[Beginner Course] Steemit Crypto Academy Season 3 Week 7 | Decentralized Apps (DApps) - Future Apps From Blockchain System by @small-ville

Dapps or Decentralized applications are applications that are built on the P2P blockchain and are not controlled by any central authority. This means that a user of this application has full control of all the activities performed on the application.

My answer is Yes. Decentralized apps would replace centralized applications due to various reasons but I will elaborate on these two reasons which are;

• User Autonomy:

This means that the user has the power and full control of the actions and data used on the platform, unlike the centralized apps where accounts are controlled or are in the hands of the central authority, for example, a Facebook user can be blocked from making posts or even accessing the account, while in Dapps the user's account cannot be tampered with.

• Security:

Centralized apps are prone to attacks by hackers because of their information residing in central storage, this puts the private information or data belonging to a user at risk, there have been thousands of leaked Emails around the world due to attacks by hackers. but in a decentralized application, the user information is secure due to it being placed on a Blockchain that is impossible to breach.

I do not think that it is possible for user information or data to be stolen, due to Dapps being placed or built on blockchains. Dapps are built with pre-created codes which are called smart contracts, this smart contract contains codes that control the backend of that Dapp, and because it is placed on a blockchain the creator can no longer have access to those codes and therefore cannot alter them.

there are different avenues by which a Dapp promotes its Application to the public they include;

• ICO (Initial Coin offering)

• IEO (Initial Exchange offering)

• IDO (Initial DEX offering)

• ICO (Initial Coin offering)

ICO is a crowdfunding avenue whereby startup crypto companies offer their coins to interested investors in the hope of building or raising funds to push their crypto coins or Dapps. The investors on the other hand invest in the hope to make huge profit returns.

• IEO (Initial Exchange offering)

This is done by the fundraiser's ability to get their coin listed on an exchange platform, therefore these exchanges perform rigorous checks before these coins of Dapps are listed. In this case, the exchange platform controls the fundraising event, The exchange then gambles on the potential of the coin or Dapps to yield profit. An example is the listing of the ALICE gaming token that was listed on the Binance exchange and made over %2000 increase in value

• IDO (Initial DEX offering)

This form of fundraising avenue eliminates all forms of fraud and unfairness. with the IDo the startup coins or Dapps are listed on decentralised exchanges, therefore investors are given free access to the fundraising and there are no restrictions to buying and selling of the fundraiser's assets.

I would like to Analyse The Dapp called the UniSwap. The PancakeSwap is a decentralised application built on the Ethereum blockchain. It is Dapp used for the transfer and swapping, of different cryptocurrencies. The UniSwap has a primary token called the UniSwap Token or UNI. Below are some of the unique features which make the UniSwap a good one to use;

This feature uniquely illustrates what a decentralized platform should look like because this feature enables the user with the ability to partake in decision making which affects the platform. But to be able to vote the user has to have a certain percentage of the UniSwap primary token which is the UNI.

As a developer, I would like A P2P decentralized transaction app where users would be able to buy and sell cryptocurrencies among themselves using Fiat currencies.
My reason for having this type of idea for a Dapp project is because of the recent development in my country Nigeria where the government placed restrictions on the use of Fiat currencies to purchase cryptocurrencies. This would help users to have quick access to crypto easily by purchasing from another user.
Below is a Description of some details of how the Dapp will look like;

• Name; TranDex
• It would be an Open source decentralized app, so users would make use of both Private and mnemonic keys for easy access and asset recovery.
• It would be built on the Binance BlockChain because of the low-cost fee in transactions.
• Availability of swap action to allow users to easily access their coin of choice, although I would place swapping fees for every transaction.
• Transaction fee for every P2P transaction would be put in place, the reason for these fees is to generate money to pay for Binance transaction charges.
• A Feature that contains a list of the best crypto to invest in, this feature will help crypto amateurs to know the right coin which could yield good profit for them.
• A smart contract would be put in place to validate the transaction from the seller to the buyer and from the seller to the buyer. Before a user sends crypto to another User who in this case is a buyer using fiat currency the validation of the transfer to the crypto seller should be verified before the crypto is transferred to the buyer.

Dapps would be a force in the feature in terms of building applications, but they have a problem of them not being regulated, as a result of this there have been various fraudulent activities, where the developers insert loopholes while creating the smart contracts for these Dapps. people are less educated about this problem, that is why various people have fallen victim including me, an example is the Tron Stake Dapp (a Staking pool where users stake their Tron in others to receive rewards) that was built on the Tron Blockchain. Just after a Month, the Dapp crashed and the developers fled with over 20 million worth of TRX. this is why I believe the Dapps should be regulated regardless of their potentials.