DAPPS by @hdnakum - Steemit Crypto Academy Season 4 - Homework Post for Task 8
Hey Steemians,
Good afternoon to everyone,
Greeting to #steemitcrytoacademy -The most incentivise community on the steemit platform.
I'm @hdnakum. First, of all, I'm thankful to @wahyunahrul for writing in-depth about decentralized apps that is being booming nowadays in terms of users and market cap. Twenty-four days ago, I had started writing the first homework of session 4 and now im writing 8th, pretty cool isn't it? To be frank, I have learned a lot of things while writing this homework and therefore will take a moment to thanks all the professors @sapwood, @awesononso @yousafharoonkhan @stream4u @imagen and @wahyunahrul for teaching new things through thier lectures.
Today, I have come up with the 8th homework lectured by @wahyunahrul about Dapps. Dapps are a vast subject to learn, however, I have tried hard to understand Dapps and written it down accordingly. Same as all beginner homework, this homework has three questions and students have to answer any one. stay tuned.
MAIN QUESTION:
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).
Question 1
What are dApps? Explain the working system of dApps? What are the differences between dApps and other applications?
1) DAPPS
In the year of 2009, the Bitcoin blockchain protocol came into existent. After that, a new blockchain is constantly being developed with various kinds of new functions. We all know that the Bitcoin blockchain does not run smart contracts (Planing for taproot goes live in October) over it but the blockchain that comes into existent after bitcoin does support smart contracts over it such as Ethereum, Solana, Steem, Hive, Terra and many more. As the first-mover advantage, Most of the Dapps are built atop the Ethereum platform whose native token ether is the second-largest cryptocurrency so far. The question is What are the dApps? We all are aware of the word Decentralization meaning no central authority to run the project, unlike they have distributed nodes running the project. Dapps means Decentralized apps which are generally built on smart contract enabled decentralized blockchains such as ethereum, Binance smart chain, Solana, EOs, Terra or Polkadot.
We all know the data in the web apps such as Facebook or Instagram are stored in the server of owners and thus can be leaked or manipulated for the benefit of the company. For example, in recent years, the data of 533 million people from 106 countries were hacked and lacked. These data are mostly used to manipulate the results of the election and for relatable advertisement purposes. But in the case of decentralized apps, the data are stored by decentralized immutable blockchains and transactions are processed through smart contracts.
A smart contract automatically processes the peer to peer transactions safely and much faster than conventional transactions. Smart contracts are the main reason behind blockchain-based dApp technology which makes powerful software (Android or IOS dApp or website) that can be applied in different industries.
2) What are the differences between dApps and other applications?
The differences between the dApps and web apps are vast or in fact, we can say that there shouldn't be any comparison between dapps or web apps because both work on a different principle. However, being a paper of question I would like to states some striking differences between both the type of apps.
| dApps | Web apps |
|---|---|
| 1) dApps are built atop of smart contract enabled a peer-to-peer blockchain | 1) Web apps are governed by a centralized authority |
| 2) dApps communicate peer to peer through blockchain and there is no central server to communicate with | 2) Web apps use the HTTP protocol for the communication between the software on a centralized server and user. |
| 3) Nobody can hack, leak or manipulate the data of the user - Super Secure | 3) The data can be hacked, lacked or even sold for profits - Not a Secure |
| 4) Cost of Developing DApps is lesser than developing Web apps | 4) Developing Web apps is costly because one needs to store all the user data by subscribing to an expensive cloud service and domain |
| 5) The dApps are a bit slower than web apps because every transaction need a consensus from various witnesses or validators | 5) The web apps are faster than dApps because their transactions are validated by a single centralized authority |
| 6) The use of the dApp is not free, one needs to invest to earn more cryptocurrency. In short, dApps incentivise the user by rewarding thier native token | 6) The use of Web apps are free. |
| 7) dApps Game - Axie infinity, Cryptoblades | 7) Web apps games - PubG and many more |
| 8) dapps Social - Steemit, Hive, Yup | 8) Web apps social - Facebook, Instagram, Twitter |
| 9) DEX - Pancakeswap, Uniswap | 9) Dex - Not possible |
| 10) CEX - Binance, Wazirx | 10) Zerodha, Robinhood (for stokes) |
3) Explain the advantages and disadvantages of dApps?
DApps have a lot of advantages over disadvantages however it is worth mentioning it here. There is always merits and demerits of any new or old technologies, however, in the case of dApps, the merits have an edge over demerits.
| Advantages | Disadvantages |
|---|---|
| 1) The dapps are backed by blockchain technology and are open-source programmes | 1) Building Dapps is quite a complex and time-consuming process. |
| 2) The dApps data are Secure and almost nobody can heck it | 2) Transactions are quite slow compared to Web-apps |
| 3) dApps developers don't need cloud service to store the user data. It is stored over the blockchain on which the dApp is built. | 3) The data or wrong transaction is once done can not be reverted in any condition |
| 4) Transaction in the dApps are transparent and anyone can track it | 4) Up-gradation of dApps takes a lot of time with consensus by their all validator or witnesses. |
| 5) People can earn real money by using such dApps such as play to earn games | 5) dApps are not always free to use. sometimes, especially in the NFT games, the initial investment is a must need. |
| 6) Various Defi offers to swap one cryptocurrency into another easily | 6) Every blockchain platform has thier languages to build new dApps, which required highly skilled professionals to deal with. |
Question 2
How can dApps developers promote their apps? What should we pay attention to when using dApps?
In cryptocurrency, without advertising any potential project can get into the dustbin. Proper advertisement through social media, tie-up with well-known companies, listing in well-known exchanges, building amazing websites, NFT and token airdrops/giveaway at regular intervals, Conducting contests, Clear roadmap and conducting regular ask me anything (AMA) events can aware people more and believe more in your project. I have discussed some of the best ways to get the huge attention of people around the globe.
Make an eye-catching website
For the launch of the project or especially any NFT game, the team must have to design an amazingly cool looking website. When the potential investor visits the website, he must feel somewhere optimistic about the project. I will take an example of how the Monsta infinity NFT game has become successful before even the launch of the game.
Make an appearance on all the possible social media
One more and very essential thing a developer can do is being active on all social media (such as Discord, Telegram, Facebook, youtube, TikTok, and Twitter.). Sign up on every possible social platform. Look how the Monstainfinity team had appeared on social media. Posting every detail/progress of the project on every platform is key to success. To reach everywhere globally, the team had a different channel for different regions. isn't that great?
Clear Roadmap is the key to success
Depicting the roadmap of your project on your website will convince the visitor or potential investor to invest in your project. it will largely help to raise the fund for the project development. See how interestingly, the monstainfinity has given thier roadmap with specifying exact dates as well. The truth is they did what they promised as well.
Announcing every partnership over all the social media
The partnership of your new project with the well-known well-established platform (company) will surely boost the trust of every potential investor to be a part of your project. The Mostainfintiy team has done it successfully. They bring lots of partnerships onboard in very little time and kept posting on social media. Remember, bringing partnership for the new project is one of the toughest tasks developers has to do.
Announcing Airdrop or giveaway of token/NFT
This kind of incentive will grow an interest in a crowd. Conducting regular giveaways or airdrop to the investor for little work of sharing, retweeting about your project will grab lots of attention of the investors. The monstainfinty team had done this many times and is still doing it regularly. They are conducting a monsta (in-game NNFT) regularly until the game is finally launched.
Announcing ASK ME ANYTHING (AMA)
Sometimes the investor has a lot of questions regarding your project like launch dates, listing, token burn, total market cap, or about how the project will work in future. To satisfy every possible investor who helps you develop your project, conducting regular AMA sessions will make investors more optimistic about the project. The monsta infinity team has done it brilliantly. They kept doing AMA sessions many times.
Listing of the Native tokens
The investor who has invested their hard money would want to hear that the token will list on which platform and when. The team should always announce listing tokens on DEX and CEX with date and time. The investor who has brought your project's native token in some IDO or IFO or ICO will surely be happy to hear about it. In the case of the mosta infinity presale, 2300% of people had taken a part in the presale due to high engagement of team with people. The project is 20x now due to amazing advertisements, engagement, and the activity of the team.
There is a lot of the project which is being launched, coming forward for raising the fund for the development of the project. An investor has to check everything about the project. I have listed some of the points below to verify the project.
- Check the website thoroughly, check if it is secure (HTTPS/ URL) and domain registered date on whoislookup. The domain registered to date and the date told by the developer should match. Beware there are a lot of fake projects out there.
- Check Rodamaps of the project, if the dates seem fishy don't go for it.
- Check their Twitter handle, confirm it.
- Join their Discord channel, telegram channel, Facebook community.
- Watch their youtube videos about the project.
- See the market cap and taxonomies.
- Talk with the developer and ask silly questions if possible.
- You can verify by asking other people over quora or another platform.
Question 3
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
To know more about any dApp project, you have two options either Visit dappradar.com or dapps. These two websites provide almost every detail about any dApp project. The homepage of both the website is shown below. Particularly we will talk about dappradar.com and will learn how to find out every detail of any dApp build atop of any blockchain.
You can see that Panckaswap is listed at 1st rank in the last 24 Hrs Panckaewap is DEX build atop of Binance smart chain (BSC). The second place is grabbed by splintered NFT game build atop of HIve blockchain. The ranking is given based on transaction volume a dApps underwent in the last 24 hrs.
If we click on the pancakeswap, it will lead to a new window as shown below, which shows detail of total value locked (TLV), market cap and the latest price of the cake token. To visualize, on the right side, graphs are showing total value locked (TLV) as per time.
Once we click on open dApps, it will redirect you to the most loved DEX build atop BSC Pancakeswap. As shown below, to swap, farm, stake the asset, you need to connect your wallet with the pancakeswap decentralized exchange. By clicking on connect wallet, it will show you the wallet option such as Trust wallet, Metamask and wallet connect. Click on the wallet you already have.
Once you are connected to the wallet, you need to click on exchange to swap your cryptocurrency with another that runs at the Binance smart chain.
As shown below you can swap your cryptocurrency with one another. you can see how easy it is to operate pancakeswap DEX.
There are several options for providing liquidity, staking your LP tokens, Farming Cake, and Taking part in any IFO by consuming your LP tokens.
You can click on liquidity for providing liquidity to the DEX. You will earn the transaction fees if you provide liquidity to the liquidity pool. There are several options for that as well such as Cake-BNB, Cake-USDT, BNB-USDT.
You can also earn cake by farming it if you take part in the farming. As you can see below, there are tonnes of options to farm the cake.
All and above, I found this Pancakewap dApps is quite useful while buying the project at the initial development phase. Using Pancakeswap is quite easy as other web apps.
Conclusion
In the end, I can say that dapps are a new revolution and should be accepted wholeheartedly even though they are slower than other web apps. There is always merits and demerits of every technology. The properties of dApps such as high security, earning from dApps and decentralization makes dApps more acceptable than old-fashioned web apps. I would like to thank @wahyunahrul for creating such a nice lecture about dapps. That's it, guys. Hope you like the content.
