Steemit cryptoAcademy season4 Beginners course-Homework post for Task 8 ||Decentralized Applications (dApps)
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).
Introduction
Technology is something that keeps improving on a daily basis, with new innovations here and there. But there is one that is still in its infant stage but it has already being considered the future of applications and that is the decentralized application that operates on the blockchain technology. In this course of the task, we shall be taking a holistic look at the new technology and what it holds out to benefit us.
What are dApps?
These are decentralized applications or softwares that are built and developed to run on peer-to- peer blockchain network. These applications operate like the normal centralized applications that we download from different online stores but the major difference is that dApps are not controlled by a single entity or an organization rather it operates on a p2p networks of different computers. This means that every user has freedom to carry out their legitimate activities on the platform without fear of being sanctioned or regulated or being charged a fee to carryout business on the platform.
Explain the working system of dApps?
dApps operate on a peer-to-peer network by means of blockchain technology. In a dApps system, information or data is stored in a network of computers referred to as nodes. Every information that comes into the system is being encrypted, copied and distributed. There is a direct communication between users and providers without the interference of a middle man or third parties. Users are often rewarded with tokens for carrying out task and making positive contribution to the platform. It makes use of cryptographic token which helps in keeping the network secure.
What are the differences between dApps and other applications?
There are a whole lot differences that exist between dApps and applications and more will be discovered as the technology keeps evolving. In this assignment we would looking at the following.
Control entity: every application have a central entity that monitors and regulates what happens on the network using the backend office. dApps does not have a central body controlling activities on the platform, it is open-source.
Use of blockchain: use of blockchain technology is a major feature that makes dApps absolutely different and unique from other applications
Reward system: dApps makes use of cryptographic tokens as means of rewarding members on the platform for their various contributions. Other regular applications do not have tokens, therefore users never get rewarded.
Transparency and control: this is another outstanding feature of dApps, users are allowed to enjoy more control over the stored data while other centralized application are more restrictive as to the data made available to users. Every dapp's operation is being encrypted and stored in the blockchain and cannot be erased.
Usage fee.
In other regular applications, users do not have to make any payment before enjoying the application or making use of it. While dApps require users to pay a token fee every time they use a dapp. This fees are just an avenue of appreciation to the owners of multiple nodes that make up a network. The users most also understand that the more complicated the distributed application is, the larger their cost of usage.
Explain the advantages and disadvantages of dApps?
Advantages
Elimination of third parties: Use of dApps has been very effective in the elimination of middle or third when processing payment. Transactions can be done directly on the platform using cryptocurrencies instead going through fiat payment providers.
Privacy: with the introduction of public and private keys into the dApps system, users can maintain a high degree of anonymity when carrying out transactions on the platform without going the process of having to register with real name and email and other confidential details.
Open source: developers are allowed to build think outside the box and come up with interesting and fascinating features and functions that would allow users to enjoy their time on the platform.
Absence of downtime: since dApps operates on a peer-to-peer system, there is zero possibility of dApps shutting down even when individual computers or parts of the network is down.
Zero censorship: dApps has no single point of failure, therefore it is difficult for any government or powerful individuals to exercise control over the network.
Disadvantages
Hacks: since of most of the operations are done on open source smart contract, there is a high possibility of the system being hacked due to loop holes and weaknesses that more exist on the network.
Poor user-interface: a number of Dapps do not have a user friendly interface. When this happens, it makes make users not enjoying navigating or even making a second visit to the site.
Speed: Dapps are considered to be very slow, which can be frustrating I must admit. Using Ethereum network as a case study can only handle about 15 transactions in a second. This sets a limit to the number of users that can be on the network simultaneously. Since these transactions are done in blocks, there are possibilities yours may not be included.
How can dApps developers promote their apps?
There are several avenues through which developers can promote their apps since dApps is still in its infant stage, it is very important that it is given the right promotion. Below are a few of the tools that can be helpful in achieving this task.
Social media: social media platforms like Facebook and twitter are major players in the centralized social media platform with billions of subscribers worldwide. With sponsored advert to a targeted audience will be of immense help in promoting an app.
Blogging: developers can start up a blogging site that focuses on promoting the dApps to members of the public.
App contest: developers can participate in competitions organized by organizations that give awards to innovative developers as this would help in promoting the brand to a wider audience.
Giveaways and promotion: developers can organize giveaways and promotions as means of giving back the society. Task should be given out and those who participate will be rewarded with tokens. Developers can reach out to the needy and less privileged in the local communities, by so doing more people would be interested in checking out the app and possibly download and start using.
What should we pay attention to when using dApps?
When using a dApp it is very important that we pay attention to some key features such as wide range of functionalities, flexibility and a reward system.`
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
The first step is visit the coinmarketcap.com to the what number the dApp appears on the market. The preferred DApp is the pancake swap is was ranked 33 at the time of completing this task, with a market capitalization of $5,172,626,783.
The next step is to is to visit dappradar.com to see the ranking of my preferred of dApp.
After choosing my preferred Dapp I then click open dapp
When you click on open Dapp it takes you the homepage of the pancakeswap.
