Crypto Academy / Season 3 / Week 7 - Homework Post for [wahyunahrul]
What are Decentralized Applications?
Decentralized applications popularly abbreviated as DApps are decentralized programs which live and run on a blockchain. They are not bound to a single server hence provide many advantages to a regular application which is subject to a central authority. Common examples of decentralized applications include JustLend, Steemit, PeakD, OpenSea among others. Over the years, many DApps had come into existence in the DeFi, Social Media, Games and Gambling world, all contending with traditional centralised Applications.
1- Will DApps be able to replace centralized applications in other fields in the future?
Yes! In the nearest future, there is a high chance DApps would suppress the complete use of traditional centralized applications in their fields. This is because of the tremendous benefit and value DApp have over centralized applications.
In the social media world, centralized applications have been able to solve the issue of communication, impressive graphic interface, speed, adopting more and impressive user experience (UX), however, certain issues will remain unresolved. Privacy on social media is a huge problem because of the presence of central authority. These companies and organization which posse authority over the social media platform can access users' private chat, modify and delete their messages or posts, restrict users' functionalities and in worst cases ban users. One of the issues we have today is the fact social media sell user data to advertising companies; users privacy is bridged and they are not being compensated in any form. Decentralized social media applications are set to solve these problems associated with centralized social media application because they are not under any central authority. Data are not saved on a central server but on peer-to-peer computer, hence can not be compromised to malicious third-parties. There is presence of cryptography to secure an account and it informations. Example of rising decentralised social media include Steemit, DTube, Hive etc.
DApp in the DeFi world have advantages of privacy and security over traditional centralized financial institution and its applications. With the blockchain and cryptocurrency being the future, DeFi DApp too have not only come to stay but to replace centralized Apps. Users of DeFi DApps can do all normal activities they do with traditional financial applications such as burrow and lending of money, buying insurance, performing exchanges and investing, but with additional advantages. There is no delay due to third-party activities, there is security of funds and restrictions can not be placed on transactions or a user's account by the government or any organization.
In summary, the advantages DApp have over centralized applications in all sphere (DeFi, Gambling, Social Media, Games, etc) include:
- DApps do not have central authority and can not be controlled by any government
- Data are less prone to being exposed to third-parties or hacked
- Cryptocurrency is the medium of exchange. Cryptocurrency is the future of money and an added advantage is its secure and free of central authority
- Reduced transactional fees imposed by third-party companies.
2- Is there a possibility for DApps to steal user data?
Decentralized applications are built and run on the blockchain network and the blockchain networks have a reputation of high security due to its laid down system and consensus algorithms. Hence it is safe to say it is impossible for DApps to steal user data.
Data on the blockchain are well encrypted and secured with a users' private key. This means a third-party or in this case, the DApp needs to know a user's private key in order to have and steal a user's data.
In addition to the question of stealing users data, it is worthy to note that DApps also can not alter a user's data because of the nature of the blockchain technology. All transactions are stored on a blockchain which can not be altered when recorded except with the creation of a new block. A user's private key is also required to initiate a transaction but the DApp does not posses any users' private key.
3- Explain the ways in which a DApp promotes its application to the public?
Get the publicity that a DApp requir is an important step because what is the use if a DApp but people do not know about it. There different efficient ways most DApps use to promote the use of their application in the society.
These methods of publicity includes but not limited to initiating an ICO, listing the DApp on review sites and blogs, organizing airdrops, partnering with bigger and popular companies or projects, employing the service of an influence marketer or advertising on crypto-related contents on the web.
The use of initial coin offering (ICO) has proven to be effective overtime. DApps release their whitepaper which proves that the project is of value and worth investing in. INvestors who are impressed and believe in the value the DApp would add, and also believe in that it will be successful invest in. These investors have played a critical role as the DApp gain a lot of publicity from their own followers. The DApp has well has enough fund to publicize and improve the DApp.
Review sites also play a critical role in the way the general public rate and view the DApp. They alert the general public about the existence of the app, they give further information such as a ranking, number of users of the DApp, an activity graph, total amount of imcoming value to the DApp smart contract as well as listing similar DApps that exist. A description is given which can help the public to consider using the DApp.
4- Choose a DApp and do a detailed analysis that proves that the DApp is a good one to use. (Provide proof with screenshot).
The DApp I will be doing a review on is called Hive Blog.
Hive blog is a popular DApp categorized in the social media group. It is the official community interface for the hive blockchain. It is ranked 98th on dappradar in general ranking of all DApps that exist, ranked 4th among social media DApps and 3rd on the hive blockchain.
The app can be compared to the centralized social media- reddit as most of their functionalities and features are similar. These include the upvoting, commenting, reposting other users' contents, following other users, creating posts and publishing contents under a community. Hive is like a clone of Steemit, a popular social media DApp.
The cryptocurrency of the dAPP include HBD (Hive based Dollar) and Hive. Users get rewarded for the contents they produce, this includes commenting, writing posts and also upvoting posts. The earned votes is accompanied with cryptocurrency value which is then deposited into the user's wallet 7 days after creation of content. This reward is shared among the author and the curator (curator being the people who upvotes the users' content) in a particular ratio (usually 70% to the author and 30% to the curators).
A stroll of the Hive Blog DApp.
The hive blog url is https://hive.blog, or simply click the open DApp button on dappradar. Thome page is opened on your computer browser and one can evidnetly tell this is a social media platform and a good one at that. It has a distinctive red dominant graphic interface. Immediately below the browser url on the hive home page, there are series of vertical button (as depicted with the red block in my screenshot).
- From the Left:
- The big hive blog image by the left is the homepage button and it is available on every page of the hive blog website / DApp. Next to the hive are the centrally aligned buttons:
- The first button is post button which help to list out the posts on the Hive blog Dapp.
- Next to the post button is the proposal button. It contains post written about suggested developments on the hive blockchain.
- Next to the proposal button is the witness button. This link opens an external link which shows list of witnesses on the hive blockchain and as well a voting option for users.
- Next to the witness button is "our DApps" button which list all the DApps available on the hive blockchain. Rightly aligned are:
- The Login and Signup buttons. They are used to create accounts for new users on the blockchain or to sign-in already existing users.
- Next to the Sign-up button is the search box which is used for searching posts or users on the DApp
- Next to the search box is the pen icon button used for creating a new post. This pen can only work if a user is logged in.
- Finally is the drop-down menu icon which contained other important links and buttons. Example include the welcome, FAQs, block explorer, vote for witness and stolen account recovery links/ buttons
- By the left is a section containing the list of all communities available on the hive blog dapp. When you click on any of the community, it opens a page containing all the post written under the community. There are two additional buttons which include the All post and Explore communities. The all post shows all post while explore community button opens a page containing all existing post on the DApp not shown in the box.
- At the center is a list of all post on the DApp. They can be arranged according to communities.
- At the right is a list of relevant link that help users to understand the DApp and Hive blockchain.
- The green box in the screenshot above shows the user profile picture, followed by the username and reputation, post tag and time the post was published.
- The blue box shows the post title, under this is a few line from the post content.
- The red box show a number of functions. The upvote and downvote buttons, the amount earned from the post, number of curators, amount of replies and a reblog button
Next section: From Left:
Zooming a post column:
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 DApp developer, I would to develop a DApp used for conduction elections. Schools (colleges and universities), organizations, communities, religious centers and the general society at one point or the other are faced with situations of having to pick a choice. Whether it is some one to assume a position, a place to go, an investment choice or what so ever situation is peculiar to them. They need a system that can not be compromised, fast and userfriendly.
I'd call the DApp - CryptElect. I call it CryptElect by combining the Crpto word which means concealed or preferably secured as used in cryptography and crypto currency, - and the Elect word which simply means to choose or appoint. The name send a message that the technology behind their voting is secured and concealed, not prone to manipulation.
I might need to engage other fellow developers in this project. This will help guarantee a better outcome and as well ease and speed things up. The world is moving at a very fast pace.
The next step is to estimate the cost and resources needed in developing the app. This include the monetary value and equipment required to make the CryptElect project a reality. Then I/We develop the DApp whitepaper in order to alert the general public about the project and as well raise funds. We initiate an ICO with the whitepaper get investors and get potential partners.
The next step is to improve our work team. We recognize the necessary positions to be filled and not try to overstress our area of expertise. This is required so as to speed thing up and bring the best out to the public. We then go ahead to develop CryptElect for the mainstream.
After the successful creation of our DApp- CryptElect, the next step is publicity and there are series of steps we would take to ensure a good publicity for the DApp. In addition to the ICO which is a method of publicity, we will get it listed on a review site like dappradar and other popular blogs that write on cryptocurrencies.
6- Conclusion.
Blockchain through the use of decentralized applications are now able to provide many services to users. Different DApps have been developed since its existence and many more will be developed. They help solve problems in different sectors of the society such as in the government, banking sector, sport, health, transportation and recreation.
The most impressive part of DApps is its decentralization. It can not be shut down and it is less prone to attack. Hence users can be rest assured their data is safe. Companies don't leverage on users' data and the users can be rest assured they have no restriction to their accounts and actitivites on the DApps. The government or any organization can not decide to set restrictions to users of a DApp.
The hive blog DApp is a promising application which in the nearest years will definitely replace Reddit. Compared to Reddit, users get rewarded for the contents they produce. And also, the data on hive blog exist on the blockchain, meaning they will continue to exist without fear of being manipulated or deleted.
DApps have a bright future as more will be developed, which will help solve a lot of problems. Many currently existing DApps will be replaced by new efficient ones but yet, there will be no end to the existence of DApp in general.
Hi @damzxyno, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
You have completed the given task.
You use bold writing well to emphasize important words.
You only explained the features of the DApp you chose, but you did not explain why the DApp is good to use compared to other similar DApps.
I like the description of the DApp you want to create. But it would be even better if you add an image that explains the flow of creating your DApp to make it more interesting. But what you've done is good enough.
Thank you!