Decentralized Applications (dApps) - Crypto Academy S5 - Homework Post for Task 8 by @eliany
Hello friends, it is my delight to do my homework today, after I went through this lecture, I was moved to do my homework because I learned and achieve alot in it and decided to answer the following questions
QUESTIONS
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?
They are digital applications that do not have any central control they run on a blockchain this is the reason dApps uses a peer-to-peer system indicating that its users have an important role to play without being interfere by any single authority.
They are highly secure because the users only have access to control his account no central authority can dive into the user's account to delete or edit any information of the user therefore users has to secure the account private keys and never to be shared. Interestingly, what makes dApps to be very special is that it uses smart contract in recording of all transactions digitally without any help by humans
EXPLAIN THE WORKING SYSTEM OF DAPPS
To understand how dApps work, let us first of all remember that dApps is an application which works on blockchain in technology therefore it stores all users data in the blockchain.
dApps uses peer to peer system in working which means that there is no central authorities or third parties needed when performing transactions by the users.
Another working system of dApps is smart contract, so transactions are easily carried out by the users and are automatically recorded without any single point of authority and is highly secured. Also transactions charges are not expensive irrespective of the number of times a transaction is being carried out by the users, therefore the working system of dApps is easy and highly secured.
WHAT ARE THE DIFFERENCES BETWEEN DAPPS AND OTHER APPLICATIONS?
| Apps | dApps |
|---|---|
| Central authority | No authority |
| Stores that are at one central system open to all | Stores data on blockchain only users can access. |
| The level of security is poor and as such users are at high risk because of security purposes | The level of security is highly intense and as such the rate of trust by users increases as well. |
| A third party is needed before transaction can be carried out successfully | Do not need any third party while carrying out transaction because with smart contracts is involved. |
| Private keys are stored in the app and can be easily hacked | Private keys are not stored |
EXPLAINED THE ADVANTAGES AND DISADVANTAGES OF DAPPS
DApps is trusted by users because they control and owns data and assets so with these users are comfortable with it.
Transaction processes do not require third parties.
This decentralized platform is open or transparent and easy-to-use.
Security is well supported by dApps .
dApps are not easily faulty because there is no single authority controlling the data transactions
They are not user-friendly compared to other apps they are complex and so it is difficult to assess by everyone.
Since there is no central authority, once users are careless in making transaction it is irreversible therefore users will lose their money.
Most people are not used to the nature of blockchain, in that case it will make it difficult for them to use dApps comfortably.
Since it is decentralized it is difficult to know the right dApps.
HOW CAN DAPPS DEVELOPERS PROMOTE THEIR APPS?
There are different methods or ways that developer promotes dApps, one of which is through advertising, and with this different marketing plans and techniques are used.
Dapps developer can put up an arts on various social media platform example Facebook, Instagram and Twitter.
Developer can use airdrops of the tokens, they are more people the more people get the to know the free a drop coin the more dApps is promoted
Developer can also promote dApps on dApps websites.
WHAT SHOULD WE PAY ATTENTION TO WHEN USING DAPPS?
In everything we do, we should always sit down and calculate the expense the loss and the profit. Therefore, dApps users should always pay attention to;
Scammers strategy sites;user should ensure that the dApps site they click on is legit, so as to avoid being scammed.
Security; since it is decentralized, careless saving of public and private keys is at owner's risk, since this keys can be stolen and used by a fraudster.
Appropriate confirmation; users should always be careful while performing any transactions so as not to mistakenly send to a wrong address, ensuring appropriate confirmation of wallet address before sending money should be put into consideration.
Accuracy; users should always pay attention to a particular dApps you want to invest in, even if it's airdrops be sure it's accurate before clicking on any links since scammers are everywhere.
HOW DO WE FIND THE INFORMATION OF A DAPP THAT WE WANT TO KNOW? PROVIDE THE STEPS (SCREENSHOT REQUIRED)
To do this, follow the following steps
- STEP 1.
Login to the official website of DApps which is https://www.dappradar.com/ it will take you to a page where you can see overview of all the page, see the screenshots below.
- STEP 2
Click on the box that appears at the right hand side of the page to see the list, a pop up will appear displaying rankings, Defi, NFTs, port folio, token swap etc. See the screenshot below
- STEP 3
Click on ranking, another pop up will appear, listing the different top dApps, as shown below so I choose uniswap
- STEP 4
As soon as I clicked uniswap, it's different features displayed, showing more about uniswap as shown below
Below are the characteristics I saw listed in the table
| Uniswap | characteristics |
|---|---|
| Token name | UNI |
| Token Price | $24.12 |
| TVL | $11.12B |
| Market cap | $24.12B |
| Cap/TVL | 2.17 |
| ATVL | 12.79B |
- STEP 5
Then I clicked on uniswap dApp where I saw characteristics like to
Swap token, pool, vote and chart, wallet can also be connected as you can see below the screenshots
CONCLUSION
This lecture, is one of my favourite, it's so understandable and I have really accumulate enough knowledge about dApps, it Differences from other apps and how to promote it,and lots more.
It has helped me to sit back and figure out how steemit platform is and it's increase my trust in the platform. Much thanks to you professor @wahyunahrul for taking much time to explain deeply this lecture and prof @dilchamo.