[REPOST] - Decentralized Applications (dApps) - Crypto Academy S5 - Homework Post for Task 8

Hello guys,

Question 1

Solutions

Characteristics of dApps

• dApps are built base on the blockchain technology and uses a P2P hence eliminating any middle controlling body.

• dApps create and store their own tokens in order to give value to their various nodes in the ecosystem.

• Tokens are rewarded to users who access them and miners equally get rewards for helping and contributing their quato to the platform.

• dApps run on the decentralized blockchain using the P2P network eliminating any central authority, whereas other applications don't operate on a blockchain hence has a central architecture that controls all the data.

• The level of security in DApp is very strong as compare to other applications, because of the distribution of data among several nodes in the dApps, it is very difficult to hack the system, whereas hacking other applications is quite easy since it uses a single hosting nodes for all data in the system, attacking that node means attacking the whole system.

• dApps have the ability to store value in the form of tokens, they generate their own tokens and rewards users who contribute to the growth of the ecosystem, whereas normal applications have to use a third party to carry out transactions. dApps eliminate all third parties because they can store value directly.

• All dApps built on a blockchain are much compatible with each other than other applications. The integration or inter- compatibility of dApps are very high compare to normal applications.

• When it comes to scalability, other applications are on the lead. dApps are very slow when it comes to processing a lot of transactions per time, an ethereum blockchain which host most of the dApps can only process 15 transactions per second.

• dApps promote and ensure transparency and give full control to users to manage all the data stored on the blockchain. Every data recorded is permanently recorded on the blockchain, whereas other applications data are managed by the developers and they can decide to either delete or change the data in the future.

• 
  dApps operate on a decentralized blockchain meaning it has a decentralized data storage system making it practically impossible for the system to be hacked, as stated earlier, the back end modules of a DApp is built on a blockchain with its data distributed among several nodes with no central node server making it impossible for malicious attacks on a system through a single server. Hence the security of dApps are very high.

• Another advantage is that dApps use smart contract, this makes contracts or transactions very fast, safe, less costly and secure. Third parties like banks or service providers which are facilitated by human beings turn to slow transactions process, but with dApps which operates using the P2P network link users directly to each other to transact there by eliminating any excessive fees and delays.

• User privacy and data is secure in dApps. There is no the interference of a central authority who manages all the data on the platform and can decide on which data to delete and which one not to delete. censorships are eliminated completely, meaning there is no single user having full control over the activities that goes on on the platform.

• Because it runs on a decentralized blockchain, it is an open source to public, meaning everyone has equal rights to be a user and it's not restricted to any particular group of people.

• dApps unlike normal applications are some how complex to use and uneasy to access some DApps causing poor utility by people. The platform of dApps still face the problem of low patronage due to how complex most people fine the system to operate compare to normal applications and how inaccessible are some dApps due to a lot of new concepts yet to be familiarized with.

• Another disadvantage of dApps is that, it is prone to hacking, because it is an open source smart contract, hackers will try to look for loopholes in the system inorder to hack the system, this makes it susceptible to hacking.

• Building dApps are very complex because of the usage of complex consensus algorithm, and from scratch, it has to be build to scale since any integration of changes or updates to scale it in future is practically impossible.

• A dApp project is likely to be successful if it has a huge number of user base, a newly built dApp can gain attention and increase its user base by freely distributing tokens to the addresses of several wallets in the form of airdrop. Airdrop are usually free and its primary motive is to draw attention to the token in an attempt to increase the number of user base.

• Another way developers can promote their dApps is through initial coin offering (ICO), this is like fundraising to support the project. The tokens of the project are offered during the launch of the project at a very cheaper price, investors buy to lock with the hope that the price of the token will increase the future.

• Another way for developers to promote their dApps projects is through running ads on social media, publicity through advertising tell people about the project, social media like YouTube, twitter, whatsup, instagram though are centralized, have a huge fun base and going through such channel to advertise your dApp will expose most people to the futuristic social media.

• dApp hub and dapp Packers built on the ethereum blockchain is also a good way to promote dApps, they provide tools in such a way that makes it easy to understand the algorithm of smart contract in dApps.

• The scalability of that dApp, the of transaction process per second. This is very important since some DApps have a very low processing rate, this can delay a transaction time if there are numerous transactions happening Simultaneously causing a lot of faustration to users.

• Also, one can also check the transactions fee of the dApp before using it, the transactions fee varies from one dApp to the other and is very important you look for a dApp with a low transactions fee.

• Another thing to look out for before using a dApp is how legitimate it is, with the increasing of dApps, along side the increase of scammers who try to extort money from innocent people through this technology, though it is difficult at times to verify the legitimacy of decentralized blockchain, we have to try to know who and how it's built

Step 1: You first of all search or visit the website https://dappradar.com, from the home page, select on the three horizontal strokes at the top right corner to the screen.

Step 2: after that, I will select on the Rank tab to view the most currently performing dApps. At the time of writing this post, the top four ranked dApps were ;

• Pancakeswap which is a Defi dApp and part of BSC.

• Splinterlands which is a game dApp and part of Hive and WAX.

• Alien worlds which is a game dApp and part of WAX and BSC.

• Axie Infinity which is a game dApp and part of RONIN and ETH.

With all these information, you can make a very inform decision about the dApp.

Conclusion

Cc:
@steemcurator02
@dilchamo

Thank you