below
Screenshot from dapradar.com After clicking on that, a drop down menu will then show up as see below. I will now have to click on the first icon called Ranking
Screenshot from dapradar.comAnother page will pop-up emmidiately I click on ranking showing me all decentralized applications according to their ranking as seen below 👇
Screenshot from dapradar.comI now decide to choose UniSwap DAapp so as to display and analyze all it's information. So I will then click on it as seen below 👇
Screenshot from dapradar.comAfter clicking on the UniSwap, I will now be able to view it. I found out that the token name is UNI and it's current marketcap stands at 24.9 . It was also observed that the UniSwap is #8 in general, #1 in Exchange and #1 in ETH as seen from the screenshot below 👇
Screenshot from dapradar.comI proceeded beneath and saw different informations about the UniSwap and it shows that it's marketcap is 24.9B with a total volume of 10.29B and ATVL of **15.13B. it's token was at the current price of 24.9 and Cap/vol at 2.42 as seen clearly from the screenshot below 👇
Screenshot from dapradar.com
So far we have been able to learn and know the Definition and the working system of dApps. We have been able to also know clearly the differences between dApps and other centralized applications and we have also seen how advantageous it is to other centralized applications.
We been able to see the advantagees and disadvantages of this dApps and we have seen how it's developers can do in order to promote their apps for wilder visibility and usage. We have also seen what we need to really pay attention when using this applications and I have shown clearly through my screenshots how you can find an information using a UniSwap DAapp.
This lesson was really worth learning because it has widen my knowledge so much
CC:
@dilchamo
