[Decentralized App(DApps)] - Steemit Crypto Academy Season 4 - Homework Post for Task 8 by @dibie

INTRODUCTION
Hello everyone!
We meet again 😁
I am Emmanuel and I go by the steemit username @dibie.
I have gone through the task8 lesson by professor @wahyunahrul and I must say I enjoyed every piece of information it entails.
So today,I will be working on the assignment on the task 8 lesson and I hope we learn something as we do justice to the questions 🤗
Let us begin 🎉

HOMEWORK
1). 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).

What are DApps

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Decentralized app (DApps) are digital application which runs autonomously on a decentralized blockchain with no central authority in control.

DApps run on a system of peer-to-peer network,connecting user to each other whereby eliminating the need for a 3rd party or intermidiary.

They can be liken to the normal apps we make use of every day but the significant difference distinguishing a DApp from other apps is that it is decentralized with no central authority in control and completely autonomous.

The most popular and dominant DApps in the crypto world are DEX.
DEX are decentralize exchange that enables coin holders to swap their digital asets into other asset without the involvement of a 3rd party.

DApps execute transaction using "smart contract".
Examples of Dex are justswap which is built and available on the Tron blockchain while pancake swap which is the most popular and dominant Dex built in the binance smart chain.

Explain the working system of dApps

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I believe I have most likely touched this aspect in the first question.
However,I will still shed more light on the working system of DApps.

Like I mentioned earlier, DApps such as Dex execute trade using "smart contract" which means keeping transaction activities solely between two parties which inturn eliminate the interference and need for a central authority or 3rd party.
It also record transaction in an open ledger (blockchain) which makes transaction visible on the blockchain but cannot be altered or modified by users.
It is open source and immutable.

It also works by a system of decentralization, giving total autonomy to users whereby placing them in charge of their digital asset and transaction on the platform.

Differences between DApps & Other Apps

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DApps	Other Apps
•It is decentralized with no central authority or 3rd party in control	it is centralized with a central authority or 3rd party in control.
•It is more secure since every user is in control and power doesn't lie at a point	It is less secure and prone to attack from hackers.
•it doesn't involve 3rd party or intermidiary	3rd party and intermidiary is involved.
•low transaction cost since it is decentralized	high transaction cost since it is centralized.
•Runs on blockchain such as ethereum or NEO	Typically runs on desktop and smart phone.
•It is controlled and run autonomously by users	run and control by a central body.
•It can be used to store up value	this are mere apps that cannot store up value.
•Information are recorded in blockchain (open ledger) and visible to all user	information are recorded in a central server of the central authority.

Advantages & Disadvantages of dApps

ADVANTAGES
•It is completely decentralized and execute trade using smart contract.

•High level of security

•dApps can be use to store up digital asset for future use.

•Elimination of middlemen or central authority.

•Open and permissionless

•Immutability and it also breed trust as well as transparency.

DISADVANTAGES
•Most dApps today are known for their poor user interface which are less enticing and most times this is a turn off for users whereby discouraging them from using it.

•Scalability and issues of speed is also a major setback when using DApps as they tend to be slow.

•Immitability also seem to also be a disadvantage because once a data is recorded on the blockchain,it is practically impossible to rectify or remodify.

•To fix error and certain issues on dApps is really tasking and most time impossible to do because it is decentralized with controlling power in a diverged state.

How can a developer promote DApp

In this era of technology advancement,where information spread faster than fire lighted in a dry field,a developer can easily promote DApps by taking these measures.

•Firstly,By advertising the DApp on social media. By advertising on social media,the Dapp is most likely going to touch the right spot and gets to the right audience,since social medias such as Facebook, Twitter and Instagram boast of millions of user,this will be a plus for the developer.
Making post about the DApp and also paying bloggers and individual to help you make posts about the DApp on social network will go a long way in promoting the DApp.

•Also,a developer should ensure to see that the DApp is exhibited and on display in platforms that promote and serve as a market place for Dapps,so that the right audience can come across it.

What should we pay attention to when using a DApp

Although dApps are wonderful tools to use,but there are some things a user must pay attention to when using a DApp.
A user has to be very careful when choosing a dApp to use as most dApps run Ponzi scheme.

•Also,the level of security,so as to avoid sorry case.

•Pay attention to the review about the DApp by users to know whether it is good to continue using to to quit using

•The dApp interface also.
Ensure that the DApp interface is well organized and very easy and effective to to use and understand

•Pay attention to the scalability limitations and ensure that the DApp operate on transparency principle,so that you don't loss your fund.

How do we find the information of a DApp that we want to know?

It is very simple to find information on DApps using DappRadar
These are the steps to follow(I am making use of a mobile phone for my this assignment)

•Step1:Visit the websiteDappRadar
and click on the square like button that appears at the top of the homepage interface.

_{screenshot fromDappRadar}

•Step2-A menu will appear,select "ranking" just as seen in my screenshot

_{screenshot fromDappRadar}

•Step3:A menu will appear again listing all the DApps according to their ranking,you can now proceed to select which one you want an information for or about by simply clicking on it.
I selected pancake swap.

_{screenshot fromDappRadar}
Here are details and information about pancake swap

Research	Result
Rank	#1
Native token	Cake
Native token Price	$17.46
Market cap	$8.72B.
TVL	$10.36B
ATVL	$8.03B.

Pancake swap is one of the most popular and dominant DApp on the binance smart chain which allows users to exchange/swap BNB tokens and other Bep20 tokens.

CONCLUSION

DApps are wonderful tool to utilize as a cryptocurrency holder.It gives a user full automy over their digital assets and total control whereby providing no room for the intervention of a central authority.
With it high level of security,it is practically impossible to be hacked and it also executed trade using smart contract, keeping transaction activities solely between two parties.

I won't fail to also acknowledge and appreciate professor @wahyunahrul for this wonderful lesson.

Thanks for reading 🤗

regards: professor @wahyunahrul and @dilchamo
assignment by @dibie