UNDERSTANDING DECENTRALIZED APPLICATION || 10% payout to tron-fan-club

in Tron Fan Club2 years ago
Hello dear Tron lover and crypto enthusiast, I will like to talk about decentralized application so that you can have more understanding about decentralized application.

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WHAT A DECENTRALIZED APPLICATION

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A decentralized Application is an application that run with codes and report back to the blockchain. It is just like how your phone could many applications that are created by some companies and it report back to the company server but instead of a dApp report to a company server, it reports to the blockchain through the application.

dApps are built a smart contracts networks like Ethereum which uses codes that makes it run some complicated things. For those that don't know what smart contract is, a smart contract allow two parties to make an agreement written in code so that the two parties don't have trust a third party to follow through, all they need to do is to trust the code.

dApps codes are very transparent and anyone who wish to look at the code can look at the code and this let people to trust more on the application. This open source is a big benefit because we can look at how some applications like Facebook know the right friend to recommend us or how Google know where we went yesterday but with any smart contract, we can look at the code and see how they run it.

Censorship Resistant

It also have censorship resistant which simply mean that they don't have to be tame by the governments or some people. If the smart contract is created to do something and it been launch, know can stop it. Although, this benefit is good and it also have bad side but it very important for financial application for government not to control your money. A dApp will not allow censorship unless it is written to.

Never Go Offline

In the part, we have applications like Facebook and Youtube down for a short time. Since dApps run on a blockchain, they will never go down because they run by millions of computers all around the world and it will impossible to turn the own computer off.

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TYPES OF APPS

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FINANCIAL DAPPS

There are a lot dApps that creates a way for investors to invest their assets in decentralized finance. A dApps may use investor money for borrowing and lending just like AAVE. Investors can deposit their Ethereum and Matic to a specific smart contract which allow them to make interest on their asset.
  • Providing liquidity

There is a feature in a financial dApp that allow investors come along and buy a token invest them into the liquidity pool which allow other user to trade with the liquidity providers tokens and earn small fee on every single trade made.

  • Exchange

Exchanges are dApps that permit trader to trade there token for another token almost instantaneously.

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GAME DAPPS

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For sure there would be game because programmer are the one creating thes dApsp, so they are going find a way to gamify the space.

  • Cryptokitties

Cryptokitties is dApps that let you procure a little kitten which is the NFT data of rights to that specific token that stands has the kitten.

  • Zed Run

It is a gambling application where users purchase NFT that stands for horse and the user race the horse to earn more token and ever race is recorded on the blockchain.

  • Gambling

There are many gambling application just like Z. There are lot of it out there that run on the block chain that can a lot you to play dice, card, porker and so on.

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Tracking Apps

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Although these apps are usually centralized but they does a wonderful job by reading the data from the blockchain and Zapper.fi example of tracking app that collect data on your wallects and display it on a single page.

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MARKETPLACES

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  • Variable
Rirable is a marketplace that a users to buy and sell nft and user can also create their own nft and sell of the marketplace
  • BIDALI

Bidali is marketplace that allow users to but gift card. Bidali run things differently because they don't report sale to the IRS.

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CONCLUSION

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I have explain what dApps are and type of dApp we have amd it benefit. Be sure to do more research about it. I believe you have one or two thing about a decentralized application and how it works.
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You have done considerable research about Decentralized applications. However, you can try to work more on those topics as this is very common in the Crypto field. However, thank you very much for providing such interesting topic.

very good explanation Even though I already know it might be very useful for people who don't know it

 2 years ago 

Hey @sheayman,

Welcome to TFC.
Please increase your activities and try to be an active author of TFC. You have to post three times a week and comment at least 5 posts in a day then you called an active author. We love our active authors.

All Important Posts:- https://steemit.com/hive-183397/@engrsayful/tron-fan-club-community-rules-and-important-posts-together-in-one-place

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Thanks.

 2 years ago 

Increase your activity and Try to follow the rules in the community to get curated.

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