Home work

1. What are dApps? Explain the working system of dApps? What are the difference 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 information of a dApp that we want to know? Provide the steps (screenshots required).

Introduction

It is cool to learn from great teachers like prof. @wahyunahrul, it is a great privilege.
Without wasting much time i will go ahead to do my assignment on dApp.

What are dApps?

Source

The crypto space is so broad that the uses ciphers and synopsis.

For one to understand the world of crypto in full, he must be acquainted with the meaning of these words.

Back to the topic at hand,
dApps is the acronym for decentralized applications.

DApps have the same features as normal application, and in addition possesses the peer to peer features of blockchain network.

It is worthy to know that dApp can be seen as an application created on a decentralized network, that can commingle smart contract and an overlay user interface together.

Below are some characteristics of a decentralized application.

• Decentralized nature: just like cryptocurrency, dApps are decentralized, having a high level of security and every information stored in a blockchain making it likely impossible for imposters to access the information.

• Open source: dApps have a central source code that is available to everyone, so that any change in the dApp must be made by the greater population using the central source code.

• Reward system: dApps have a pay back feature i.e authenticators of rcords on a dApp network are always rewarded. The reward can be in form of bitcoin, ethereum, etc.

• Algorithm: here, algorithm is explaining the need for dApps to have a method of authenticating and validating a transacting on the dApp.

This is important because it brings about creation laws which when abided by will make crypto tokens valuable.

Explain the working system of dApps?

Most dApps makes use of ethereum blockchain in storing data and a rear end cipher known as smart contract for application coherence.

What are smart contracts?
Smart contracts are contrivances seen in blockchain that provides automated execution of agreement between two different entities.

Smart contract can also be self-executing in the sense that once two parties have reached the terms and conditions the transaction will be executed.

Smart contract is a bridge between dApps and blockchain.

Source

What are the difference between dApps and other applications?

Stated below are the difference between dApp and other applications:

• Autonomy
  The decentralized nature of dApp grant every user the opportunity to control his/her data unlike other applications where data are been centralized and are controlled by a central system.

• Speed
  As compared to other application, dApps are slow.

• Security
  Because dApps are decentralized, it gives little or no way to hackers thereby securing all the data in the dApp.

• Cost of utility
  There is a cost attached to using dApps which is not applicable to other applications.

• Cost of development

When developing regular apps cost like cloud server cost, maintenance fees etc are incured or put into consideration whereas in dApp it is not so.

Explain the advantages and disadvantages of dApps?

Advantages

• One appreciable feature of dApps is autonomy.

The decentralized nature of dApps gives every user power to control data on their computer leading to top notch security.

• Data does not flow from a pivot point

The distribution approach of dApps discourages centralization.

• High level of security

The security of dApp gives no opportunity for hackers thereby protecting all data in it.

Disadvantages

Everything that have advantages also have disadvantages. Some of the disadvantages of dApps include:

• difficulty in fixing issues.

Because of the decentralized nature of dApps it will require all users of the dApps to update their copy in the network for you to be able to fix an issue.

• dificulty in verification.

Because dApps does not use a single entity like other apps, verification imposes a threat to users, especially new users.

• Lack of third party system.

Third party API available in centralized apps help in fetching third party information, but it is hard to get using dApps.

How can dApps developers promote their apps?

dApps developers can promote their app in the following ways:

• Submission of their app to dApps directories;

Dapps developers need to log into dApps directory site and submit their app.

DApps directories includes the following; dApp100, dAppclap, dAppradar, dAppbang, etc

• Promote their app using various social midea like discord, telegram or reddit.

Promoters can easily advertise their app on the above listed platform, because they give room for advertisement.

What should we pay attention to when using dApps?

The high level of dApps make it adventurous to navigate.

Because any app that cannot acertain a high level of security is meant to be looked into or questioned. So i suggest we pay close attention to high-risk dApps

High-risk dApps are not considered as dApps because they are not decentralized. Some high-risk dApp take the form of a pyramid or a ponzi scheme. So, we need to be careful of them as dApp users.

How to find the information of a dApp that we want to know? Provide the steps (screenshots. required).

Sourcing information about a particular dApp is not studious.

For easy understanding, I'll use screenshots to demonstrate the steps and procedures.

Step 1: search for dappradar.com using your browser.

Step 2: click the menu key at the right top corner of the page.

Step 3: click on ranking.

The updated dApp ranking will display.
I will be using my favorite dApp pancakeswap

The above screenshot popped up when i clicked on ranking.
So, i will click on pancakeSwap to get the details i want .

Clicking on pancakeSwap the above picture surfaced and the following can be derived

Token name: Cake

Token price: $22.2

Market cap: $10.01B

Ranking: 1

Total volume locked: $9.82B

Also you can see the chart of the price movement for the past 30 days.

Conclusion.

I think dApps is a very absorbing topic to discuss.

The high level of security, its obsequious nature and many other aspects of discuss is a thing of excitement.

This topic is one of the topics i found interesting i must say, and i think i should be making research on it very soon.

I really appreciate Prof. @wahyunahrul for such a great piece.

Note: images used in this assignment are gotten from
Source and dappradar.com

The above is a screenshot of my score for the above reposted assignment.
Thank you @dilchamo for your assistance

Below is the link to the original post as directed by @dilchamo :
https://steemit.com/hive-108451/@ezege11/steemit-crypto-academy-season-4-beginers-course-task-8-decentralized-applications-dapps-home-work-task-for-wahyunahrul