Decentralised Applications - Crypto Academy .. by @shahidchoudary
Hello all the Steemians out there!
*I hope you're doing well and good in your lives
So let's start the topic answering the queries without any further delay! 💯
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).
These are the questions I have to answer in this home work post of mine. So I will break them down one by one. Let's give it a go with first question...
What are dApps?
First of all we need to know that what dApps actually are. The full form of dApps are decentralized applications. Sometimes they are quite similar to normal apps but most of the times they have a handsome difference. It is obvious that a normal app and a decentralized app cannot have much similarities. The main point that differ a decentralized app from a normal app is that the decentralized one is run on a peer-to-peer network which is also known as p2p network, such as a Blockchain network.
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- We all have idea that Blockchain is such kind of technology that connects with a decentralized system in which everybody has his/her freedom. The freedom of having any transaction without being afraid to anything. This is what a decentralized system do, that all the users are the reason for working of the app of the whole Blockchain system. It doesn't require any kind of special institution or headquarters to handle it's all working.
It's one of the best benefits is that dApps also have the ability to use an open system of source along with peer-to-peer system. It's simply means that all the users have the access of the whole system, so it's nearly impossible to manipulate the data.
The working system of dApps:
If a decentralized application once joined a system of Blockchain then it will be impossible for it to get disappear, no matter what. And the reason for this is that the dApp uses smart contracts in this regard. So the transactions that made on the dApp will automatically be digital. Hence it made it working properly without the interference of humans.
And all these things would become more cheaper and less difficult by this. This is so because this is without the need for any human or ant third party that can control the whole system.
- For the better understanding of all this scenario that how it actually works, let me give you an example:
Let's suppose a person named "A" in Pakistan has to buy something from a person "B", who is in Singapore. Here we can see that the countries are different and for purchasing he has to send the money into the bank account of B. Obviously a different bank. So he would make a transaction and then transaction verification will take a time to verify all the payment by the banks.
You can have the idea that it's a long process and will deduct a handsome amount of fee. It can take even days.
But nowadays it can all be so easy and cheap by making a transaction through smart contracts, that we will be sending our money through the dApp that actually working on a Blockchain network. Unlike the upper bank transaction I explained it will take only a few minutes to complete the whole payment process.
Difference between dApps and other Apps:
There are few features that differentiate the decentralized application from other applications. What the these key differences? Let's know that..
Transparent Working:
Decentralized application works transparently. Working transparently means that nothing is hide from anyone. All the users can see that what is happening at any time. Because all the data is recorded on public ledger. So it's one of the key differences between dApps and other Apps.
Data Erasing:
An amazing and one of the good features of dApps is that it's data cannot be erased. If once data is generated it cannot be erased from the Blockchain network. It means that it's nearly impossible to cheat or use any unusual means to erase data or any other transactions stuff. If you ever tried to erase it, maybe it will get disappear for once but it would not ever get disappear or get deleted from the Blockchain network. It can be held right in front of you when needed.
We do not find this feature in other applications.
Run on peer-to-peer network:
One of the most important key difference is that the decentralized applications run on the peer-to-peer network. For example on a Blockchain network. And this phenomenon we cannot find on any other normal application. Hence it decentralized application make it's more unique than the normal one.
No need of central authority:
Like I discussed earlier that decentralized applications have no need of any kind of central authority. It's working mechanism and it's way of transactions are somewhat like transparent. Every user can have the access and can see the working out there. But the normal applications have the central authority and controlled by the third party.
Advantages of dApps:
- Now I am going to talk about some of the main advantages that decentralized applications provide but normal applications don't...
Reduction of cost:
If we want to transact our money from one country to another or from one bank account to another. It is obvious that the process would be worked under a rule of deduction of fee. And it would become more and more if the country is different or the bank we're transacting our money into. That's why reduction of fee cost is one of the best advantage of transactions by dApps.
No data lost:
The data which once created on it can never be lost. Neither ever nor never. Because it's the key function and uniqueness of the Blockchain network that the data is recorded once it made. This is also a good advantage of decentralized application.
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Speedy transactions:
If we talk about the transaction timings then no doubt that the transactions through decentralized application would be more better that all the traditional apps or processes. It would be less time consuming and will make the transaction even in minutes. It's speedy working makes it more advanced and beneficial.
Open Source:
As we talked about it above that it's working is open source. All the data, the transactions and the history is like a transparent glass. We can see the data history at any time. The traditional apps does not have the open source system in them.
Disadvantages of dApps:
- Decentralized applications has some disadvantages as well along with advantages. And disadvantages has been effective on the working, on the mechanism and on the popularity of that particular action or proceeding. So here's some of it's disadvantages which I'm going to discuss:
Hard to maintain:
As we know that it's working on a peer-to-peer network so the updates of the initial system is necessary. And from the new updates it's all working will be maintained. Because everyone single peer needed to be updated on it's time. And as it's working on a very complex mode so it's hard to keep it updated every time.
Sensitivity:
A Blockchain network is very sensitive and so the dApps working. As we have all experienced that if we ever forget our username or password on any traditional normal app, we can recover that easily. Because there are many ways to recover. Through your mobile number or the email address you provided would play a major part for recovery of your account.
But in decentralized application you need to keep safety of your public keys as well as private keys. Because if you lost them it would create a lot of trouble and you can lost all your data. That's why I names it a sensitive system.
KYC is difficult:
If we talk about the other applications they are providing us a KYC for user identification. KYC is simply known as "Know Your Customer" and KYC verification is easy in traditional apps. While on the other hand a decentralized application cannot provide you to do your KYC verification easily. So it's a disadvantage of dApps in my personal opinion.
How can dApps developers promote their apps?
- Dapps developers can promote their apps in various ways. Some of them are discussed below:
Social media platforms:
The dApps developers can easily give the advertisement of their decentralized applications to use on the social media platforms. It's the era of social media and it's one of the best way to promote your app here. They can use their Twitter advertisment, Facebook page, Instagram Profile and many more.
Cryptocurrencies Platform:
A decentralized application developer must have to be in the cryptocurrencies Platform as both have a handsome link with Blockchain. So a Cryptocurrency platform for promoting the app is not so bad and even it would be promotion in that specific field. Platform like Steemit is best for it in my eyes.
Promotion through website:
If your working system is of that calibre that you can promote your business then a website would be more beneficial and more professional in this regard. For such kind a promotion your application should be of right calibre and needs to be properly featured.
What should we pay attention to when using dApps?
Where decentralized application is beneficial for users and investors, there they are high risky as well so we need to pay our attention to some points while giving it a shot.
- First of all before investing the money into any dApp project we should not invest blindly. We need to do our proper research on that particular project. And one of the important point is that don't even try to invest money in such a big amount that after losing your could not be able to afford that lose. And it's a Cryptocurrency based on Blockchain network so anything could be expected.
Like I said that do your own full research because we do not have any idea that who is the real person sitting behind it. So it cannot be fully trusted.
How do we find the information of a DApp that we want to know? Provide the steps. (Screenshot required)
First of all we need to go to the platform named as dappradar on our computer or mobile. Just tap the link and you'll be directed to it.
You will be directed to that page I attached.
Then you need to click on the further options which I highlighted in the screenshot attached below..
After this step you can see that a different kind of options are right in front of you. Here you have to click on the Rankings..
After clicking on the Rankings you can see that there would be different decentralized applications appear right in front of you. You need to choose that which one you need to explore.
Like I'm here choosing the Splinterlands to have the information of. And now I will open it and see what it would show to us;
After clicking on that dApp you will have such kind of page before you:
I highlighted here two things you can see. It's token name is SPS and it's token price is $0.609
And if you want to know it's statistics and historical activity you can further go down and have a look if you need to.
THANK YOU VERY MUCH FOR READING. I TRIED MY BEST TO FULFILL ALL THE REQUIREMENTS AND ANSWERS IN BEST WAY. I HOPE FOR THE BEST GRADES 🙂
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@steemcurator02 sir my post haven't curated .