Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task for @wahyunahrul
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).
Introduction
The crypto world contain many parlances and terminologies which anyone within the crypto world should be acquainted with. This makes it unique and special in a way that, users within that circle find it different and uses it the right way.
What are dApps?
dApps also known as decentralized applications are applications that function only on a decentralized computing systems, and have been popularized by a consensus of replicated and synchronized digital data, that is geographically been spread across individual sites or institutions without any central administrator such as the Ethereum blockchain system.
This is a decentralized peer to peer network system unlike the the typical applications where their back-end always run within a centralized server. dApps can also be known as smart contract, where an agreement between two people that is, buyer and seller is in the form of a computer code. Therefore, no third party is needed with the decentralized application. dApps are typically decentralized and open source with some special protocols that have been agreed on the community.
dApps also encourage people who have validate their dApps by providing them with some tokens. dApps also functions on many popular computing systems and are also executed by a blockchain system. Example of computing systems are; Ethereum, Bitcoin etc.
Explain the working system of dApps?
In order for a DApp to function, the three essentials that need to be implemented.
The dApp should be an open source and in an autonomous manner where there's no central authority to control the network system. Rules within the consensus mechanism should be applied by the dApp.
All available records and data must be kept on the decentralized blockchain system and should be cryptographically encrypted for security reasons.
The dApps must contain a native token to be used within the same blockchain network.
dApps work within a P2P( peer to peer) system in an open source. For example, BitTorrent, Popcorn Time are applications that run on computers with P2P system with many participants performing their function on the network. Basically, For example, a developer can create Instagram to be a dApp where messages or posts from participants can be seen (public) and no one can delete it even the developer does not have Control to delete it, unlike the normal Apps where developer can even block users just for their posts.
What are the differences between dApps and other applications
Decentralized apps have no central authority to Control the app, whiles the other apps have central nodes that control the application system.
Decentralized apps are transparent and are in an open source this makes more secure while the other apps less secured because nodes or authorities have access to everything one uses.
Decentralized apps work in a fast rate than other apps. For example, Transactions within Dapps are very rapid.
Decent apps cost more as compared to other apps when developing a dApp.
Explain the advantages and disadvantages of dApps
ADVANTAGES
Censorship resistance: Dapps are not Controlled by any authority, therefore it's very difficult for any authority or government to restrict access to the application.
P2P network: Dapps doesn't rely on even a single point of failure like a hosting server within the system. Therefore there's no restrictions or downtime to host it.
Open source: This makes Dapps to be more secured and faster within the ecosystem by also developing it.
DISADVANTAGES
As many dApps function on open source smart contracts, this makes them susceptible to hackers, therefore, the weaker ones would be exploited and hacked. All funds are recommended to be in your own Control within the wallet.
Dapps does not have any authority to help when one make worng transactions. Transactions within the application is irreversible and there is no one to help. This makes it very difficult for many users to get their lost funds back.
The dApp ecosystem consist of alot of new concepts which users must become used to, this ensure poor usability being an issue. Many available Dapps are still not easily accessible.
How can dApps developers promote their apps?
There are several ways in which developers use to promote their application,some are as follows;
One can post Dapps on social Media platforms to promote new dapps being developed. For example, using Facebook, Twitter Snapchat and others.
Several Dapp directories like the DappRadar, dappbag, dappclap e.t.c are also used in promoting Dapps.
Airdrops/Bounties/ICO/IEO/STO can also be used in promote Decentralized applications.
What should we pay attention to when using dApps?
Crypto is basically full of great opportunities but with risk behind them, of which most people don't do research before they invest in them. There are several scammed Dapps that come with good and convincing terms and conditions. These Dapps are known as High risk Dapps.
Most High risk Dapps claim to be transparent, decentralized and also claim to be cooperating with well known exchanges while they are not. They also claim to reward and give tokens out to users when someone join under you.
Research must be done before one should invest in any of these dApp projects.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
Information about Dapps can be found on many platform listed in the previous answer to the fifth question. The use of DappRader to find Dapps is as follows;
The above screenshot shows some top Dapps that is been used frequently. For more Dapps, swipe the screen to the left side for more Dapps.
Click on the ranking will display top ranking Dapps on the DappRader app as shown above.
The above image shows the top ranked Dapps on the DappRader, where Pancakeswap has been ranked to be the first Dapp.
Choosing the Pancakeswap Dapp, click on the open Dapp button to open the application.
As at now, this is the chart for today and has over $5.48B liquidity on September,17 2021.
The above image shows the number of users, trade and stake market for the Pancakeswap as at now.
These are some common research that shows that the Dapp is a good one and can be trusted.
By; @hmohammed14
Cc;@wahyunahrul