Grassroot Crypto Education (Vol.8) - Decentralized Applications (dApps)
Hello dear kids in the community and I welcome you to volume 8 of our crypto education I believed you have learned a lot. Thanks to the community @steemkidss for supporting the participants, that's quite encouraging for them to keep moving, thank you. Today, we would be discussing a very important topic in the crypto ecosystem. Be my audience on this day, let's roll!
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Decentralized Applications (dApps)
Decentralized applications are products of decentralization, we have discussed decentralization in the first volume of the grassroots crypto education, if you miss it or have already forgotten it, check it out here. As such in the use of dApps, you are your own boss and all decisions are made timely by you alone and at your convenience. Now let's discuss what dApp is.
Decentralized Applications (dApps) are programs built on top of a blockchain to run in a peer-peer manner as operated by smart contracts. This enables users that perform the desired operation on the blockchain in a full decentralized way as the existence of third parties has been eliminated. Users in the crypto ecosystem that interacts with dApps are interacting with a pre-written smart contracts code to perform any action.
Decentralized applications (dApps) can be social media-based (blogging), finance-based (exchanging, lending, staking), and other purposes like gaming. Decentralized Applications improve users' privacy on the blockchain as documents like Know Your Customer (KYC) is not required before a user can make use of the platforms. Most dApps are built on top of the Ethereum and Tron blockchains for many reasons like smart contracts compatibility, although, many other blockchains have that feature but the aforementioned blockchains dominated.
Decentralized Applications by Classification
In this section, we are going to be looking at a list of a few dApps based on classifications and this will enhance your knowledge of decentralized applications.
Social Media-based dApps
- Steemit: Steemit is a dApp under this classification, it is built on top of the STEEM blockchain and it incentivizes content creators for making quality content. If you are reading this as a student of the community and on the entire Steem blockchain, you are already aware of this.
- WhereIn: WhereIn is another social media and lifestyle dApps built on top of the Steem blockchain, where users can share entertainment content to earn rewards.
- Catecoin: This is another social media dApp built on the Binance Smart Chain for users to create memes and earn rewards on it. We share memes day in day out without getting anything, users finally have the opportunity to earn something for their created memes.
Finance-based dApps
- JustSwap: This is a decentralized application built on top of the Tron blockchain which users can utilize for the exchange of TRC-20 assets, provide liquidity to earn rewards, stake and so on.
- PancakeSwap: PancakeSwap is another finance-based dApp built on top of the Binance Smart Chain. On this protocol, users can exchange BSC tokens, yield farming, stake, supply liquidity to earn rewards, and so on.
- MetaMask Swap: This is built on top of the Ethereum blockchain used for the exchange of ERC-20 tokens and can be used for other purposes like staking into liquidity pools to earn rewards and so on.
- Tinyman: This is a dApp built on top of the Algorand blockchain for the exchange of assets and providing liquidity amongst others.
Game-based dApps
- Axie Infinity: This is a decentralized gaming platform built on top of the Ethereum blockchain. This platform offers users the opportunity to earn money while playing the game and offers other investment functions that enable users to earn more.
- Cyber Dragon: This is a development of BinaryX built on top of the Binance Smart Chain, it is a Play to Earn gaming platform that offers users the opportunity to earn while playing the game and also get involved in the governance of the protocol.
Most of the dApps listed above require that a suitable wallet is connected to operate on the platform. In the last lesson, we talked about wallets and some of the listed wallets in that lesson has inbuilt dApps that can be used to access other dApps.
Advantages of dApps
- It enable users to have full control over their assets in the crypto ecosystem.
- It allow users to make desired operation at any time of the day without the involvement of third parties.
- It opened the opportunity for users to earn more through many earning functions like gaming, staking, and so on.
- No hindrance for users as long as you have the knowledge about operating the platform and the asset to carry out the operation you desired.
How to Use TronLink Wallet to Access JustSwap dApp
In this section of the lecture, I will walk through how to connect your TronLink wallet to JustSwap dApp to perform a token swap operation. TronLink has similar functions to that of Trust Wallet we discussed last week, only that TronLink is a TRC-20 token-based wallet built on top of the Tron blockchain, both are Web3.0 wallets with inbuilt dApps. Let's begin this.
- Download the TronLink Pro wallet from the App Store, follow the steps we used for the creation of Trust Wallet in this lecture. After successful installation, click discover at the bottom of the App and on the next interface, enter https://www.justswap.io/ in the dApps and visit. See the screenshots below.
- If you use mobile, your wallet would have been connected automatically. On the protocol's homepage, you are required to select swap and enter the tokens you are swapping (from-to) by clicking select a token, I selected USDT at max (1.034503 USDT) and TRX as the destination asset which would give 17.565161 TRX.
- Now, I have to sign the transaction using the wallet's password.
- The swap action was complete and it has reflected in my TRX wallet on TronLink wallet.
Conclusion
In conclusion, dApps are one of the innovations brought into the crypto ecosystem by the smart contracts compatibility features of notable blockchains like Steem, Ethereum, Tron, Algorand, Binance Smart Chain, and others. This enables users to perform different activities like gaming, assets' exchange, staking, and so on to improve their chances of earning more in the crypto ecosystem in a fully decentralized way without the existence of third parties in the process. I hope you have learned something today and I look forward to seeing your entries. Thank you.
Homework Task
- What is your understanding of Decentralized Applications (dApps)? State the benefits of dApps.
- Explain two dApps under each of the classifications; Social media-based dApps, Finance-based dApps, and Game-based dApps. Note: Do not include the ones discussed in this lecture.
- Use TronLink Pro Wallet to access https://justswap.io and show the steps on how to swap. Note: You don't have to perform a real transaction. (Screenshots required).
Guidelines
- Write an article of at least 250 words. Keep your explanation as simple as possible.
- Include the tag #grassroot-education8, #crypto, #steemexclusive, and your club status among the first 4 tags. Also, tag me @fredquantum in your homework entry.
- For Verified Steem kids alone. And the kids must be the ones that have not been participating in the Steemit Crypto Academy.
- I will check your articles and drop comments on the entries submitted now till 11:59 pm UTC, 12/03/2022.
Cc:-
@steemkidss
My entry link
Thanks 😊
Here is my entry sir
https://steemit.com/hive-139765/@david-o/decentralized-applications-dapps-by-david-o
I'll drop my entry soon although my last entry wasn't even curated.
Upvote is not guaranteed, the community is doing its best to encourage participants with supports so you don't have to talk about not getting an upvotes.
Understood sir.
Your post has been successfully curated by our team through @shemul21. Thank you for your committed efforts, we invite you to do more and continue to post high-quality posts for a chance to win a valuable upvote from our curating team and why not be selected for an additional upvote later this week in our Top Seven.
Note: Always use the tag #fbcrypto to quickly access your post.
Wow,that k you my professor you are not just teaching us but impacting knowledge to our memories.
I will be dropping my entry later.
Alright. I wish you good luck.
Please how do I get verified??
Are you still a kid