Crypto Academy Season 4 - Homework Post for Beginner's Task 8 [Decentralized Application dApp]
INTRODUCTION
It is a great previledge for me to be here again to submit my beginners' task 8 home work.
I will continue to appreciate the effort of the admin of this wonderful community and all the professor. You are all wonderful. May God continue to increase your knowledge as you are putting all your efforts to widen our knowledge.
HOMEWORK TASK
Question 1
What are dApp? Explain the working system of dApp? What are the difference between dApp and other applications? Explain the advantages and disadvantage of dApp? What should we pay attention to when using dApp? How do we find the information of a dApp that we want to know? Provide the steps (screenshot required)
What is dApp?
dApp is a short form of written decentralized application.
A decentralized application can simply be define as a computer based application which most cases run on blockchain and gives individual independent or act without a central authority.
A decentralized application (dApp) can also be seen as an application created to run on its own without central administrator.
The Working system of dApp
Most Dapp run on p2p computer network by linking Members to each other to perform transactions.
Decentralized Application are program to run on blockchain network, this make it more secure than all other centralized application because all information store on blockchain ledger can not be deleted or manipulated.
The following are the features of a Decentralized Application.
- Open Source Code: this ensure transparency in the working system of a dApp. All members can have access to the application source code to verify and trace their transactions.
- No Central Authority: Dapp are computers program, data are stored in a decentralized way to make sure there is no point of failure from a single individual.
- Decentralized consensus mechanism:all users of a Decentralized Application have an equal rights and in return each user agree to a trusted transaction.
Different Between dApp and Other Applications
The following are the basic difference between dApp and other centralized application.
| Decentralized Application | Other Centralized App. |
|---|---|
| There is no central authority or Admin. | There is a central authority. |
| A Dapp runs on decentralized blockchain network. | They are not on blockchain network but on a regular digital web. |
| dApp are extremely fast because it need no moderators or third party in it's transaction process. | Most time the activities of moderators or centralized authority may slow down the process. |
| Individual decision making | Centralized decision for all |
| dApp has an level of security because it is majorly on blockchain, under which it's data can not be manipulated. | Other centralized app are pron to attack by hackers due to the low level of security. |
Advantages of a Decentralized Application (dApp)
The following are the advantages of dApp
- dApp are transparent: dApp use blockchain public registry and open source to be sure the process and data are transparent,so all transactions can be easily verified.
- Transaction process does not need any centralized operator, thus the process are very fast as it only occur between two parties.
- dApp uses blockchain technology to store its data, this mean dApp data cannot be deleted or manipulated, this made it more secure than the traditional centralized system.
- It run on p2p network, this ensure there will be no restrictions or server failure.
Disadvantages of Decentralized Application
The following are the disadvantages of dApp.
- dApp are extremely difficult to create due to its nature, it require series of protocols to reach consensus. it thus require someone with high level of programming skills to create dApp .this serve as a major impediment to the creation of dApp.
- Application are mainly independent. most user may misuse the opportunity to fall into the hands of scammers
- Some dApp needs their users to verify their identity before they can gain full access into the system, this may be difficult achieve or easy to manipulate because there is no central authority to verify these documents submitted
Things to pay attention to when using dApp
- Type of the dApp
- The smart contrat of the dApp
Type of dApp
To use a dApp we must first know the categories the dApp belong to.
There are 3 types of dApp.
- Financial system dApp
- dApp with blockchain customized token
- Multipurpose dApp
To use a dApp we, must first know under which type the dApp we fall into, this will help us to know if we are using the right dApp or not.
The smart contract of the dApp:
This is like dApp identity. smart contract make dApp very special and unique from each other.
Any dApp which is under blockchain must have a unique smart contract.smart contract record all the transaction that have taken place on the dApp.by this we can be sure that the dApp cannot first disappear
How to Find the Information of the dApp we Want to Know
- To find the information of any dApp,all we need to do is to open our browser and visit www.dAppradar.com.
This site keeps the information of all the available dApp up to date.
On the site click on the 3 line menu by the right hand side of the site
It will show a drop down menu under the menu is a search box,then type the name of dApp you are looking for.in my case,write 'pancake swap' then click on it.
It takes you to a page where all the information of that dApp are store.you can get information like market cap,token name,token price CAP/TVL,historical activities etc.below is a screenshot.
CONCLUSION
dapp is a new revolusion that is to replace the present centralized system, its benefit are numerous and will complete transform the life of individual if the world could adopt it in all spare life.
Thanks.