Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task for @wahyunahrul
TASK
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).
A decentralised application or software that is entirely open source is known as a dApp. Unlike traditional apps, which run on a single network of computers, dApps run on a decentralized, peer-to-peer network over which no single organization has total authority. dApps, also known as decentralized applications, such as the Ethereum blockchain system.
Smart contracts, also known as dApps, are agreements between two individuals, such as a buyer and a vendor, that are written in computer code. As a result, the decentralized application does not require the use of a third party. dApps are usually decentralized and open source, with certain community-agreed protocols.
People who have validated their dApps can also be rewarded with tokens by dApps. dApps run on a variety of major computer platforms and are also powered by a blockchain technology. Ethereum, Bitcoin, and other computing systems are examples of computing systems.
DApps function similarly to the Blockchain network. Each user represents a node in the network, and each user is responsible for the network's proper functioning and operations.
As a communication medium, these apps make use of Blockchain technology. The records of the actions carried out that go through a smart contract; contracts that regulate these apps are stored in the network. Making all operations carried out under the programming of smart contracts is one method to ensure that all users participate according to the set requirements.
Smart contracts provide a middle ground for validating each interaction. When the DApp performs a new operation, all nodes are updated. The structure presented is one approach to ensure that the platform is always available to us. The only method to switch off all the nodes is if there is a computer assault; if this does not occur, the platform will remain operational.
As a result of their use of Blockchain technology, DApps have made considerable progress. They are quite safe and give privacy, as well as anonymity in some circumstances.
Other applications have central nodes that control the application system, whereas decentralized apps have no central authority to control the program.
Because nodes or authorities have access to everything one uses, decentralized applications are transparent and open source, making them more safe than traditional apps.
Decentralized apps operate at a much faster rate than centralized apps. Dapp transactions, for example, are extremely fast.
When it comes to building a dApp, good apps cost more than other apps.
ADVANTAGES
• Censorship resistance: Because Dapps are not under the control of any authority, it is extremely difficult for any authority or government to limit access to them.
• P2P network: Dapps do not rely on a single point of failure inside the system, such as a hosting server. As a result, there are no limitations or downtime in hosting it.
• Dapps become more safe and quicker inside the ecosystem as a result of open source development.
DISADVANTAGES
• When it comes to DApps, authentication is extremely challenging since unlike centralized apps, DApps do not function on a single company.
• As it comes to DApps, when compared to other applications, their use is extremely composite and firm.
• When it comes to DApps, problem resolution is extremely tough since it requires all blockchain users to update all of their duplicates in the network.
• DApps are often pushed on social media sites like Twitter, Facebook, and Telegram, among others.
• Dapp promotion can also be aided through blogging platforms and other forms of social media.
• The DApp may also be marketed if the promoters try to organize a competition for people to participate in and provide prizes to the winners.
Crypto has a lot of amazing potential, but it also has a lot of danger, which most people don't think about before investing in it. There are a number of swindled Dapps that have plausible terms and conditions. These are referred to as High-Risk Dapps.
The majority of high-risk Dapps promise to be transparent, decentralized, and to work with well-known exchanges, yet they do not. They also promise to award and distribute tokens to people who join through your referral link.
Before investing in any of these dApp initiatives, it is necessary to conduct research.
The screenshot below depicts some of the most popular Dapps that are widely utilized.
The top ranking Dapps on the DappRader app will be displayed when you click on the rating. More Dapps may be found by clicking on open defi ranking.
The top ranked Dapps on the DappRader are shown in the picture below, with Pancakeswap being ranked #1.
To open the Pancakeswap Dapp, select it and then click the open Dapp button.
This is the current chart, which shows that by September 21st, 2021.
Liquidity : $6.94 billion
Market Cap : $9.06 Billion
Token Name: Cake
Token Price : $19.81
Thank you @wahyunahrul for this class.