Decentralized Applications (DApps) - Steemit Crypto Academy Season 4 - Homework Post for Task 8
Dapps is known to be an acronym for Decentralized applications, these decentralized applications are applications that are built, programmed, and operate on a blockchain that stores information that can be accessed and circulated to different users within the blockchain network without the permission or authority of one man order or a particular group of individuals.
Dapps is also developed on a public network that gives each user the authority to oversee the activity within their possession, giving no one the authority overall. The Peer-to-Peer (P2P) method is been implemented in decentralized applications (DApps) which have enabled users to run transactions and operate within its network without the authentication or validation from a particular user which also processes at a low-priced rate compared to a centralized application that offers high rates when processing a transaction.
Dapps are backed by a smart contract of which allows the programmers to secure and code the network which also generates tokens from each user based on their algorithm cryptographic procedure (PoW and PoS) unlike the centralization application that requires the control of a single node.
Decentralized applications have it working system based on the following:
- SMART CONTRACT AND PEER-TO-PEER METHOD
The smart contract is a process that takes place in the Ethereum blockchain of which an agreement between two or more anonymous individuals is made and serves as a code or permission to execute transactions or data to other users in the blockchain without a middleman authority. In addition to the open blockchain network, dapps uses smart contracts of which when deployed execute their functions on transactions based on the code agreement that cannot be reversed or deleted.
Therefore, Dapps also makes use of the peer-to-peer method which allows users to transact with each other excluding the need and power assigned to a single user to verify a transaction of which are often added with a high-cost fee for the transaction and delay that occurs while executing the transaction.
However, with the P2P method implemented, minimum rates have been made available during the processing of transactions in a blockchain network through the use of decentralized applications. Hence, it can be said that dapps is logically based on smart contracts projects, having their data stored in the Ethereum blockchain.
| DECENTRALIZED APPLICATIONS | OTHER APPLICATIONS |
|---|---|
| The decentralized network systems are immutable and secured, cannot be tampered with or attacked by hackers, or are open to harm. | Assigning the authority to a single node exposes the user's data or transactions to harm or theft by hackers as a result of a lack of security within the network. |
| Decentralized applications can be operated by each user in the blockchain network. | The other applications operate under the control and power of a single node in the blockchain network. |
| The speed for processing in decentralized applications is absolutely slow. | The speed for the other applications processing is high and fast. |
| Decentralized application processes transactions at a lower-priced rate with an exclusion of a middleman. | The other application requires a high rate transaction fee along with a middleman who will carry out the process. |
| Decentralized applications implement peer-to-peer methods and a smart contract that enables a swift transaction and executing process. | The other applications have no backing contract or method by which it produces a delay in operating within its network system. |
| ADVANTAGES | DISADVANTAGES |
|---|---|
| The decentralized applications do store data that is irreversible, indefinite, and cannot be lost as far as it is stored in the blockchain. | Decentralized applications require constant maintenance and upgrade of the system which are most time difficult when changes and settings are made or adjusted of which during such period can create a leak way for hackers to tamper on the blockchain. |
| The decentralized application is an open network that creates an openness to its users to verify any operation that exists within the blockchain network. | Decentralized applications lack users who use the applications of which would create a more interactive section thereby not causing an effect on the network. |
| The security level behind the decentralized applications is high of which the use of the peer-to-peer method for transactions process is the best, secured, and swift means. | Decentralized applications do process transactions and data at a very slow and low speed and can take a huge space of time or days for an order to be executed successfully. |
| The decentralized applications do not assign power or authority to a single user to operate in the blockchain but give each user the power to oversee the operation within their possession. | Decentralized applications require a good users experience before operating on the blockchain network due to its procedures. |
| The decentralized application works under an organization that takes control over allocating and agreements that are taken in a decision known as smart contracts powered by decentralized autonomous organizations (DAO) | Due to the smart contract in decentralized applications, changes or adjustments cannot be executed easily by a user for immediate implementation. |
There are different ways by which decentralized application developers can promote their applications to gain the public attention and possibly earn from it, here are the following suggestion made available:
- CONTENT CREATION
Generally, before someone purchases an item or uses a product, he/she will be attracted by the beautiful design and its meaningful package. Similarly, a dapps developer when creating its application needs to produce and program an application that will be of good tool or usage, which will yield huge benefit to its users. Additionally, the application must be verified by Google and uploaded to the google app store or IOS store.
- MEDIA ADVERTISEMENT
Different social media platforms can be used by the developer. Firstly, Youtube has a section where ads and youtube shorts can be created to display amazing features of the applications to the public, through such displays of applications feature, sounds can be added and real-life users along with a possible quick link for download or scan can be provided. The creation of the ads can be extended to other social media handles, provided it is allowed.
Secondly, a website is expected to be created alongside the application where frequently asked questions can be seen by the public and possibly program the website in a format that can access the application through the website either in windows or IOS format. Through such means, users will be convived that the decentralized application is real and valuable for users.
Thirdly, endorsements deals can be signed up between the developer, and influencers who will use the application and upload it advertisement post or video on their page. Through such means, their followers or fans can emulate their example and download the application.
The aforementioned ways can be used by the developer in addition to the usual download and win promo, flex, roadshow, and banners advertisement.
Numerous factors need one's attention before using any decentralized application, here are a few of them below:
- SCAM ALERT
The increase in scams and fraudulent activity is raising and as such a user is expected to carefully examine any decentralized applications that are up for usage. scammers do create applications that seem too good for one's likeness, they program the application in a way that users input their private keys or other confidential keys, and when about to finalize a transaction, the application misbehaves or shutdown. So then, verify that the application is from the right source.
- SECURE KEY
Each decentralized application begins with a registration process that offers a user the opportunity to input his profile and generate personalized keys that can be used in the application, it will be advisable to secure those keys by storing them in places like G-mail, E-Notebook, hardware wallet to avoid lost, which also mean loss of funds, if any.
- REVIEW TRANSACTION
A decentralized application do process transaction and as such, it is expected that users within the application should carefully verify that the address that is inputted into the receiver's space is the correct receiver address likewise to the amount to be sent to avoid loss of funds.
According to the instruction, I will be using dappradar.com to search for the information of Dapps according to their categories, below are the steps that were taken:
1: Open the dappradar.com, then the homepage will appear, just as you can see from the image below, then click on Rankings to proceed
2: Next, the Rankings section will appear, then I will be selecting one of the top blockchain Dapp TRON, just as you can see from the image below:
3: In this category, I will be selecting JustSwap, let see what's the content and other information of which I will click on it to continue.
4: Next, the page will appear and we can see the JustSwap statistics and we can understand that a transaction of about 15,38k has been transacted on the smart contract and a total of 6,02k users are working with TRON as of the time editing this post, along with other details.
5: Below is a full image of JustSwap statistics as of the time preparing this post.
The concept in decentralized applications (Dapps) has created the opportunity to explore the blockchain network through its system that is reliable, open-to-all, and allows the users the power to control its operation without the interference of any middleman. The lesson has helped me to understand the impact such innovation of a decentralized application can have on its users. Without a doubt, thank you professor @wahyunahrul for that well=grounded lecture, I hope to learn more from you next time.
cc: @dilchamo
You are doing a great job, with more strength to your elbows.
#club5050 😀
Thank you boss 😊