Good day everyone,
I am very delighted to be part of this wonderful lecture and on the topic on decentralized applications(dApps). I will like to thank our noble professor @wahyunahrul for that wonderful lecture. I really enjoyed and learnt a lot so am kindly here to present to you my work.
Below is my submission for the homework task.
What are dApps? Explain the working system of dApps? What are the differences between dApps and the 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 t ok know? Provide the steps(screenshot required).
The full meaning of dApps is Decentralized Applications. This is very simple since most of us have the knowledge about decentralization and applications as well. Now let’s combine these two together, now let’s get to business when we talk about decentralized applications it simply an application that works without any other applications as in it works on it own. It only works with users involved in it there is no need for a middleman. Also decentralized applications has no boss or owner anyone using it has the opportunity to do what he or she wants on it. Everything involving the platform can simply be seen on it without going through any long process. They are also made to fixed apps so it’s makes the users know every details about it.
It looks very different from centralized applications because with those applications, they are ruled by a boss or a group of people just like an authority. Users on those platforms are always given restrictions to certain things. Permissions are also taken from the owners before users can do anything on the platform.
A very clear example of a decentralized application is our own platform(Steemit). On this platform we have we have no rules governing any community and you don’t need to ask for a permission before posting anything. Also when you get to transaction point, Binance is also an example because you have full control of your account and transaction can be done anytime anywhere without any middleman.
When you research or take your time to check how decentralized applications function, you will get to know that it was brought into being to end with the problems with centralized applications. As we all know, we have a lot of problems affecting the centralized applications and some of them are: the need of a middleman in making transactions and also the long and slow process in send and receiving of funds. Although the creation of centralized applications was not easy to be brought into being, decentralized applications has come to make things especially transactions faster and simpler.
Also with decentralized applications, their platforms always become more attractive and securable from time to time because users on their platform comes together and make decisions since everyone has the right to do so. Transactions are always done by users without that matter of meeting a manager and that makes it very simple. Transaction history is stored and saved securely and that makes hacking Olof the platform difficult since every user can see your transaction history.
There are a lot of factors that makes dApps difference from other applications. Some of them are: quick transactions, security, lack of middleman and transparency.
Quick transactions: This is why decentralized applications differ from centralized applications because of quick transactions. A lot of transactions can be made within a short period of since since there is no need for a middleman to negotiate and waste your time. As we all know when one goes to the bank, you need to sit when it your turn then you go and meet the manager or anyone in charge before a transaction can be done.
Security: Because no one has control over your account and you are the only person who can access it, security at it hand is very tight as compared to the centralized applications there is a controller to your account and anything negative can be done to the account.
No middleman: With the decentralized applications we don’t have anything like a middleman is only you and the sender or receiver. No need to meet someone to also meet someone before transaction is done.
Transparency: As for a decentralized application there is nothing to hide especially when it comes to transactions. Any transaction you make can be seen by another person who is also a user that make their platform a clear one.
There is always a good and a bad side to every existing thing and the same thing applies to dApp as we have its advantages and disadvantages and below are some of them. I will like to emphasize on the advantages first.
When making transactions on the dApps, it is very easy and faster and more to the point the charges they take is very low.
There is no need to get a middleman to prolong things before a transaction can be made.
They have a tight security over here because you the account holder is the very person to be in charge of your account.
Users have the freedom to do anything on this platform that is how and when to make their transaction it all depends on the user since it is not managed by boss.
Before one can be able to put together and bring out a decentralized system it is not easy at all, indeed you have to invest a lot of money into it and it needs absolute time.
Only the user bears the cost when ever transaction goes wrong because there is no involvement of any other person.
Since you are the only person in charge of your account, immediately you forget your password all what you have in the account is also gone because it can never be retrieved.
When there is a complicated problem in the decentralized application, problems are mostly found difficult to be solved since there is no group in charge of it.
For decentralized applications to be promoted I can say it will be very easy since this current world is a social Media world and you can speak to everyone on it. Some of the ways they can promote their applications are:
As I said earlier on, dApps developers can promote their applications on social media. Am saying this because almost 70% of individuals in this word spend their most time on social media. So imagine you selling out your application on social, it means almost all the people in the world will get the app.
Also dApps developers can reach a website where their applications will be shown to them and also let them know the positive and beneficial part of it. This will encourage the advertisers to advertise the good news to the people to also benefit.
For what we need to know, there are a lot of applications that are coming into the system as decentralized applications whiles they are not. As we said earlier on there is no need of a middleman in the decentralized applications. So whenever you get yourself into a certain platform or application and they tell you to see someone or also sign a number of people before you earn, then trust me it is not a decentralized application surely at the end it is not going to work out.
There are so many applications out there that are meant to be decentralized application whiles they are not. Most of them are brought into existence to steal people. As said earlier on we all now know decentralized applications to be clear as in transparent everything on it is shown clearly. But there are some certain applications, the steps involved are too complicated and transaction history cannot be seen it is always hidden so please we need to be very careful.
- Click on this link https://dappradar.com/ on your computer or phone and the interface of the platform will be shown.But for me am using my mobile phone.
- You then click on the top labeled square and a pop up menu will appear and you again click on ranking in the first page.
- When you click on ranking, another page will appear on your screen where a number of decentralized applications will be shown to you.
- You can decide to choose any of them but for me I will like to choose Uniswap which lies on number 8 since I have some knowledge about it.
- From my knowledge on uniswap I know it deals Ethereum and more to the point on the trading of ERC-20 tokens. On the screenshot the marketcap price is $26.04 and with the token price of $26.04.
In brief, the decentralized applications we are talking about is a full time application brought up into the system to make everything simpler and easier in the crypto market. The security involved on this applications are very tight and everything is shown clear. Users also have full control of their account and that makes them differ from other applications.
Thank you very much professor @wahyunahrul for that wonderful lecture and May the good Lord be with us and bless us all.