[Beginner Course] Crypto Academy Season 3/ Week 7 - Homework Post [ Decentralized Apps (DApps) - Future Apps From Blockchain System by @rosita-nkefor]
Greetings dear crypto students and professors. I am pleased to participate in this week's course taught by Professor @wahyunahrul. Please find presented below my homework post.
Decentralized Apps (DApps) - Future Apps From Blockchain System by @rosita-nkefor
1). Will DApps be able to replace centralized applications in other fields in the future?
To begin with, I will define both Decentralized Applications (DApps) and Centralized Applications.
Centralized applications are those applications, where all user data is being sent to and stored in a central server or system. Here, the owner of the server can deny a user access whenever they decide to and nothing can be done. Examples of such applications include Twitter, Instagram, Facebook etc.
Decentralized applications are those applications whose data are not kept on a central server. Control shared to all the users and each user is capable of controlling their own data. Such applications run with a decentralized blockchain which records everything. Nobody has the power to block another person in such an application.
Commonly referred to as the apps of the future, DApps are slowly entering the technology with hopes of dominating. However, despite all the numerous advantages of DApps, I believe that they will not replace centralized apps in other fields in the future. Both types of apps have their advantages and disadvantages but centralized apps will not be completely replaced. This is because there will always exist certain fields that will require a centralized system. DApps will exist side by side with centralized apps.
2). Is there a possibility for DApps to steal user data?
DApps use a decentralized system and in such a system, all data is recorded on the decentralized blockchain. All users are incontrol of their own data. Thus, it is practically impossible for DApps to steal user data.
Also, DApps run with an open source code. This means that anybody can access the application code and hence, nobody can manipulate user data.
3). Explain the ways in which a DApp promotes its application to the public?
DApps are emerging and for them to grow to their full potential, the population has to be informed of their existence. Thus, they do various things so as to promote their application. Some of these methods include the following.
Most DApps promote their application using airdrops. And we all know that they run using a crypto currency token. An airdrop refers to when DApps distribute their tokens for free to a select group of people who follow their rules. That is, they go to a popular social media app such as Facebook, Instagram or Twitter and announce a distribution of free tokens. And those who want to get those tokens for free will have to follow them and most probably share their post so that they can have a wider reach.
ICO's (Initial Coin Offerings) are crypto currency tokens which are sold to investors in exchange for money. On ICO trading platforms, this exchange is done. Through this way the company gathers enough capital to fund the application. For this to happen, the developers will put together a "white paper" and present to possible investors. If the application is analysed to be a hit, the investors will invest in it by buying the tokens.
DApps can promote their applications very well through pop up adverts. There are many times that I have seen some applications on adverts and I searched them on Google to find out more about them. Thus ads are a very effective way for promotion. These ads can then be placed on traffic generating websites and certain applications.
4). Choose a DApp and do a detailed analysis that proves that the DApp is a good one to use. (Provide proof with screenshot).
The first thing is to open DAppradar on Chrome. When that is done, I was brought to the homepage showing the rankings of the DApps in each category.
I searched for DApps which use the STEEM token. Out of the apps there, I chose Steemit which happened to be first on the list.
Analysis on Steemit
Now here is my analysis on why Steemit is a good app to use.
The ranking of steemit at the moment I went to DAppradar for the last 24 hours is as follows:
- In general (#37)
- In social (#2)
- In steem (#1)
I decided to take the statistics for the last seven days and it is as follows.
- Users: 8.04k with an increase of 1.43%
- Transactions: 132.59k with an increase of 4.22%
- Volume: $132.12 with a decrease of 67.61%
- Balance: $3.43M
I then clicked on Open DApp. It brought me to all posts as you can see.
Special characteristics of Steemit
Steemit uses the bonded proof of stake. That is, the way users earn is based on the amount of token or "stake" they already have and they users are not obliged to delegate and when delegating, the tokens still remain in their wallet i.e delegation without custody. Token holders also benefit from voting rights.
Using the DApp itself, you can create an account for free.
Steemit provides four different keys and one password upon creating an account namely the posting key, active key, memo key, owner key and master password. These different keys provide different levels of access to that account thus, properly securing the account.
On Steemit, you can earn four different tokens namely Steem, SBD, Steem Power(SP) and TRX due to the Trons integration.
It has an internal market where you can exchange SBD and Steem without any transaction fees as incurred on third party exchange sites.
Steemit is a highly used DApp and allows you to earn and build up your wallet basically from scratch that is without any initial funds. It allows you do what you'll normally do in social networks only that here, you get paid to do so.
The platform has transparency due to it using a decentralized system. Accounts are also secured using the various access keys. Here, you can earn three tokens (Steem, SBD and TRX) that can be traded on crypto currency exchange sites. Thus, steemit is a very good DApp to use.
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 a developer, I will create a gaming DApp. Everybody is playing games nowadays so my app will be monetize in-game earnings or coins.
- The game will be an adventure type of game where the player goes on quests and tasks and gets rewarded in the game coin.
- The game coin will be created by me and used in the game as a utility token.
- I will create a partnership with a crypto currency company such that the crypto currency is integrated into the game. In this way, as the player unlocks new levels and gathers more coin, he as well earns crypto tokens which can be traded.
6). Conclusion.
DApps are the future and only more will come since they cannot be erased due to their presence on a blockchain. All we can do is to embrace them and go along with the new era.
Thank you for reading.
P.S: All pictures are mine edited using Photogrid and PixelLab.