Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task REPOST for @wahyunahrul

Hello all, I've already finished this assignment, it was rated 8/10 but @steemcurator02 didn't vote it. This morning, I saw a post where prof @sapwood asked someone to repost an expired assignment, that's why am reposting mine. Am sorry if am going against any rule.

Here's the link to the expired post.

TASK

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?

Source

The world of cryptocurrency is a very unique one that uses different acronyms and terminology.
In other to understand this crypto world fully, one must be conversant with the meaning of these words.

Heading back to the topic at hand,
dApps as an acronym, stands for Decentralized applications.

DApps possess the qualities and functions of normal applications, but the major difference between dApps and normal applications is that dApps operate on a peer to peer network like the world conquering blockchain network.

In short, dApps can also be seen as any application built on a decentralized network, that can combine smart contract and a frontend user interface together.

Below are some characteristics of a decentralized application.

1. Open source : A dApp's core source code is available to everyone, reason being that changes in dApps must be decided by majority using the core source code.

2. Decentralized in nature: dApps are decentralized in nature.
   All data in a dApps is secured and stored in a blockchain or any cryptographic technology and this makes it very impossible for foreign body to access the information.

3. Incentivization : The validators of records on a dApp network are always given incentive (reward). This incentive can take any form e.g bitcoin, ethereum, binance etc.

4. Algorithm : Algorithm is talking about the need for dApps to have a consensus mechanism to serve as proof of value in the cryptographic world. this is needed because the consensus mechanism gives cryptographic tokens values and also creates laws to be obeyed in other to create a valuable Crypto token.

Explain the working system of dApps?

All Dapps uses an ethereum blockchain to store data and a backend code called smart contracts for application logic.

What are smart contracts?.
Smart contracts can be seen as algorithms in blockchain that helps in automating executions of agreement between different entities. smart contracts are also programmable, which is to say that it can be made to self-execute once the two parties in question have met the terms of the contract.

Through the help of smart contracts, dApps are connected to the blockchain.

_{smart contract illustration}

What are the differences between dApps and other applications?

The difference between dApps and other applications will be outlined based on the following headings.

1. Trustable
   decentralized applications are trustable when compared to other applications because ownership and control of data is done by a user. While Other applications are trusted but not as that of decentralized applications because data are controlled by a central system.

2. Speed
   decentralized Application's speed is slow when compared to other applications.

3. Security
   The security of a decentralized application is way more stronger than that of other applications.

4. Usage cost
   There's an attached cost for using a decentralized application whereas there's no cost attached while using a regular app.

5. Development cost
   There are several factors to consider while developing a regular app.
   Factors like the cost of cloud server, maintenance fees etc whereas in decentralized applications such factors are not involved.

Explain the advantages and disadvantages of dApps?

Advantages

• One common feature of all dApps is that they lack centralization, which is to say that they can be more resilient, autonomous, and secure than other apps.

• dApps data flow is not from a central point.
  It uses distributed approach to distribute data and that's an advantage because the data can't be controlled by a single body.

• As earlier said in my work, dApps uses a code, and this code controls the operation only when the two bodies involved are in agreement with the terms of the DApp.
  In short, dApps can't be controlled by users.

• Security in DApps is very strong as this gives it another edge over other applications where their work is not well protected.

Disadvantages

• One big issue in using dApps is that; fixing an issue in dApps is very headaching because it requires all users of that dApp to update their copy in the network.

• Verification in dApps is very hard because dApps doesn't operate using a single entity like the Centralized apps.

• Another disadvantage of dApps is their APIs need.
  In other for a dApp to fix its' APIs need, there need to be a communication between the dApp needing API and another dapp.

• In centralized app system, there are third party APIs that helps in fetching third party information but dApps doesn't have third party APIs which is to say that third party information is hard to get using dApps.

How can dApps developers promote their apps?

DApps developers can promote their apps by doing the following.

• Submitting there app to dApps directories;
  DApps directories include; dapp100, dappclap, dappradar, dappbang or dapp.review.
  All they need to do is log in to their website, and submit their app.
• promoting there app using reddit, telegram or discord.
  The above media allow advertising in their platform, so advertising an app there will be easy.

What should we pay attention to when using dApps?

Well, the story of dApps is a very interesting one, and dApps are apps we should quickly dive into whenever we hear of it because there's high security of data.
But the thing I think we should pay attention to when using dApps is high-risk dApps

High-risk DApps are those dApps whose bearing looks like that of a pyramid or ponzi-scheme. This high risk dApps are not totally considered dApps because they're not decentralized.
So every dApps user must be very careful.

How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).

Finding information about a particular dApp is very easy.
I'll use screenshots and steps to demonstrate the procedures.

step 1; search for dappradar.com using your search browser.

Step 2; Click the menu key at the top right corner of the page.

Step 3; Click on ranking.

The current dApp ranking will display.
Now let's use cryptoBlades as the dApp we want to it's information.

Step 4; click on cryptoBlades

You'll see statistics of cryptoBlades.
This statistics include it's volume, users, Transaction and balance.
You'll also see the historical activities of cryptoBlades in a graphical format.

To check information in cryptoBlades for the last seven days,click on seven days.

To check information in cryptoBlades for the last thirty days,click on thirty days.

REMARK

DApps is a very interesting topic to research on.
Its' security, flexibility and other amazing features is something of great waow.
Infact, I found a very interesting knowledge about a project I was about embarking on, and I think the information I found will be very useful.

Well I can't end my remark without giving praise to the one who made the lecture on dApps an easy one.
Thank you @wahyunahrul for a great lecture and a fantastic hint on how to go about with the assignment.
Your effort is appreciated.

Note: All unsourced images are created by me or are screenshots from dappradar.com