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 & its Working System
Decentralized Apps (dApps) are application that is built on already existing Blockchain networks (decentralized systems) most especially decentralized systems like the Ethereum, Tron, or Steem Blockchains. They derive their full functionality through their parent host as well as maintain the binding smart contracts between them.
Decentralized Apps are characterized by their backend code running on a peer-to-peer Mechanism which is typical of a decentralized system, unlike the conventional Apps which run on a centralized server. When I mean peer to peer in this context, I mean that there is no singular ownership or control over who controls the system.
These backend codes are accompanied by frontend codes as well which acts like what we have in the centralized system and is accessible in all languages but a distinguishing factor here is that its backend code is built on a decentralized protocol.
Most importantly, dApps built on the Ethereum Blockchain are hosted on the Virtual Machine which makes bugs difficult to affect its main system should Incase the smart contracts are compromised. But before dApps are introduced into a Blockchain Network, it is assumed that it has a smart contract code embedded in it that cannot be changed. This makes hosting a dApp into this platform compatible given that it met its criteria accordingly.
Differences between dApps & Other Applications
| dApps | Other Applications |
|---|---|
| These are primarily Decentralized Applications with peer-to-peer Mechanisms, hence no Central ownership or control of the system | These are centralized systems that run on a single server and are monitored by an individual (s). |
| Incidences of zero downtime applicable in Network. Once hosted on a Blockchain Network cannot witness the denial of service attacks | There are high Network outages observed in applications other than the decentralized Apps |
| Presence of Privacy or anonymity in protocol while in use | Privacy is one of the well-known features lacking in the centralized or another application system |
| High resistance to censorship or control over the use of the protocol. This is because there is no entity with the sole responsibility of gagging the use of any dApps once launched | Presence of censorship as there are control measures on what, how when, and where posts should be released at a given time/period |
| Decentralized Applications come with data integrity which is what we see as Immutability and Interoperability | Data can be altered and changed in systems other than the decentralized system |
| dApps are Trustless Systems that predominantly execute their activities through smart contracts | Applications found in this category are usually not trusted |
The Advantages and Disadvantages
| Advantages | Disadvantages |
|---|---|
| Interoperability which simply means dApps maintains the integrity of data from end to end | There are cases of network congestion should In case there are more pending transactions coming in more than the stipulated value |
| Trustless Systems which entails that its execution proficiency is maintained on the use of smart contracts | High Maintenance and performance overhead cost to keep the dApp running due to the task to ensure reliability, integrity, security, and transparency. |
| Data Immutability assured in dApp | They quite has in its an interface and user experience navigation vis-a-vis what is obtainable in the centralized system |
| Ownership of user account assured at all times | |
| Guarantees User privacy in all transaction activities | |
| Low or no cases of network outages |
How dApps developers promote their apps
Promoting dApps I think is one of the avenues users and participants in the Cryptocurrency space get to know about smart contracts they ordinarily won't be knowing. This may be observed due to its time and mode of launch into the crypto space.
One of the important ways is to leverage the use of exchanges before taking or launching. This serves as an entry point hype given to this products/project leveraging on the massive participants found in the exchange.
This can also take clues from massive ads placed on the internet and social media handles which gives an eye-catching message to viewers of the platform.
Another means by which developers can bring attention to its dApp as well promote its existence is using giving and releasing its token via Airdrops. This would not only draw users' attention but also put in tokens in their wallets for onward participation.
What should we pay attention to when using dApps
There is a need to be vigilant while using dApps. If there are no lucrative dApps there won't be infiltration of suspicious and risky dApps. It is best that before we go into using any of the dApps that we research about them to know how much they offer and the benefits therein.
Some of this may be launched or developed to take undue influence on its users by exposing them to greater risk on investment or with a lower propensity to maximize yield at any given time. Therefore detailed research should be done and in extension, the white paper governing this project should be reviewed if available.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
To have complete details of this, we will have to launch into the site through https://www.dappradar.com
From the interface, we can see that we have dApps categorized into NFTs, Defi, Games, Gambling, and Exchanges. This makes our choice of search very simple and direct.
We also have other features on the top screen which help us determine the ranking of any given dApp. A click on this feature brings out the full detail of each dApp ranked by category, Balance, Users participation, and Volume. From the screenshot, we can see the Top three (3) dApps as Olympus (DeFi), PancakeSwap (DeFi), and Splinterlands (Game).
I can as well use the search box on the top screen to search for any dApp of interest quickly to get detailed information about its present activities. For instance, if I type the word Steemit, it brings out a drop-down to click for further details.
Then when I clicked on it, it brings out the full details. Steem is ranked top 51 in all the available General dApps listed, and Top 2 in Social dApps available. Has 4.4K users, 23.01K Transactions, $15.9 Volume, and $3.97M Balance.
Conclusion
The use of Decentralized Applications in the Cryptocurrency space has brought more adoption in Blockchain participation as many Man's activities are virtually and digitally represented in a more secured, trustless, and efficient manner.
It has also served as a means of generating a passive income to participants as they continue to engage these smart contracts to build on Blockchain Networks.
Thank you professor @wahyunahrul for your lessons.
Cc: @dilchamo