CryptoAcademy Season 3 Week 7/ Homework Post for professor @wahyunahrul / "Decentralized Apps (DApps) - Future Apps From Blockchain System"
Introduction
Dear Steemians,
I welcome you to the 2nd day of this week 7. Today is another great day to engage in this community. I am kehinde Micheal with username @msquaretwins. I count it a great privilege to be submitting my homework post for professor @wahyunahrul who presented the topic "Decentralized Apps (DApps) - Future Apps From Blockchain System" in the beginners class. He has really did a great job. I will be answering the questions he posted in the homework session below.
1.) Will DApps be able to replace centralized applications in other fields in the future?
The rapid development that comes with blockchain technology has revolutionized the world. And this has made easy the evolvement of many businesses, companies, social media and industries around the world. The Decentralized Apps (DApps) which came to the limelight as a result of the blockchain technology has also put spices, reinforced and unfolded the importance of decentralized system.
As a result of emergence of DApps, some fields have been shifting from the use of centralized application to decentralized website. A common example is Freenet. This website is largely used by academicians where many interact together and the interaction is anonymous because it use decentralized system.
Although cryptocurrency is still in the early adoption as a medium to transact, many businesses have started receiving crypto as a medium of exchange. Therefore, since DApps are built on decentralized network and are programmed to use cryptocurrency as a medium of exchange, I believe DApps will be able to replace centralized applications in many fields in the future.
The cost most company use to do transaction in a centralized system is much. Shifting from centralized system to decentralized platform will reduce this cost and increase fast and secured transaction. Therefore, many companies will like to take advantage of this, thereby resulting in changing from centralized application to decentralized system.
DApps will also be a suitable means in the world of politics. Some people don't cast their vote during election period because they don't want to be known. DApps can be use to do voter's identification and verification. Therefore, with the use of DApps every voter will be anonymous and it will be secured and transparent which every citizen can see.
Because Dapps uses Smart contract technology, many companies like Construction company, energy company real estate, merchant trading companies etc can employ the use of DApps for their benefit. Additionally, because of transparency in decentralized system, many fields will like to adopt this system for total and complete transparency among colleagues. Also the downtime associated with the use of centralized website or system has been a long term issue with many businesses, companies and various fields of life. With the emergence of blockchain and DApps with little or no interruption, many sectors or fields will like adopt this system.
2). Is there a possibility for DApps to steal user data?
Nothing in life is 100% safe. As the technology is advancing, the hackers and data stealer are also devising schemes and trick to hack blockchain and still people's investment and information. However, blockchain is a decentralized system with high level of security through cryptograph it employed.
Additionally to steal user data on cryptocurrency blockchain, it will require 51% of certain cryptocurrency in circulation and this makes it difficult to steal or hack blockchain. Since DApps are built on decentralized network, it is therefore not actually possible to steal user data. The only possibility for users data to be stolen is if the DApp has not joined blockchain network. Because the security of DApps is derived from the security of blockchain network such DApp join with.
3). Explain the ways in which a DApp promotes its application to the public?
DApp promotes its application to the public in so many ways. Some of them are;
1. DApps Directory Website :- Many people get to know new DApps by visiting DApps directories. So DApps promotes its application to the public through DApps directories. A list of some of these DApps directories is displayed in the screenshot below.
2. Social Platform:- Another way DApps promotes its application is through social media. Social media like Telegram, twitter, discord are often used by DApps to reach the DApps users.
3. Cryptocurrency Forum:- You can only promote your business where your audience are. So DApps make use of popular cryptocurrency forum like etherum forum, bitcoin forum to promote their application.
4. The Use of dapp.com:- Most DApps promote their application using this medium. They simply go to dapp.com to set up their promotional ads by using any package they wish. Let's see the screenshot below.
This pictures above is the screenshots of the way Dapps promotes their application using the website dapp.com. There are three packages, as seen in the screenshot below. The DApp founder then choose any of his preference and then submit the promote information. Using this medium helps DApps to reach many audience.
4). Choose a DApp and do a detailed analysis that proves that the DApp is a good one to use. (Provide proof with screenshot).
I have chosen Uniswap DApps
• Let's first go to this site dappradarto take a look at the series of some DApps.
• When you click this link, you will be launched to dappradar homepage
• To see the list of all Dapps, click the dot icon at the left top corner of the homepage. Then click the ranking from the drop box as seen in the screenshot below.
• Then the Dapps ranking will appear for you. I will be using uniswap for this question
• uniswap is ranked number 11 in dappradar as seen in the image below.
• I then clicked on the uniswap icon.
• Another page will then appear. From there click open DApp
Let's check the screenshot below
• By clicking open DApp from the former screenshot you will be taken to uniswap home page.
• You then have the uniswap homepage.
• From the home page, we can see swap pool, chart, and vote. Let's briefly talk on these features.
• Swap means you can swap a coin for another token. But before you can do this, you must first connect your wallet.
• To connect wallet, click connect wallet from the home page as shown in the screenshot.
• When you clicked that, another page will appear. From the new page, click wallet connect. This option is for connecting trustwallet to uniswap DApp.
• Then a new page will appear where you can choose how to connect it. You can connect with either "mobile" or "QR code". Choose one.
• If you chose mobile, another page will appear informing you that uniswap interface want to connect to your wallet. Then click connect as displayed in the screenshot.
• If you follow the steps above, then you will see a page as displayed below. You will see your wallet already being added yo the uniswap page. That means you have successfully connected your wallet.
• To swap a token, simply click select a token
• The from the drop down, select a token to which you want to swap to. Let's see the screenshot below
• Let's select AAVE token and seen how it look like.
• when then have it there. Put the amount of ETH you want to swap and the do the swapping.
The image of this is displayed below.
• The next feature is pool This is where you will see all your pool overviews. All your positions will be displayed for you in this place.
Let's see this in a screenshot below.
• The next feature i want to talk about is vote feature. In this place you can create proposal and delegate your vote to third party
• The last feature is Chart. When you click this, a page will appear where you can see different coins token chart. Yoi can search any token that you want to view. Let's see the screenshot below
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.
If I were DApps developer, I would like to create the Type III DApps where people can cast their vote anonymously. The name I would like to call this DApp is Anonvote
Detail plan of the proposed Anonvote DApp is highlighted below.
1. Cost analysis:- The first thing in any project is to count the cost. I would do cost analysis of how much the project will cost. Also, how much the project can give with certain period. When can the project break even?
2. Writing of WhitePaper:- Writing of white paper is important for every decentralized project. This will help investors to invest in the project. Strong and convincing white paper will help the project to be maximally adopted. Here i will write white paper about the project anonvote DApp and what the community stand to gain in using this project. I will also analyse what the investors stand to gain in the next 2 years, 6 years and 10 years.
3. Awareness:- The plan in this place is to push the project to the investors and the general community to see how it will look like. In this place I will do initial dex offering (IDO) of the project. This will make many people to invest in this project thereby pushing the project to the public.
4. Building nonvote DApp:- Etherum project is what I would like to use in building this DApps. And the App will employ the frontend technology. Then I will code the application. These are some of the features that I plan to put in the Dapp
- country: this place will be where people will choose country.
- voter's Identification and registration:-This is where all voters will do registration and identification process here as well.
- vote pool: This is where every body will see the result of the vote that is being cast
- Result : This place will b where people can see the result
- Party: This place will consists of different party and their identities
5. Testing the anonvote DApp:- The already created DApp will then go to the test phase. The testing will depend on what to add and any other modification to do. If the testing phase has been fully established with no error, then anonvote DApp is ready for launch
6. Launching the anonvote DApp:- This will be the last stage of this project. I will lauch the anonvote DApp and use many medium as said above to promote the anonvote.
6.) Conclusion
With the increase of blockchain technology, many businessness, industries companies etch are now shifting toward the use of decentralized application. It is therefore important for the community to take the advantage of this ever growing and evolving technology for easy transaction and business engagement. From the assignment given, I was able to connect my trustwallet to uniswap DApps. Special thanks to our amiable professor @wahyunahrul for this great lecture. It was an eyes opener. Indeed the future App is DApp.
Thank you for reading
Written by: @msquaretwins
Cc:- @wahyunahrul