STEEMIT CRYTPO ACCADEMY|| HOME WORK POST FOR @wahyunahrul ON|| Decentralized Applications (dApps)|| BY @GI-DE-ON||
GRETTINGS EVERYONE
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QUESTION 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).
In reference to the main topic of the day, it would interest us to know that there is a direct of opposite of the topic in mind to discuss which is known as the Centralized app. This are simply applications that has a centralized system where all the information been imputed are under the control of its developer.
Hence, this is simply not likely to be the best case of the scenario for those data if tempered with there are things which are supposed to remain secret can be exposed to the public which is not very healthy. But on the other hand, it is very unlikely for such thing to happen, reason being that this other Apps/system is hence what is known as the Decentralized Applications (dApps).
The Decentralized Application (dApps) is simply a peer-2-peer application/system that is been operated on a blockchain in used in stead of a single network system. Majorly, the dApps are simply set of programs that simply run on a blockchain. Under the context of cryptocurrency, the dApps is simply a set of programs that runs on a blockchain network mainly in an open source or a decentralized environment that restrict the control of a single authority.
Furthermore, the dApps have several features which makes it existence very unique and distinguished from the centralized applications. This features include;
- One of its major feature is that there run on a peer-2-peer network
- Secondly, the dApps are always an open source and operates on it own without been control by anyone/a single authority.
- There is use of cryptographic token for the security of the network.
There are numerous examples of dApps, some which include:
- Steem/steemit: Here contents are created by it users and there are in turn rewarded with crytpocurrencies.
- Augurr: Which is a prediction market dApp/platform
- Uniswap: This is simply a decentralized cryptocurrency exchange
- Cryptokitties
- Blockstack, etc.
Everything simply has it's own method of operation. This is very similar to the dApps there are of no different. Hence, below are listed ways of how the dApps works and operates.
Dapps have their various code which allow them to function and these codes are hence not accessible by it users. This code is simply known as the smart contract which runs on a decentralized network system and not on a centralized network. For data storage, the Etherium Blockchain is been utilized.
Furthermore, once a Dapp is been lunched on the the Etherium blockchain, the data cannot be changed. This makes them decentralized reason been that their code are all written/imbedded in the smart contract which makes it very impossible to change or have access to.
image source
- Majorly, the Dapps simply work through the operation of the smart contract. The smart contract been what it is, is simply a series of codes/programs that runs on the Etherium blockchain. The smart contract been codes that run on the Etherium blockchain, they cannot be changed or altered and hence there cannot be controlled/are not under the control of any authority.
In the context of trying to differentiate the Dapps from other applications, it will interest you to know that; the Dapps does not depend on an external monetary value in reference to this, the dapps generates and makes use of the self generated values and these values are been stored in the application giving creators the leverage of using currencies as tokens and then enable trading of tokens in the financial market.
Decentralized Application (Dapps)
Speed: The cumbersome operations/transactions been performed in the dapps makes it slower when performing any operation/transaction.
Network Access: The decentralized applications simply runs on a peer-to-peer network system in which smart contracts are been run on it to enable functioning of the Dapps.
Security: The decentralized application which runs under the command of the smart contract which once it codes are written cannot be altered. This feature makes the decentralized application very secure and less vulnerable to hackers or any form of internet fraud and its users identities are hence kept very safe and secure.
One among the differences of the decentralized and centralized that shouldn't be overlooked is the fact that the decentralized network/blockchain is not under the control of any authority. Here every user has equal rights and entitlement of authority.
Transparency: The decentralized apps are more transparent in the sense that all transactions been made on the blockchain are been recorded and saved in a public distributed ledger.
Centralized Applications
The Centralized applications performs transactions at very high speed. Transactions here are been done within limited time frame as compared to the decentralized applications.
The operations of centralized applications are hence limited to only a blockchain network. The network system is hence not as vast as the decentralized application.
The centralized application on the other hand are very vulnerable to hacking attack.
Unlike the decentralized apps, the centralized application are been govern and control by a single head/an organization.
Transactions here are only visible to only the individual who is in control or the authority in power making it less transparent.
ADVANTAGES
Users of the Dapp do not undergo/provide any form of real verification this helps keeps their indentity private.
There is the present of what is known as Resistance to censorship. This simply means that users are at liberty to perform transactions when ever, how ever the wish without any restriction from anybody.
There is zero downtime in transactions been performed. Once a smart contract is been lunched on a blockchain, the network will therefore be able to attend to any one who wishes to make use of the contract and this therefore protects the system from any malicious attack of any source/form.
There is existence of a Peer-to-peer (P2P) network of computers which does not rely on a single source or authority. Hence this helps prevent downtime in transactions made.
Trustworthy: The users of the system rely and have a lot of confidence on the system trusting it to keep their data saved and well secure.
DISADVANTAGES
Maintenance: The Dapps can be very had to maintain reason been the the various data or codes on the smart contract are really hard to modify, and this makes it hard for creators to make updates on their application.
The Network can be really congested when a dApp uses too many computational resources.
The idea of a third party in a transaction is really not welcome in the Dapp due to the decentralized nature of the system and this becomes a problem in also accessing the acronym for Application Programming Interface (APIs).
There are numerous ways for a developer to promote his/her Dapps. Listed below are some of the ways in which there can do so.
Since we are in a computerized age, promoting/advertising isn't that hard. My first suggestion on how a developer can promote his/her Dapp by first starting from what is available at hand the Social media. By simply making a post about it and publishing in al available social media sites.
Another way for developers to get their Dapps promoted is by simply trying to get their dApp listed/included on most of the popular exchangers.
A developer should try as much as possible to see that his/her Dapp is been listed among Dapps reviewing websites. This can help give the Dapp the window it need to get its heads out of the shell and get popular.
It would be wise and helpful for the developer to try and get in touch with some of the Dapps Directories .
A developer can also make use of the reddit platform to promote his/her Dapp.
When using an application it is very important to pay attention to details. Hence, been able to notice and detect what has changed and what it has changed. Observation is key in this section.
One major feature uses of the dApps are to look out for is simply the amount of security.
Security should be one of the key criterion for using dApps, for if the security level is low, this would surely expose it users to various forms of cyberattacks an others. The system will even be exposed to hacking and this will be very bad for business.
The ability of a decentralize application to keep the identities of users unanimous should also be a key factor to check in the use of dApps.
At the process of making use of any dApp and you are wanting to find/get a vital information, below are the various steps to work with.
- First of all visit the https://dappradar.com/ official site.
[screenshot take from the official https://dappradar.com/ site]
- On the top of the page (status bar) click on
Rankingshown in the screenshot below.
[screenshot take from the official https://dappradar.com/ site]
- Once that is done, a menu will open with a list of dApps click on any. I will be making use of the
Uniswap
[screenshot take from the official https://dappradar.com/ site]
- In the getting the required information I need I had to click on the
uniswapto get all the needed information as shown below.
[screenshots take from the official https://dappradar.com/ site]
Token Name UNI Token Price $25.82 Market Cap $25,830,000,000 CONCLUSIONWith the ever growing and non stop rise of cryptocurrencies, the Dapps are thereby taking and are been populated on a daily. It would be very nice that a user run a background check on the dApp he/she feels like investing on.
Also, the security check seems very encouraging and should hence be the very first look out of any investors/trader before putting in use any of the dApps.
on a concluding note, I wlil say the class was indeed very interesting, all thanks to @wahyunahrul (professor) for this very wonderful class. I must confess it was a blast.
BEST REGARDS:@GI-DE-ON.
THANKS FOR READING.
CC:@wahyunahrul