Crypto Academy Season 5 Beginner's Course-Task 08: Decentralized Applications (dApps)
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Image designed in Canva | by @ mrsokal
QUESTION
| (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). |
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♨️ Question : What are dApps❓
The full form of dApps is Decentralized Applications. These applications are developed on blockchains. like other apps, dapps aren’t running on a single server. These are running on a peer-to-peer network. So, there is no need for any types of a middleman. There is also nothing like a central authority. Dapps are one kind of open source. Every user of dapps has full control over their assets & account.
Dapps use different types of smart contracts. These smart contracts are executed on the blockchain network. Every kind of data & record is backed up on this network. So we can say that dapps are more secure than centralized apps.
There are lots of centralized apps online. They are also very famous to us like Facebook, Whatsapp, Youtube, Tiktok etc. These types of apps have a central authority. The authority can control the assets and information of every user. But in dapps this is never possible. There is nothing like the central authority in dapps. So nobody can have access to our assets and information. Every user have full freedom about their assets and information.
The transaction process of a dapps is better than centralized apps. Because dapps support the P2P transaction method. This method is really very cheap. It doesn’t have any transaction fees. Usually, if we want to make a transaction from a country to another country, we need a large amount of transaction fee. But in dapps any kind of transaction is totally free Or a much cheaper way.
♨️ Question : Explain the working system of dApps❓
If we want to explain dapps, at first we have to know about the smart contract. This is one kind of logical program that is running on the blockchain. It has the ability to record and store the information we want to record and store. Because of it, everyone can see all kind of transaction which is made on this blockchain system. It is not possible to hide in dapps.
Previously I already have told that dapps are built on peer-to-peer connections and there is no third party or central authority. So there is no need to confirm any transactions. It costs only a little amount of fee while transection. This transaction fee is paid in different cryptocurrencies and it depends on the type of blockchain network.
As an example of decentralized app we can talk about UNISWAP. It is a decentralized app that is based on the Etherium blockchain. In this dapps transactions are made on smart contracts. Here is no central authority of this dapp. The transaction fees are very little in this dapp. This dapp also offers more awesome advantages because it is decentralized and uses smart contracts.
♨️ Question : What are the differences between dApps and other applications❓
| DAPPS | OTHER APPLICATIONS |
|---|---|
| Dapps are actually built on the decentralized blockchain network | Other apps are centralized and they are not built on the blockchain network |
| Dapps support smart contracts and P2P transactions | Other apps don't support smart contracts and transactions are very complicated |
| Users have 100% control over their assets and information | The authority have the control power |
| Dapps are more secure, speedy, simple because of the p2p system | Authority permission is needed in other apps |
| In dapps transaction fees are very low | Other apps transaction fees are very high |
| Dapps use different types of cryptocurrency | Other apps use different types of fiat currency |
| Dapps are more secure because of decentralization blockchain network | Other apps are less secure because of the central authority |
| Users interface of dapps are easier | User interface of other apps are quite complicated |
| The maintenance cost of dapps are very low | The maintenance cost of other apps are very costly |
♨️ Question : Explain the advantages and disadvantages of dApps❓
Advantages of Dapps :
Users can decide what will they do with their assets.
In dapps, there is no limitation of access.
Dapps is one kind of open-source application. Its operation is fully transparent.
Dapps are built on peer-to-peer connections. So, hacking is not possible here.
The transaction in dapps is very easy and fast and secure.
There is no need for any third party or central authority for transection.
The transaction fee is very low for peer-to-peer connections.
Disadvantages of Dapps :
It is very hard to update any dapps. Every peer has to change to update any dapps.
There is no central authority to verify the transactions. This can be a proper reason for spamming.
Any kind of private transaction is not possible here. All transactions are transparent here. Everyone can see every transaction.
In centralized apps we can get a refund for our wrong transactions. But in dapps, it is not possible to get a refund for wrong transactions. So it's risky. If we make any mistake in transactions, we will never get our assets and information back.
Dapps interface is quite complex. It is difficult to understand for a new user.
♨️ Question : How can dApps developers promote their apps❓
There are many ways to promote dapps. Developers can promote their dapps in their own way. Here I am going to share some ways to promote dapps.
The most famous way is through the blog. In a blog, developers can discuss their daaps. Developers can write a blog about their dapps. They can discuss their dapps interface, advantages, using the system, etc. By writing blog developers can reach the audience of the blog.
The most popular blog platform to promote dapps is Medium. Medium is the most popular blogging platform where people write about tv commercials and blockchain technology.
Another famous method to promote dapps is airdrops. Developers give a share of their tokens to different users' wallets. This method is used to get the attention of the users by giving them some rewards. By airdrops, developers get a new network of communities or a lot of new users who are interested in their project and also invest in their project.
Coinmarketcap is one of the best sites to get involved with airdrops. People can know about new airdrops by visiting coinmarketcap website. In coinmarketcap there are different types of airdrops where anyone can join easily.
The social media platform is another way to promote dapps. There are a lot of social media like Facebook, Youtube, Twitter, Instagram, etc where there is an option for advertising. Developers easily can promote their dapps on this social media platform.
Developers also can promote their dapps on the tv, offline workshops, billboards, posters. They can run different types of advertisements about their dapps on this platform. They can also organize seminars. In the seminar, they can tell people about their dapps and encourage them about their dapps.
♨️ Question : What should we pay attention to when using dApps?❓
When people use dapps, there are some things that should be looked out. Here i am going to discuss about this.
At first, we should pay attention in the performance of the dapps. If we want to invest in any dapps, we should check the performance level of the application. If we see that the performance level is quit well, we can trust the dapp and invest on it without any fear. But before investing any dapp we must check that the application is scalable or not.
Secondly, we should check the availability. We can check it in the Coinmarketcap. Here we can check that how much token is actually available in the market. Any tokens availability make sure that the project really exists. It also means that the users will get their native coins.
We can also communicate with the official account. We can personally communicate with then on their social media account. This will help us growing confidence level high on the application and the running project of the application. We can also get the latest news or updates from their official account.
Before using any dapps we should be very careful about this. We should be careful about their airdrops also. We should never buy any token before it launch on any trusted site or in the time of airdrops. At first we have to make sure that the token become official and then we should invest on it.
When we creat account on any decentralised application, they give us key and address. By this key and address we can get access and operate the platform as our own. Without this key and address we can not get access of our account. So we should be more careful about storing the key and address in a secure place.
We should also aware of of scam projects. There are a lots of scam project at this time. Day by day the popularity of dapps are increasing. Besides scammers also running many scam projects. We should always be aware of these type of scam project.
♨️ Question : How do we find the information of a DApp that we want to know❓
There are a lots of ways from where we can find the information of a dapp. There are a lots of websites like coinmarketcap stateofthedapps, dapprader, etc. They provide us all the information about the dapps. Here i will use Dapprader to show that how can a user easily get the information of any dapp.
In the above picture, we can see the homepage of dapprader. Here we can see different types of features of this site. We will find them on the top of the website. There are different options like Rankings, Portfolio, NFTs, Defi, Reports, and Blog.
When we click on the rangking we can see the list of the dapps which are already listed here in a ascending order. The number one application is the highest rank. The dapps aftet that is lower ranks respectively.
At the top of this webpage we can find steem. If we click on steem the list of dapps which are running based on steem, will be showed. Among all the decentralized application i will click on most popular application which is steemit.
Here we can see that, the number of users of steemit is 4.26k, the number of total transaction is about 21.28k, the volume is $10.85, and the balance is $3.95M. We can also see the graphical representation of the historical activity in this site. At present, the ranking of steemit is number one in steem based dapps, number 2 among social media and number 46 among all kind of dapps.
♨️ Conclution ♨️
I have answered every questions that is given. I want to say thanx to professor @wahyunahrul, for his wonderful lecture. From his lecture i can learn about decentralised apps (dApps). Thanks for reading my post. You can comment your opinion below.
#club5050 #club75 😍