Decentralized Applications (dApps) - Steemit Crypto Academy Season 4 - Homework Post for Task 8 by @dulip

in SteemitCryptoAcademy2 months ago (edited)

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Entire Question

  • 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)

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What are dApps?


Decentralized applications are simply called as dApps and they are also designed to archive our purposes, needs in day-to-day life. These applications seem like ordinary applications( here I mean centralized apps) but there is no one to control the actions. These decentralized applications are based on Distributed Ledger Technology (DLT ) so that it provides the full authority to peer-to-peer processes. These dApps have several qualities such as

  • Dapps run on a blockchain
  • They coded on open-source and operate autonomously.
  • These Dapps generate tokens.
  • Consist with blockchain inherent features like security, transparency

Working of Dapps

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Before understanding the Dapps I think that is better to gain some knowledge about the typical application and how they work? To clear this here I'll give an example from my personal experience. For my financial purposes, I often use a centralized application called "B app", and it provides me so many options in my day-to-day activities but the banking authorities are monitored all the activities done by me. If I have done something wrong then I can take their assistance also. For the transactions they provide OTP then I have to submit that to finalize the transaction. this is simple into about typical apps.

But Dapps are quite different because they are smart contracted triggered and there is no competent authority to monitor or control user activities, so the user has full access to their assets. They facilitate all the actions in a P2P manner. Suppose you are a Uniswap user then there is no third party you will be charged only a trade fee and it is added to the liquidity pool. All apps rely on smart contracts so that they work in a P2P manner easily.

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Differences between dApps and other applications


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source



For a better understanding, I use the chart method to explain the differences.

DappsOther Apps
These are decentralizedOther apps are centralized
Based on Distributed Ledger TechnologyThese rely on isolated computers
These are smart contract triggeredOther apps haven't smart contracts
Dapps have high-security TransparencyComparatively less security and transparency is less due to controlling authorities
They have blockchain qualities such as non-editability and immutabilityOther apps haven't blockchain qualities and editable
No need to submit so much personal information with anyone when using DappsUsers have to store their personal data in their databases

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Advantages and disadvantages of dApps


Advantages of Dapps

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  • The main advantage of Dapps is its high security because of the blockchain technology.

  • They can work automatically without any human involvement because they are based on smart contracts.

  • Here there will be no server down problem because of the independent function of each node.

  • Transaction fees are lower than other apps and on the other hand, we can perform worldwide transactions instantly.


Disadvantages of Dapps

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  • In case of loss of key restoring is not possible like typical applications.

  • Learning about Decentralized applications is much complicated than ordinary applications.

  • Updating and debugging is difficult because there are thousands of individual nodes in a Dapp system.

  • Operate and handling is also not easy like centralized applications.

  • If a wrong transaction happens then it can't be retrieved.


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How can dApps developers promote their apps?


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In the modern world, all people are connected via the internet so that we can find information by using only our fingertips. So that in this case also the easiest way to deliver a message is using the internet as a tool. I'll mention few examples and these are according to my knowledge.

  • We can use some popular centralized social media platforms like Facebook, Instagram, and Twitter to promote Dapps.

  • Youtube is a very popular tool that everyone uses for entertainment and gains knowledge so that we can promote Dapps by using Youtube advertisements.

  • Holding offline seminars and workshops in public places and organizing charity programs and by means of that promote about Dapps.


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Why should we pay attention when using Dapps?


In every field, we have to be very careful as users because when the technology is getting increased and also misuses of the technology also increased a lot. So that the above-mentioned conditions are valid for Dapps also. Here we'll discuss some major points about when we using Dapps.

  • Before use the Dapps you should have a better understanding of using it.

  • The goals of the Dapps should be in intermediate level so that neither high targets nor too low targets.

  • Authenticity of the project is also very important so that you have to find the details about the project.

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Find the information of a DApp


In previous chapters, we discussed the advantages, disadvantages, and benefits now here we'll organize some pinpoints that fall into finding information about the Dapps. In this case, there is a very easy method to find information regarding Dapps that is a very easy tool called DappRadar, this is actually a website that contains much more information about Dapps. Those steps are as follows.

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DappRadar Homepage

  • After that, you can see several categories as NFTs, DeFi, Games, Gambling, and Exchanges. Here I will find about my familiar Dapp Uniswap so that I'll select the Exchange tab. If you don't know the category then use the Ranking option then you will find your Dapp easily( If we find it from the ranking option then it will be in the 10th position.)

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Click on Exchange tab

  • When you click on that exchange tab then the below screen will appear.
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    Uniswap in the top 5 Dapp exchanges

  • Click on the Uniswap then all the details will appear.

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Details about the Dapp


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Details about the Dapp


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Conclusion


Dapps will be very beneficial if we use them with knowledge and it will grow in the future like typical applications. Here I gained so much information about the Dapps. So that I convey my special thanks to Professor @wahyunahrul for arranging a meaningful lesson.

Thank You!

Note-All the unsourced Screenshots are taken from DappRadar website

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