CryptoAcademy Season 3 Week 7/ Homework Post for professor @wahyunahrul / "Decentralized Apps (DApps) - Future Apps From Blockchain System"
Hello fellow steemians, it's been another wonderful week and a great pleasure to attend this week's lecture. All thanks goes to the Almighty Allah and also a big thanks goes to Professor @wahyunahrul who took his time and make sure to digest this lecture to our understanding. This lecture was really helpful as I learned a lot from it.
Below is my homework post submission.
The introduction of blockchain technology has bring a lot of positive impact and development to the world. This technology impacted positively on companies, businesses, industries and all social media platforms.
The Decentralized Apps(DApps) which was just introduced recently with the knowledge of the blockchain technology has also reveal to the world the importance of decentralized system.
Many business entities and fields have started to adopt and focused more on the decentralized system than the Centralized application since the the introduction of DApps. An example of a well known DApps website is the Freenet.
Freenet is a P2P communication platform which keeps and deliver information by the use of decentralized data store.
Even though transactions using cryptocurrencies has just been recently introduced, a lot of companies have adopt this technology and have already started receiving cryptocurrencies as a medium of exchange. Due to the fast adoption and patronage of the cryptocurrencies, I strongly have the believe without any doubt that in the future, DApps will be able to replace the centralized system in many fields.
Most reputable and well known companies around the world incurs a lot of cost when carrying out transactions on centralized system. This transactions on centralized system are sometimes not fast, secured and reliable. But because decentralized system is more faster and secured when carrying out transactions, this companies are now beginning to shift their attention from the centralized system to the decentralized system.
Another major problem the centralized system faces is transparency. But since decentralized system has proven to be more transparent as compared to the centralized system, many fields will like to take advantage of this and make sure to increase the trust and total transparency among colleagues. There are no third parties in decentralized system as there are in centralized system.
It's absolutely impossible for user data to be stolen. This is because the DApp system operates on an accessible system and it is established on a blockchain managed by nodes and blocks. Because of this, it's highly difficult for data theft to occur on DApps.
The encoding is richer and more complex backed for a DApp. The data stored on the blockchain is very open, immutable, and the builder has no right to access it.
Although data cannot be stolen on DApps, it doesn't mean that it is not possible for the blockchain to be hacked. Recent incidents regrettably show that hackers can access the blockchain under certain circumstances.
Hackers can steal and have assess to people information when the following happens:
- Creation errors: Sometimes, there may be security vulnerabilities or errors in the process of blockchain creation. For larger and more complex blockchains, this may be more common. When this happens, a hacker looking for a method can identify the vulnerability and attempt an attack. This situation occurs in smart contracts that use blockchain networks for operations.
- Insufficient security: Almost all the blockchain hacks occurred on exchanges, which are places where users and traders can trade cryptocurrencies. If the security measures surrounding the exchange are weak, it will be easier for hackers to access the data.
There are various ways DApps follow to promote their applications to the public. Some of this ways are discussed below.
- Social Platform: Social media is one of the most important platforms DApp use in promoting it's applications. There are billions of people across almost all the social media platforms which makes it one of the best place to promote DApps applications. Social media platforms such as discord, Twitter, Facebook and Telegram are mostly used by DApps to reach their followers and users.
- Cryptocurrency Forum: There are various cryptocurrency forums available. Most of the successful and dominating cryptocurrencies have their forums where they interact and get in touch with their users and followers. So it makes it easy for DApps to convince and sell their applications to this users on the forum. The popular cryptocurrency forums DApps use in promoting their applications are the Bitcoin forum and the *Ethereum forum".
- Through Directory Website: The DApps directorate website is mainly used for the promotion of DApps applications. So many users are mostly directed to this websites to find more information about the available DApps applications. The DApps directorate websites are many and we can find them by doing more research on them.
- Initial Dex Offering(IDO): The Initial Dex Offering is another way to provide decentralized app tokens and services to the public on a decentralized trading platform. Unlike IEOs, IDOs have lower costs due to their decentralization, because they can host products on any decentralized platform without paying fees. It can even be said that IDO is the best way to promote DApp application, because it is a combination of ICO and IEO.
- Through Airdrop: Airdrop in cryptocurrency simple has to do with the free distribution of tokens or coins to investors who participated in the event. DApps takes advantage of this thereby using the opportunity to promote their applications to both new and old users in the world of crypto.
- First and foremost, I will have to visit the DappRadar. After it opens, you click on the highlighted part in the screenshot below.
- You click on Rankings which is the first feature among the features shown.
- Users can decide to choose any DApp of their choice by considering it's ranking. One of my favorite Dapp is the Uniswap, so I will select it as my preferred DApp. Uniswap is part of the first 10 listed DApps and it ranks at #7.
- In order to view or see the details of the DApp, I will have to click on my preferred DApp. That is done by clicking on the Open app icon. After clicking, you will see the details of the DApp which is commonly known as statistics.
You are now given an option to Connect your Wallet.
I will then click on connect wallet as shown below in the screenshot.
- Two options are given to connect my wallet. One is through mobile and the other is through QR Code. I will choose to connect through mobile.
- I will then be required to install the trust wallet into my mobile phone which I did. I will then click on the App on my phone.
- After that, I then click on DApps after opening the wallet.
- And now enter the Uniswap Exchange link to the wallet.
- I will then click on the connect wallet.
- After the link opens, you will see features like Swap, Pools, Vote and Chart.
- I will start with the first feature which is the swap. The swap feature allows users to swap from coins from Ethereum to other currency. so I will click on it.
- I will select the AMP token as the one I want to swap the Ethereum to. After that, you put the amount of Ethereum to swap and then go ahead with the swapping.
- The pool feature is next to swap. This feature allows us to see our pool overviews.This is where you will see all your pool overviews.
- The feature next to pool is the vote feature. This feature allows us to delegate our votes to any third-party.
- The next as well as the last feature is the Chart feature. This feature allow us to view different chatty of coins token. You can as well search for a chart of any token that you want to view in this feature.
- The aforementioned functions of the Uniswap DApp features provide detailed information about the cryptocurrency market, which is vital information for traders.
For me, if I were a developer of DApps, the application I will have like to create would have be the Type III DApps. This DApps is very important in such a way that it allows users to cast their vote without their identify being revealed to any third-party.
In creation of my DApp, I will be required to give a name to it. I will love to call my DApp as SecVote.
I have highlighted below a detailed plan for my proposed SecVote DApp.
- Cost analysis: The most important thing to consider first when building a project is the cost or resources to push into the project. I will conduct a cost analysis on the cost of the project. In addition, I need to analyze how much the project can provide in a given time as well as the period the project will break even?
- WhitePaper Writing: White papers are research reports or guidelines that help solve problems. The most important use of white paper is that, it is use to educate readers to reveal new or different perspectives. White paper writing is very essential for any decentralized project. The white paper informs and educate the investors on the purpose of the project as well as the benefits the project. This will allow investors to put trust in the project and invest in it.
The white paper needs to be convincing in order to allow the project to be accepted by many investors. In my white paper, I will outline the benefits investors stand to gain within a stipulated period of time as well as what the community itself stands to achieve.
- Creation of Awareness: Awareness creation plays an important role in the successfulness of any decentralized project. Because my plan is to bring the attention of investors and the general community to my project, I need to create awareness. The best way I think I will do to sell my project is to do Initial Dex Offering (IDO) of my project. Doing IDO of the project will convince many investors to invest their resources into this project and in the process, helps to push the project to the general public.
- Building SecVote DApp: The Ethereum project is the project I want to use when building this DApp and this application will use front-end technology. The next thing for me to do is to encode the app.
These are some of the features I plan to add to the Dapp.
- Party: This category will contain the different parties with their respective identities.
Country: Every voter will be required to provide their country of residence.
- Registration of voters and identification: This App will be build in such a way that no person can register and vote twice. Registration of voters will also be done here as well as their identification.
Results: A place where the final results will be counted for everyone to see.
Vote pool: This is also a place where every voter will be able to view the results of the casted votes.Testing the Secvote DApp: Testing the SecVote DApp is very important because it allows me to make sure that there are no flaws or faults before the launch. I will pass it through a test phase to make sure everything is accurate and standard. After the testing of the DApp is successful, the SecVote DApp will now be ready to be launch and make available for investors.
- Launching the SecVote DApp: The most important and final part is the launching of the project and making it available for investors. After launching the project, I will now devise ways to promote the SecVote on order to get more people on board.
Since the creation of blockchain and cryptocurrencies, blockchain technology and knowledge has been on a rise. This has allow many industries and companies to start adopting decentralized system and application as their means of transaction. The reason is, the cost involve in making transactions using the centralized system is very high. Decentralized system came to solve this major issue giving it an upper hand over centralized system. This means that, the community need to build more decentralized applications to cater for the over growing population and industries that adopt this technology.
A very special greetings and appreciation goes to Professor @wahyunahrul for this important lecture. I can attest to the fact that, I have learned a lot through this lecture as well as making my own research.
Thank you.