[Decentralized Applications (dApps)] - Steemit Crypto Academy Season 4 - Homework Post for Task 8
1. 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
As we may all be aware dApps is the acronym for decentralized application. Decentralized application(dApps) is a system whereby equal authority is given to its users. It’s an application that is managed by the users without third party involvement and not the a person or group of people like centralized application which involves intermediaries. Unlike centralized application which involves owners to the application, dApps doesn’t involve owners. dApps do not function anonymously and so every transaction and activities performed on the application is visible to the users unlike centralized application which have encryptions on activities performed.
Centralized application are application that functions under strict authorization under a group or a person. For example the Instagram application which is a centralized one, although it’s user do have access to the account however, not any activity performed on this platform will be allowed since everything is being monitored and controlled by the owners. However, with dApps there is no limit and regulations to adhere and also it’s very open to its users just like our own platform (steemit). Some examples of dApps is our own blockchain built applications. It offers high security with less cost involved. More favorable is its liquidity which enables faster transactions time unlike centralized application which involves alot of time wastage due to intermediaries. DApps is an application to counter centralized application because its faster as compared to transactions time and more secured.
Explain the working system of dApps?
Decentralized application (dApps) were introduced as a result of the centralized application bringing a lot of inconvenience to its users. For centralized application security system is quite low compared to the decentralized application which make it liable to being hacked.
DApps are application that are transparent and fast. It allows the users to perform all sort of activities including transactions at will without no intermediaries involved. This enables the user to perform certain activities at a faster rate unlike centralized application which involves third parties. One other thing I like most about dApps is the low fee charged on transactions. Transactions are faster along with a low fee which is very convenient I will say.
However every transaction performed is irreversible because this is no supreme manager over the application who would’ve performed that action. When the nodes receives an action and it complete, it gets stored on the blockchain which every user has access to. With this it’s very difficult for hackers to manipulate.
What are the differences between dApps and other applications?
Decentralized applications are different from other applications because of their functions and characteristics. Some are as follow below
- security: For decentralized application every activity is performed and managed by the individual that includes personal information which is only available to the user only. Decentralized application do not hold any personal information of a user unlike centralized application which holds personal information about the user liable to being hacked by hackers.
- Transparency: With decentralized application all informations are open to all thus every user has a free will to know what he wishes know on the application unlike other application which has all its information under encryption
- No intermediaries involved: As mentioned earlier above, decentralized application do not function under third party regulations but however deals with the sender and receiver only. There is no need for a third person in a decentralized application which is very key in centralized applications
- Irreversibility: With decentralized application transactions performed turns to be irreversible if a wrong recipient is to receive it. This is as a result of not having a head manager of the application.
- Immutability: With the decentralized applications, no data can be adjusted because no authority is involved where as with centralized applications data can be adjusted to suit preference by the authority because there are authorities governing.
Explain the advantages and disadvantages of dApps?
| Advantages | Disadvantages |
|---|---|
| Users possess total control over their account. | Account can’t be recovered when the user looses his private keys. |
| It has a very secured systems that prevents hackers from getting through to invade the system. However personal data of the users are most secured | because the system is anonymous, certain information becames available to other user on the platform which will attract the eyes of hackers to the account. |
| There is faster transactions time which allows users to perform certain transactions within the required time of preference. | where a user make a wrong transaction thus a wrong recipient get hold of the asset, refund is unavailable. |
| It’s very easy and simple for a person to get or register an account on the application. | with this system there will be less jobs opportunities since the third parties involved in centralized applications would be jobless. |
| There is low fee on transactions performed which is appreciable. | … |
How can dApps developers promote their apps?
DApps developers can promote their app through various means which will aid grossly. To communicate to the entire world is nowadays not so much of a work load. There are numerous ways in which some are.
Through the social media platforms: Recently social medias has gone so broad that almost every person in the world uses it. With this aid, it’s will be an opportunity to exhibit the application there due to the number of people in use of social media.
Through the websites:
Nowadays everything is being uploaded to air which is accessible on the internet through websites Most visited websites I will commend to use for the promotion. This is to make sure that the message reaches to the extreme.Through the televisions and radio sets:
The use of the television and radios is a means of communicating to the general public as means of promoting the dApp.
What should we pay attention to when using dApps?
There are some certain things we should be on the lookout when using the dApps. First of all I will consider high-risk dApps . These are similar looking to dApps which are highly liable to be scam. They look similar to dApps but however doesn’t qualify the qualities of a dApp. They are called dApps because of its similarity to a dApp. This should highly be given attention when dealing with dApps. Moreover, Ponzi schemes are also one thing which should be carefully be on the lookout. Ponzi schemes are investing scam which looks like a dApp so without keen attention won’t notice and would play along. These are some key point to pay attention to when using a dApp.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
To find an information of a DApp, visit the website dappradar.com.
At the top indicated with the arrow is a menu icon. Tap on it to display the menus.
Here we will like to find informations on dApps so tap on rankings as indicated by the arrow.
Displayed below is the list dApps ranked. Moreover, I choose to explore on the 13th dApp which is the QuickSwap.
QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Matic Network’s Layer 2 scalability infrastructure.source
Below is the informations on the dApp I chose.
Conclusion
Basically, I will say dApps are preferable because it’s security is high, faster and it not anonymous which makes user comfortable using it. These applications are really transforming the world to the better.
I will like to acknowledge professor @wahyunahrul for this was a very good topic which was very well explained. Thanks for the humble service for I have understood the lecture very well.
I agree with your conclusions, dApps will improve the world. Great post
Thanks.