STEEMIT CRYPTO ACADEMY, SEASON 3 WEEK 7. HOME WORK POST FOR PROF. @wahyunahrul: FUTURE APP FROM BLOCKCHAIN SYSTEM.
1). Will DApp be able to Replace Centralized Application in Other Fields in the Future?
2). Is there a possibility for DApps to steal user data?
3). Explain the ways in which a DApp promotes its application to the public?
4). Choose a DApp and do a detailed analysis that proves that the DApp is a good one to use. (Provide proof with screenshot).
5). If you were a DApps developer, what kind of app would you like to create? Explain all the details of the DApp plan that you will make.
6). Conclusion.
First and foremost, a Dapp, which is known as a Decentralized app, can be defined as an application that allow users to be in total or full control of their assets or account. Here, transactions are done between peer to peer without the services of any custodian or third party. Also, decisions and risk are taken and managed by the users without restrictions from any central authority.
Definitely, Dapp will be able to replace centralized application in other fields in the future. Below are the reasons:
USER'S INDEPENDENCE: Normally for a decentralized app, the users are usually independent and in full control of their accounts and data. So if a particular DApp is built to replace a centralized app like the 'telegram', (where users are usually reported and then blocked from accessing their accounts) then no central authority will be able to control the activities of the users.
SECURITY: A centralized app is susceptible to being attacked by hackers since control is from a central authority. Therefore, this can come to an end if DApp replaces for example the centralized system like banking sector.
ACCOUNTABILITY: Since centralized applications are prone to attack, DApp replacing such applications simply means that users making use of the app are accountable to himself for whatsoever happens to his account due to carelessness with his keys or whatever.
No, it's not possible for DApp to steal user data. A decentralized app can not steal users data because the users are the ones in total control of their data and creators of the DApp do not have any access to these data anymore. Also, a DApp is built on a blockchain with smart contracts which is made up of codes that control the back end of the particular DApp. With this, it is very impossible for data to be stolen by DApp.
- Through Airdrop
- Through the social media
- Through Initial Coin Offering (ICO)
- Through Initial Dex Offering (IDO)
AIRDROPS: DApps engage in distributing cryptocurrencies or tokens for free to a number of wallet addresses so as to gain attention and new followers. They device means on how this Airdrop can be gotten and in this way promotes its application.
SOCIAL MEDIA: DApps go as far as promoting its applications on social media such as twitter, telegram and discord. Through these platforms, they are able to reach their users.
INITIAL COIN OFFERING (ICO): This is a way of advertising and promoting a new coin, where crypto companies give out their new coin or token to interested investors, with the aim of raising funds to move forward the coin or app. Engaging or introducing an ICO helps promote DApp applications.
INITIAL DEX OFFERING (IDO): This is the kind of project that launches the coin or token through a decentralized liquidity exchange. Here is another way of promoting DApp.
I'd love to make use of STEEMIT as a case study. Steemit is a decentralized blockchain on web. It doesn't have it's app in the play store for download rather it is access via a web browser. This particular DApp is a legit one and a very good app for use. Here, good authors(content creators) and curators are rewarded with SBD(Steem Backed Dollar), Steem and SP(Steem Power) respectively. Therefore reward can be earned as an author, curator or as both.
Also, users have authority over their account and because of transparency, their account cannot be hacked by any body .
So, the following are the features on steemit that makes it a good one:
- Transparency
- Security
- Independency
- Decentralization, etc.
Before we proceed let's go to steemit.com. To show that this DApp is a good one to use, I'll make a peer to peer transaction.
- Opening the steemit.com site, you will find the below interface.
- Since I wanted making a transfer to one of the steemians, I'll rather type in steemit wallet.com and I'll have this and then click on the 'LOGIN' bar.
- I'll then fill in my username and password (active key) correctly before logging in completely.
- When logged in, I'll have the below interface so I'll go ahead and click on the arrow close to Steem since I want to make a transfer of Steem and then click on the 'transfer' button.
- I'll be given a space to fill in which user I want to send to and the amount to be transferred and then clicked on the 'next' button.
- I then confirmed the transfer by clicking on 'ok'.
- Below is the evidence of the successful transfer.
The steem transferred to the above steemian cannot be gotten back if mistakenly transferred to another user except the user decides to.
If I were to be a DApp developer, I will love to create a hot game Dapp like that of a beauty contest game where people will mine cryptocurrency by playing the game. The cryptocurrency to be mined can be called 'BEAC'. I will initiate an ICO to promote the coin/token. I'll then give it out to investors with the sole aim of raising funds for the coin.
After a successful ICO, I'll initiate an airdrop where I'll give out a certain amount of 'Beac token' to some persons who follows the rule to acquire the airdrop. After the airdrop, interested person's will have to download the app from play store sign up by doing the necessary and then engage in playing the game so as to be able to mine the coin or token.
This token can be listed on any exchange like; 'poloniex' and DApp related websites like It's going to be more of a peer to peer network transaction.
DApp is truly the app for the future. As each day passes by, the decentralized app and it's blockchain are getting popular. Many businesses and industries are beginning to make use of DApp. A decentralized block chain or application is a transparent, safe and secure platform for the easy running of business transactions. Therefore, business organizations engaging or making use of it will not be a bad idea.
Thank you Prof. @wahyunharul for the wonderful lecture.
