Homework

• What are dApps?
• Explain the working system of dApps?
• What are the difference 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 information of a dApp that we want to know?
• Provide the steps (screenshots required).

INTRODUCTION

Good Day Steemians , I will be responding to the task given by professor @wahyunahrul, Thanks for this wonderful topic.

Cryptocurrency world is very unique and complex, in other to understand the crypto space one must understand the meaning and also be conversant with the word or termilogy that is being used i.e one need to understand the concept of dApps.

What Are dApps?

Source

dapp is an app or a code designed to run on a decentralized peer-to-peer network or system unlike an ordinary app that runs on a centalized server.

dApps is the short form of decentralized applications.

DApps is similar to normal application we use but it have distinctive feature the peer to peer features of a blockchain network.

dApp is an application that is created on a decentralized network, which can combine smart contract with an overlay user interface at the same thus dapp can include a smart contract that was written by another person.

In Summary, dApps can define as any application design ed on a decentralized platform, that can combine frontend user interface and a smart contract at the same time .

Features of a Fecentralized Application

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• Decentralized System: dApps operates on decentralized system where no nobody or a group person control control the network system unlike a normal all the decision making is being done by a group of Person or an individual that owns the app.

• High Security system: In cryptocurrency, dApps have high security system because of the decentralized nature, thus making every information stored in a blockchain network difficult to access by imporsters.

• Open source: dApps make use of a central source code that is made available to every users, so that when changes in dApp system it affects the greater percent of individual using the central Source Code .

• Reward system: dApps have a reward feature that pay every authenticators of records on a dApp platform. The payback can be bitcoin, ethereum, etc.

• Algorithm: Algorithm is used to authenticate and validate any transacton on dApp network.

This is very necessary because it ensure new law are created which when followed crypocurrencies will be valuable.

Explain the working system of dApps?

Dapps make use of their own backend code known as smart contracts which runs on a decentralized network system and not a centralized server. They make use of Ethereum blockchain for saving data and they use smart contracts for their app logic.

What is Smart Contracts

A smart contract is a set of instructions or rules on a blockchain for all to see and work according to those rules. I.e When a vending machine is provided with enough enough funds and the right selection, you'll be provided with the item you need.

Smart contracts is like a vending machine which can hold funds just like Ethereum account which allows code to ensure agreements and transactions between different parties.

Whenever dapps are excuted on the Ethereum network it can't be changed. Dapps is decentralized because they are managed by the logic written into the contract, not anybody or group of Person .

Smart contract is like a middle man or connection between dApps and blockchain.

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What are the difference between dApps and other applications?

The difference between dApps and other applications is listed below.

Trustworthy

Decentralized applications are trustworthy and reliable because information is being controlled by a central system unlike other applications where data management is controlled by a group of Person or private individual. In normal app rules and regulations can be changed at any given period of time.

Speed

decentralized Application is not as fast as other applications in terms of speed .

Security

The security of a decentralized application is way more stronger than that of other applications.Because dApps are decentralized in nature, it gives little or no room for hackers.

Usage cost

Extra charges are attracted for using a decentralized application but in case of other app there's no extra Charges forusing using a regular app.

Development cosrt

So many things are being considered while
developing a normal app, things like maintenance fee, cost of server etc but for the case of dApps their is nothing like maintenance fee and others.

Autonomy

The decentralized nature of dApp grant every user the opportunity to control his/her data unlike other applications where data are been centralized and are controlled by a central system.

Explain the advantages and disadvantages of dApps?

Advantages

• One distinctive feature of dApps is autonomy.
  Decentralized feature of dApps gives every individual right to control data on their computer leading to high level of security.

• Their is high level of security, security of dApp gives no room or opportunity for hackers thus all information and data is highly secured.

• Censorship resistance. Due to fact that no single individual is controlling the dApps , it will be very hard for anybody to restrict or deny access to dApps .

• Due to the open source of Dapps, it encourages more secure and fast development in the ecosystem.

Disadvantages

• Difficulty in handdling problem. Due to the decentralized nature of dApps, their is need for all dApps users to update their app in the network before the issue can be fixed.

• Dificulty in verification, due to the fact that dApps is built to make use of a single entity like other apps, verification becomes a threat to users, most especially new users.

• They are exposed to hackers, because of open-source smart contracts which dApps runs on, it gives hackers m the opportunity to look for weak point and exploit it.

• Poor usability rate is also an issue facing dApps . The ecosystem is more complex and with lot of new concepts yet to be accessed or used,thus some dApps are yet to accessed.

How can dApps developers promote their apps?

Below is the way in which dApps can promote their app :

• Their is need to sensitize the general public of dApps is all about, the benefit etc using Tv & Radio station , Newspaper etc.

• dApps developer should Submit otheir app to dApps directories, their is need for Dapps developers to log into dApps directory site and submit their app. DApps directories includes the following; dApp100, dAppclap, dAppradar, dAppbang, etc

dApps developer should advertise their app using different social midea handle like Facebook, discord, telegram.

What should we pay attention to when using dApps?

The history of dApps is a very interesting one but the dashing loook makes it easy to navigate.

But their are things need to pay when using dApps. We need to pay close attention to high-risk dApps .

High-risk dApps is not considered as dApps because they are centralized in nature. Some dApp looks like a ponzi scheme. So, we need to pay close attention to them as dApp users.

How to find the information of a dApp that we want to know? Provide the steps (screenshots. required)

Below is the procedure in how to find the information you need in dApp using chrome or any browser of your choice.

• Step 1: using any browser of your search for https://dappradar.com/

• Step 2: The menu box will pop up, click on the menu key at the top right corner of the page.

• Step 3: Another box will drop down, click on ranking.

• Step 4: Updated dApp ranking sysytm will pop up on the screen. You can use any dApp of your choice but I will be using dApp pancakeswap.

• Step 5: After the above screenshot popped up after i selected ranking, So, i will click on pancakeSwap to get the information i need .

In summary

After Clicking on pancakeSwap the above picture popped up and the following information was gotten:

Token name: Cake

Token price: $20.39

Market cap: $9.53B

Ranking: 1

Total volume locked: $9.5B

Looking at the chart you notice the movement of price for the past 30days.

Conclusion

Dapps have changed with exceptional characteristics which has given them the capacity to provide their stakeholders with the ability to invest in Dapp development.

The advancement of blockchain technology adoption will make so many current practices obsolete. It might look like a farytale but soon it will come to reality and services like banking services will surely adopt blockchain in the future and operate on decentralized networks. Large company are working towards that direction to secure their future in the blockchain ecosystem .

Thanks' professor @wahyunahrul for this great lecture.

Note : All images without source gotten from https://dappradar.com/