Steemit Crypto Academy Season 5- Task 8, Title: Decentralized Applications (dApps)
Warm greetings to everyone here, It feels so great to always come back here to complete my task. Today I will be providing the answer to the Season 5 task 8 question as seen below.
[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 apps? How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
So I will be providing answers to the following questions above individually, follow carefully for easy comprehension.
What are dApps?
The Digital currency system is quite different and fascinating. it is rare and one of a kind having different applications in which it works with, and one of these applications is the Decentralized application which in short called [dApps].
DApps can be defined as an application that is made on a system called the Decentralized network which possesses a rear-back code called the smart contracts. it uses the Ethereum blockchain to store smart contracts and information for its app logic. and this smart contract is a compilation of regulations or guidelines which stay on a chain to be viewed by all and to be carried out entirely based on those particular guidelines.
And these dApps have the same characteristics, features in respect to other applications that we know, the only clear difference between dApps and other applications is that it functions on a network called P2P which we all know the full meaning as peer-to-peer. it operates in the same manner as the network system of Blockchain.
It also possesses certain Features which I will elaborate on a few below.
1- They function on blockchain
2- It functions on a decentralized system network, so no one or group of individual have the authority to exercise influence over the majority tokens.
3- They provide a certain degree of importance to their contributing nodes through the production of DApps tokens.
4- They can be accessed by users in exchange for tokens.
5- Token rewards are given to a miner based on a successful contribution to the ecosystem by such a miner.
Explain the working system of dApps?
DApps possesses a particular working system which is, they use an Ethereum blockchain which possesses a rear back code called the smart contracts to store smart contracts and information for its app logic. and just as I've explained earlier, these Smart Contracts work algorithmically in the blockchain network and are responsible for the compilation of regulations or guidelines which stay on a chain to be viewed by all and to be carried out entirely based on those particular guidelines.
The Smart contract is also a self-performing contract that performs any of the binding conditions in the agreement between the seller and the buyer which is written into various lines of code. and in it exist across a decentralized network below is an image description of the smart contracts.
What are the differences between apps and other applications?
Now we will look at the differences between dApps and other applications, below is a clear differentiation between both apps as seen in the table.
| Decentralized Application [DApps] | Other Applications |
|---|---|
| 1- DApps are more reliable compared to other applications because in DApps the user controls all activities and information. | 1- Other applications are less reliable because it works on a centralized network system that controls the application's activities and information. |
| 2- DApps transactions are secured and efficient as such it is hard to be compromised than. | 2- Other Applications are less secured and are susceptible to cyber risk. |
| 3- DApps transaction speed is less efficient | 3- Other applications transaction speed is fast. |
| 4- When using DApps it attracts a transaction fee. | 4- There is no transaction fee in other applications |
| 5- In DApps there are various financial models and as such do not depend on another source of monetary value. | 5- Other applications depend on other financial models. |
So with these few points I hope I was able to differentiate between the Decentralized application and other applications networks
Explain the advantages and disadvantages of dApps?
First, we will look at the advantages of the Decentralized application and it is as seen below.
1- The basic advantage is that as a decentralized system, there are no rules from any authority dictating the activities nor monitoring transactions that are carried out by the user.
2- In terms of security the decentralized application is better and is reliable in such it can be trusted, so it is hard to be compromised by an unauthorized user.
3- The decentralized application works Independently so as such it is self-governing.
4- Information flow is always from a decentralized end as such uses a distributed approach to share information.
5- The decentralized application works on a peer-2-peer network system of computers and as such it does not depend on just one point of failure as a hosting server.
6- The decentralized application system is always open-source.
Now let us talk about the disadvantages of the decentralized applications.
1- When a decentralized application is affected by some technical problems, it is very hard to fix since it requires all peers in the network system to put to date every copy in the network.
2- In a decentralized application, knowing your customer is difficult KYC.
3- Complexity to scale is another disadvantage of decentralized applications.
4- Information and data concerning intermediaries can not be detected in decentralized applications.
5- In decentralized application system verification of transactions is difficult.
How can dApps developers promote their apps?
Here I will be elaborating on a few ways apps developers can promote their apps which are seen below.
1- First thing first a web address is needed for such application, where it can be accessed by new users, by so doing a developer has created an online position for his application. an example is as seen below.
2- In other for dApps developers to promote their apps, there is a need for a Social media page. it is necessary to get a social media page to post about the app, gaining followers to promote such an app. with this page it will reach a very high number of people and as such gain popularity for the app to be well known. examples are Instagram, Facebook, Twitter, and so on. an example is as seen below.
3-Also creating a public relation. the press helps in advertising your app in newspapers, television channels, radio channels. for it to get to other individuals hearing at large. an example is as seen below.
4- Another important aspect of promoting your app is to endorse celebrities. celebrities liked by the people can be endorsed and thereby using that medium to advertise your app, I bet you with this activity your app is likely to be known by most people. example as seen below.
5- One can as well promote apps using the In-store method. to create demands and awareness for your app, this is a traditional way of promoting your app. example as seen below.
6- You can also promote your apps using Word of mouth. make proper care and ensure that your app is not reliable because that alone can degrade the app promotion and people will not be fascinated to get the app, make sure it is reliable and worth talking about.
What should we pay attention to when using apps?
image source
The thing we ought to bear in mind when using apps is the High- risk. dApps like Forsage and Etherchain have features of a fraudulent scheme. so as such we need to pay attention so as not to fall for scammers who are in charge of a particular application, and examples of a few signs that you will see are words like
1- A sure guaranteed offer of getting bigger returns with less risk-taking
2- An affirmation claim to be decentralized in nature.
3- A claim of transparency when we all do not it is fake.
In a nutshell, we must have to be very vigilant and extremely take heed so that we do not victims.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
Getting the information of a specific dApps is so simple and stress-free and as the question demands I will be providing the various screenshots in step as I begin.
Step 1- Go to your web browser and search for dappradar.com as seen below.
Step 2- Select Ranking at the top left corner as seen on the screenshot below.
Step 3- It will then show the dApp ranking, let's check pancakes was information as seen below.
image source
Step 4- After clicking on pancakes was, information and statistics will pop up which entails it user's transaction, price, volume, and balance.
Also, it history activities as seen in the chart below
Step 5- Click on either 30 days, 90 days, or one year If you want to check the information and activities as shown below.
Conclusion
A very big thank you to professor @wahyyunahrul for these wonderful lectures on DApps. now I know more about decentralized applications.