Crypto Academy Season 3 Beginners’ Level - Homework Post for WEEK 7: [Decentralized Apps (DApps) - Future Apps From Blockchain System] by @lordhojay

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(Question 1) Will DApps be able to replace centralized applications in other fields in the future?

Blockchain technology has transformed the globe due to its rapid development. And as a result, the evolution of many businesses, companies, social media platforms, and industries around the world has been facilitated. Decentralized Apps (DApps), which rose to prominence as a result of blockchain technology, have added flavor to the decentralized system, reinforcing and expanding its value.

As a result of the rise of DApps, various industries have shifted away from centralized applications and toward decentralized websites.

Bitcoin is still in its early stages of popularity as a means of trade, several establishments have begun to accept it as payment. As a result, I believe DApps will be able to replace centralized programs in many industries in the future, as they are based on a decentralized network and intended to use crypto as a means of exchange.

The cost of doing transactions in a centralized system is high for most businesses. Shifting from a centralized system to a decentralized platform will lower costs while increasing transaction speed and security. As a result, many businesses will want to take advantage of this, leading in a shift from centralized to decentralized systems.

Many industries, such as construction firms, energy companies, real estate companies, merchant trading companies, and others, can benefit from the adoption of DApps since they leverage Smart contract technology. Furthermore, due of the decentralized system's transparency, many fields will want to embrace it for absolute and complete transparency among peers. Downtime linked with the use of a centralized website or system has also been a long-standing problem for many enterprises, companies, and people from all walks of life. Many sectors or fields will like to embrace this approach as blockchain and DApps emerge with minimal or no disruption.

(Question 2) Is there a possibility that DApps steal user data?

User data cannot be stolen because the DApp works on an open system and is based on a blockchain governed by blocks and nodes. As a result, data theft will be extremely tough. The coding is more opulent and sophisticated. Backend for a DApp. The data on the blockchain is very open and cannot be changed, and the builder has no access to it.

In DApp data cannot be stolen, but that does not rule out the possibility of the blockchain being hacked. Blockchain has the potential to be hacked. I'd want to explain why I'm not surprised. People have been able to locate safe and immutable tags here since the inception of blockchain, however there are a few ways that blockchain can be hacked.

There may be some security flaws in the process of building a blockchain, and occasionally even during that process. This is a fairly regular error in larger blockchains. When a mistake happens, hackers typically use it to pinpoint the exact place of the attack and attack.

In terms of secondary security, some blockchain exchanges have recently been hacked. Poloniex once requested that a user's email address be changed. Some hacker infrastructure was responsible for this. Keep in mind that the user is a member of the exchange. Consider password money transactions; such transactions are now deemed susceptible, and hackers can gain access to the information.

(Question 3) How dapp promotes its application to the public

Of course, for a dapp to gain attention and overtake centralized apps, users must become more familiar with it, so how is a dapp promoted? There are several ways to do it, and I'll go over a couple of them.

Initial coin offerings (ICOs) are primarily used to raise funds for the development of new products or services, which are mainly based on cryptocurrencies and block chain technology, resulting in decentralized apps. It's used for fundraising, and investors can purchase whatever is on offer and receive their shares. As the value of the asset rises, investors expect substantial returns.
Dapp radar, which was launched in 2018, provides data and information about all existing decentralized apps. You can quickly find the most popular games, websites, and apps. It facilitates the search for dapp information. It does not provide recommendations, but it makes it simple for consumers to access the information they require. Dapps, Blockchain, Crypto, Data, Analytics, Marketplace, Games, Dapp, Decentralised Applications, Decentralised Finance, FinTech, and Data Analysis & Reports are some of its specialties.

(Question 4) Choose a DApp and do a detailed analysis that proves that the DApp is a good one to use

First, I will open Trust wallet app and click on the DApp option

Users can choose any DApp based on its popularity. Pancakeswap is one of my favorite Dapps, so I choose it. It is one of the most used DApp

You can choose to connect your wallet. The connect button can be found on the right corner or under the trade tabs.

After the Dapp and wallet were connected, I was able to check Pancakeswap Info and Analytics.

Pancakes has a lot of feature. There is the exchange; where user can exchange a token for another.
Liquidity; where trader can liquidate tokens to get reward.
I can also see transaction data through the DApp.
There a lot of features one can explore in the pancakeswap.

(Question 5) If you were a DApps developer, what kind of app would you like to create? Explain all the details of the DApp plan that you will make.

I'd create a dApp similar to pancakeswap. I'd like to create a decentralized blockchain that allows for high liquidity, so that all users that need to make transactions can do so when they need to.

I'd make sure the dApp is more of a peer-to-peer network to make transaction faster. It also eliminates centralized transactions, embracing the decentralized blockchain network in the process.

Conclusion
To summarize, the future of dApps is bright because they were created to replace centralized networks, and they are succeeding because they are accelerating transaction speeds in many nations.
It's a fortunate coincidence that dApps are being adopted by people who understand the blockchain network, and the majority of them are aware of and realize the benefits of dApps versus centralized apps.