Steemit Crypto Academy Week 4 Task | Ethereum Blockchain: Uniswap DApp | lesson by @gbenga
.jpeg)
Good day, Steemians. It's another precious time to learn from the crypto professors and this time, I learnt from @gbenga where he lectured about the Ethereum Blockchain. It was a well detailed lecture and has a task attached to it. In this piece, I will be writing about one of the project built on the Ethereum blockchain, Uniswap.
Before I go fully into discussing Uniswap, it's important to expose readers to the basics of Ethereum Blockchain and I will take care of that in a moment.
Ethereum Blockchain
Ethereum blockchain is a transaction ledger that allows continual storage of data on the blockchain. Ethereum blockchain invention was inspired by a 17-year-old Vitalik Buterin who got exposed to Bitcoin by his father but noticed some deficits that inspired him to create another blockchain entirely other than the existing Bitcoin blockchain. A few advantages of the Ethereum blockchain is that it allows users to write their own codes, build applications (DApp) on the blockchain to bring more innovation to the blockchain and allows the creation of several tokens by other firms.
Let's talk about Uniswap.
What is Uniswap?
.jpeg)
Uniswap is a big decentralized DApp (decentralized application) built on the Ethereum blockchain whereby users can easily exchange their ERC-20 tokens. Uniswap came into limelight in the year 2018 and has become ever adopted by users all over the world. Uniswap allow users to make an instant conversion of their ERC-20 tokens to another desired one with almost instantaneous effect without the involvement of third parties.
Features of Uniswap
Uniswap is an automatic liquidity marketplace.
No creation of order book is required for transactions.
No involvement of third parties in transactions.
Instant exchange of ERC-20 tokens.
Fully decentralized.
It facilitates automated transactions through smart contracts enabling users to perform all their transactions automatically as programmed on the DApp.
From the features highlighted above, it is clearly seen the effect of the Ethereum blockchain on the crypto ecosystem as transactions on the blockchain through Uniswap are fully decentralized, meaning many nodes are created with each operating on its own without receiving command from the central server as contrary to the centralized exchanges. Instant exchange of tokens and its arrival in the destination wallet is rapid. It's also evident that users are not required to create an order to buy or sell as such there is no order book, this has created a convenient environment for users on the blockchain to effectively carry out transactions as instant as possible with no involvement of third parties. And notably, it offers automated transactions through smart contracts.
How to use Uniswap
Having talked about the features of Uniswap, It is important to talk about how it works with a few screenshots and guide. I will be using the Trustwallet to do the explanation. Trustwallet is a Web 3.0 crypto wallet that uses semantic web, AI and blockchain for operation.
- From the Trustwallet App homepage, click the DApps icon at the bottom of the page.
- You will be led to another interface whereby you will see an address search bar at the top of the page, insert app.uniswap.org. Wait and it will lead you to the Uniswap exchange page.
- As a first time user, click connect wallet to have your Trustwallet linked with Uniswap. Select the crypto assets you are exchanging from as available in your Trustwallet and select the destination token as well.
- Then select swap and your token will arrive the destination wallet after successful confirmation.
In conclusion, Ethereum blockchain has brought innovation to the blockchain thereby creating an avenue for series of blockchain transactions without the involvement of third parties. Thanks to the crypto professor @gbenga for his lecture and I hope to learn more from all other Steemit crypto professors. I thank you all, for reading.
Special regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @gbenga
Written by; @fredquantum
Hello, you have done well but then, there are still so many things about UniSwap you are not sharing with us.
Your topic is built on what is Ethereum and very little detail about Uniswap.
Rating 4
Thanks for the review professor @gbenga. I will definitely make amendments to this post. Thanks for opening my eyes to the part that needed to be taken care of.
Nice write up ..I really learnt more here.
Thanks for reading and appreciating this piece from me.
Wao fred what an extensive task you did. You did well. I didnt know a new task has been given. Thanks for being on time.
I appreciate your visitation, I really do. Thanks for your time.
Nice homework entry @fredquantum. You have really given a detailed report of Uniswap on TrustWallet. I will soon make my own entry.
Thanks for the time to read through my article and I am glad you love it. I hope to see your entry sooner.