Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task for prof. @wahyunahrul by @usmanismail882
Introduction
Good day everyone, how are you all doing. I welcome you all to Season 4 Homework task - 8 which is about Decentralized Applications (dApps), special thanks to prof @@@wahyunahrul for his thorough explanation on this course, with his teachings we were able to learn more about dApps.
Homework Question
- 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
Decentralized applications (dApps) are decentralized applications that are run on a peer-to-peer network, like blockchain where the control of the network is not based on one person or entity, not like the centralized app such as our social apps like Facebook, Twitter, and other apps that are controlled by the app builder where all user information is required and can also be tampered with by the organization that owned the app, dApps is completely an open-source system.
And most dApps are popularized by distributed ledger technologies (DLT) such as the Bitcoin Blockchain, where DApps are often referred to as smart contracts, all dApps have a unique code that is specifically made for them and may only work on a specific platform which means that not all dApps can work on a web browser, this kind of dApps have a specific app specially built for them.
Special dApps Features
Decentralized: dApp are all developed on a blockchain system, these apps have a distribution of authority across all nodes, the records are recorded on an open ledger.
Open-source: This means that the apps don't have central governance that monitored dApp, no single individual or organization controlling the app.
Incentivized: This shows that it allows rewards for the participation of all-node of blockchain dapp, the rewards come as crypto tokens or coins.
Immutable: All records or information stored on dApp are immutable, which means they are less or no chance of changing records on dApp.
Unshakable: This shows that dApp systems are hard to hack and break into.
Explain the working system of dApps?
In dapp, all decentralized applications are working on blockchain technology, all dApp make use of an open-source system where the system does not require the help of a person or third party to run and all transactions that happened on dApp are all recorded and stored on the distributed ledger, this shows that each user doesn't have to place their trust on anyone, all transaction will be visible to all. It also shows that dApp runs a peer-to-peer system where no third party is involved in the control of the system or any transaction which also gives all users the power to make decisions by themselves. Also when performing some transactions on the apps, they are some little fees that are charged. And the gas fee also depends on the token that is involved.
What are the differences between dApps and other applications?
| dApps | Other Apps |
|---|---|
| Store of value: dApps can store value and free from one persons control | while other centraloized apps, users have to put trust on the third party in order to make a secure transaction |
| Speed: dApps are rediculously slow which put them in a disadvantage position to a centralized apps | while centralized apps are fast compare to dApps which gives them a huge advantage |
| Security: In dApp security is very important, which makes it very hard for the apps to be hacked and also any malecious activities are strictly restricted | while on other apps, the activities are monitored by the third party and mostly time they tend to be some negligent from the third party |
| higher level of synergy: All dApp have a high level of synergy which makes it much easeir for dApp to intregrate with each other | while other apps has a low level of synergy, they hardly integrate with other apps |
| Control: On dApp, they operate more on transparency where the app system is not control by one person or organization, because dApp operate an open ledger where all records are open for all | while other apps are been control by a third party which makes it hard for users to know all and they is no transparency on them |
| Cost of usage: Decentralized apps have a very low cost of usage | While other apps doesn't require any cost to run it like facebook, twitter |
| Resistance to censorship: On dApps, it is very hard to delete any content that has already been created on the system | while on other apps are flexible, changes can be made on the apps by the third party or the organization controlling the app |
How can dApps developers promote their apps?
They are different ways one can use to promote their app, I will be explaining some of them.
Social Media advertisement: You can make use of social media to advertise and promote your apps by creating awareness on different social media platforms, this will help others to know more about the app and also encourage them in using the apps.
execute a smart media campaign: To promote your dApps, you can hold some campaigns according to your budget, this will help showcase your dApp in a good way, and by making a direct approach, it will have more impact on people than even advertising on the web because people believe more in what they see than what they hear, this will help boost, promote your dApps in a good way.
Collaborate with bigger projects: By collaborating with order similar projects, it will help in building a good startup for your dApp.
Explain the advantages and disadvantages of dApps?
Advantages of dApp
The below are the advantages of dApps
Open-source: All dApp codes are open-source, this shows the transparency of the application, it also means that it can be viewed by all users.
Less downtime: This shows that they are minimal interruptions and downtime for maximum business continuity and resilience, this makes dApps to be more robust and flexible than centralized applications, it does not need any kind of connectivity to a single centralized server for it to run.
Cost reduction: dApp has a low cost of reduction, it also has a high transaction speed.
Safer data: dApp run a smart-contract system, where all the data is distributed across the node, which means that all data are shared and replicated which helps to store the information across all other nodes. This also shows that hijacking a single node doesn’t restrict the dApp's ability to access its critical data.
More control: On dApp, users have more control over the apps, which shows that no third party or organization is in control of the application, this also gives all users the ability to make decisions on their respective server.
dApp cant be blocked: This shows that dApps are not restricted like the centralized app, because the server doesn't have a particular IP address because it is distributed across all nodes, also because no single person or organization are in control of dApp. This makes it more difficult for dApp to be hacked.
Disadvantages of dApps
Below are disadvantages of dApp
One of the disadvantages of dApps is that it is much more difficult to update, fix bugs on dApps because fixing bugs required a peer-to-peer network in order to update all the copies in the network, which prove to be very hectic.
Some dApp requires users to verify their identity, which is KYC because they are no centralized authority, it is very difficult developing such an app.
It's much hard to build some dApps because of the complexity of the system, they also run a complex protocol in order to achieve consensus.
some of the dApps are slow, it takes a lot of time to run.
they are some dApps that developed a third-party algorithm, this also makes some new users in losing interest in users dApps.
Some dApps are not user-friendly, which makes some new users lose interest in using such decentralized applications.
What should we pay attention to when using dApps?
As a new user on dApps, it is very essential to know your way around the apps so as to not make too much lose when using a decentralized application, one thing users should pay attention to is, when performing a transaction, users should make sure that all the details of the transactions are complete and accurate because the moment you submit the transaction, it is impossible to revert that decision and it is impossible to make changes after submitting your transaction, which means if you made a mistake while doing transactions, it is impossible to undo that transaction.
Another thing you look out for when using dApps is the high risk that is involved when using dApps to access crypto platforms, they are at risk of losing money when the coin depreciates so users have to be ready to take the risk of earning more money and loosing money when investing on crypto coins.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
in order to find information on a decentralized application, they are few steps you take.
- First step: is to open this link which will take you straight to their web browser.
When you open up dapprader, the above page will be what will be visible to you, from the page it is shown that it has different sections which are the Game section, Defi section, Gambling section, Exchange section, Other section, Social section and so on.
- Second step: After getting to the site, at the top right hand side you will be able to see a column that shows ranking, by clicking on it you will be able to view the ranking system of dApps, the screenshot below shows more about it.
The image above shows the top 7 ranking of the dApps and also shows the section each dApps belongs to, also shows the current volume each of the dApps have.
- Third step: At the top of the site, you will be able to see a search botton where you will be able to search for dApps of your choice.
By clinking on the search engine, i was able to search for steemit decentralized app.
- Step four: After searching for teemit, i was taken directly to their dApp page which is shown below.
On the dApp page you will be able to see the full statistic of the app and also the volume, transactions that have been done on it and the balance also shows the the total value of assets in dapp's smart contracts.
Conclusion
It is shown that dApps is a decentralized application, no third party is in control of the system, apps also run a smart contract system which shows that all transactions that are done on the system are visible to all and this shows that users don't have to put trust on anyone. dApps can also improve in some of their deficiencies like the complexity and also on the speed of the system, special thanks to @wahyunahrul for his wonderful lecture on this course which also helps me to understand different concepts of the course.
#club5050 😀