Steemit Crypto Academy Season 5 Beginners' course - Task 8: Decentralized Applications (dApps)
What are dApps? Explain the working system of dApps? What are the differences 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 the information of a DApp that we want to know? Provide the steps (Screenshot required).
What are dApps
For understanding decentralized applications we first need to remind ourselves what applications are, we use numerous applications in our daily routine it could be an official application of a bank used for online payments or it could be any social app such as Facebook, Twitter, Instagram, etc. Back in our mind we know who are the people or institute or team control all the operations taking place on these apps i.e. there’s some centralized authority behind applications we usually use. However decentralized applications are those applications where there’s no centralized authority governing the application instead the members or users of the application are in control of these dApps and the operations here are being carried out through an automated system normally known as a smart contract.
For understanding decentralized applications we first need to remind ourselves what applications are, we use numerous applications in our daily routine it could be an official application of a bank used for online payments or it could be any social app such as Facebook, Twitter, Instagram, etc.
Back in our mind we know who are the people or institute or team control all the operations taking place on these apps i.e. there’s some centralized authority behind applications we usually use. However decentralized applications are those applications where there’s no centralized authority governing the application instead the members or users of the application are in control of these dApps and the operations here are being carried out through an automated system normally known as a smart contract.
The decentralized application is built on blockchain having a peer-to-peer mechanism using blockchain technology.
Users here have entire control over the functions they have private keys to which no one else other than the user has access. The DApps depicts a transparent operation ensuring user’s keep a check on activities. The dApps are less expensive than centralized applications since they eliminate the third party along with its fee.
Explain the working system of dApps?
Source
The working of dApps can be understood simply by understanding the working of smart contracts. The decentralized applications are operated by using smart contracts it won’t be wrong to say the smart contract is what is doing the job intermediary on dApps. The simple smart contract is an automated program that carries out the agreement between the users. The smart contract once made cannot be changed hence secures the contract and connects the dApp to the blockchain ecosystem.
What are the differences between dApps and other applications?
DAPPS
Decentralized apps have no centralized authority governing or backing the application instead a smart contract operates the system.
There’s no third party involved hence it’s comparatively cheaper than centralized apps.
Data stored here in these apps cannot be manipulated
DApps are highly secured and it’s nearly impossible for attacker to make their way through these apps.
These applications provide its users with transparency and quick speed of desired action.
The Dapps doesn’t ask for confidential documents for account verifications.
Other Applications
There’s involvement of third party who ultimately governs the application and has control on all the operations being carried out.
These app includes charges of middle man and can be expensive.
Date here is accessible for manipulation.
Other application can be attacked by hacker since he has a centralized unit to attack at.
Other applications does not ensure transparency of the system and can take time to carry out operation.
Other applications ask for some confidential documents to complete the KYC for verifying a user.
Explain the advantages and disadvantages of dApps?
ADVANTAGES
We know the dApps have no centralized authority from where users seek permission to carry out operations hence transactions here are really fast.
Dapps are open-source programs i.e. can be accessed by the public hence data here cannot be tempered or manipulated.
There’s no single point governing the system hence fewer chances of server breakdown or hacking.
Users are the only ones controlling their account no third party has rights on the owner's account.
These are less costly since there’s no middle man and his charges.
DISADVANTAGES
- Dapps can have scalability issues according to the blockchain they operate on.
*Since there’s no one in authority hence one cannot blame any centralized body in case of any bug or ask for a refund.
It asks a good knowledge about them from the user since they are not easy to understand immediately.
One cannot fix or get the money transacted back if sent to on wrong place.
How can dApps developers promote their apps?
dApps can be promoted the same way businesses man promote their new launch i.e. through social media marketing or they can be promoted by creating an advertisement on the crypto sites which are frequently visited.
We know crypto is not yet that popular hence promoting dApps through TV commercials or billboards is not a good choice. However, most of the people involved in crypto are concerned with social apps or YouTube. A developer can promote his dApp by asking an Instagram influencer or YouTuber to promote his dApps or by creating a video advertisement on platforms like YouTube or other applications which sponsor advertisements.
Another thing developers can use to attract users towards it is by offering a reward on either installing the dapp or reward on their first 50 transactions or whatever deals they can offer to users which can attract the users. Another major factor they should consider while promoting dApp is a solid webpage of dapp which fills users with all the details. A good webpage speaks volumes about the quality of dapp and builds the trust of users on dApp.
Lastly, dApps developers should consult professionals who can help them with the best suggestions on how they can promote their dapps according to the situation.
What should we pay attention to when using dApps?
There are a few things one must be careful with before using dApps. I have listed these things in points down below
First most thing they should consider is how long the Dapp has been providing services since one shouldn’t trust newly developed users for the heavy transaction as there can be a risk of frauds hence unless one is sure of the authenticity of new dApp he shouldn’t use new dApps.
Another thing to consider before using dApps is to see the humans behind that dapp in short developers of the dapp and their experience in the respective field or their knowledge of decentralized technology as it can give an idea on the capability of the dApp.
different influencers review dApps either through a blog or in their YouTube video or their Instagram stories hence it is preferred to go through user’s review of certain app you are planning on using.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
There’s a website used for finding information on dApp running on different blockchain called dappradar. Hence we can find information on the dapp we want by simply using that platform. Here’s how we can do that.
Let us go to the website of dappradar on our browser here’s how the homepage of this platform looks like. The dotted box on the top is where we will be clicking to move further.
Now after clicking on the dotted box here’s the list in the picture down below here we will select dApps ranking.
Now here are the top-ranked dApps. Here I’ll be selecting the app I want to know the information of in this case I’ll be selecting UniSwap.
Here’s the information I found of UniSwap on dappradar.
Conclusion
Here comes an end to another homework task. I was aware of dApps before however this task made me know more about dApps and I enjoyed completing this task.
Appreciation to Professor for his efforts in the lecture hope I met the standard requirements of this task.