Homework Task 8
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).
DApps or decentralized applications can be described as a digital application which is running under the basis of peer to peer blockchain system without the interference of a third party or a central authority.
This is a new, an innovative and an alternative method for the traditional conventional centralized applications; where the applications are governed by a central body.
In a nutshell, the DApps data cannot be controlled by a single entity and the users who are using the DApps transactions can do the transactions on their own.
The users who are using DApps also can experience a high security platform for the transactions they make, mainly because DApps uses private and public keys as their apps security. Meantime, not only because of the decentralization, but also the data stored in the network cannot be changed by a single person,and hence it will need the permission of all the connected users in the blockchain. We can experience decentralized applications through DeFi,games(NFTs), decentralized exchanges (DEX) etc.
As mentioned previously, in DApps there is no involvement of third parties or central authorities to govern the transactions made via the platform. Here in DApps to execute a transaction the validators verification should be achieved. Verification only will not allow to store the data on the blocks. In order to do that, smart contract agreements should be fulfilled by the users. A “Smart contract” is a programmable code which will ensure the terms and conditions of two or more persons agreement in an automated way.
In a nutshell, Smart contracts will have the authority of data recording and data manipulating too. So, after the validation and achieving smart contracts agreements, the data will be added into a block of a blockchain. So this is how the DApps will work.
- DApps users will have the authority of Data storing, data manupulating and transactions. On the other hand in centralized application, users will not allow to do so while the above mentioned parts will be done by a third party or a central authority.
- When comparing with centralized applications, DApps transactions fees are smaller because normal conventional centralized transactions has a history of getting a larger transaction fee.
- DApps which uses the blockchain technology has a high security than the conventional apps. The data stored in a block it cannot be changed by a single person. For changing the data, permission of all the nodes is a must. So that is why the hacking of DApps gives a tough work for the hackers.
- Using of validators and smart contracts will add a huge bonus for the Dapps to do the transactions in a very easy,fast and a convenient manner beacuse in other apps, in order to execute a transaction, the users have to follow complex, slow and low user friendly path.
- Preliminary cost to initiate DApps is much more bigger than the other applications and the users of DApps also need to have some kind of knowledge to work with while the centralized application does not.
Advantages of DApps.
- Users will have the full authority of the application and they have the right to make decisions without an interfere of a third party. In a nutshell, this feature will make the transactions more convenient and user friendly.
- As there is no third party involvement and using of peer to peer open source system, transactions can be executed in seconds and the transaction efficiency is also significantly high.
- KYC is not required to register for a DApp and with that personal data can be protected.
- Using of smart contracts and validators will give an extra confidence for its users about their assets and a clear picture of what is happening in the platform.
- Because of the blockchain consensus mechanism, the users will not experience sudden collapses or hacking of DApps.
Disadvantages of DApps.
- Mainly from my point of view, a person who is new to this DApps technology will need at least a basic knowledge of the blockchain technology because if he/ she does not, then no one can’t exists in the platform for long.
- If anyone did a false transaction, there is no one to take care of it, as because the custody of the app is in user’s hand. Most of the times this will leads to loss of assets.
- The DApps creator will need to have an initial capital to implement a DApp and the capital will be a problem for most of the users. Even if implement, it will consume time as well.
- Maintain a DApp is also a not an easy thing to do because if anyone wants to change or update the data in a block have to change the data in all the other linked blocks as well.
As the DApp technology is not popular among everyone, the DApp developers have promote their decentralized applications among society to get the ranking up.
As a start soon as the launching of the application, owners of DApps are using social medias like Twitter,Facebook,telegram,Discord, pinterest to get famous.Not only that the developers will make twitter promoting, YouTube promotions,Air drop promotions by issuing free tokens as well.
To get a good promotion, another popular method is that the developers are using is by submitting their DApps in the DApps directory list like Dappclap,DAppbag,DApptracker etc.
We all know that DApps security is very high but among the DApps there are some fake apps exists which are not decentralized.Not only that, these fake DApps will charge high transactions fees as well.So it is a must to look at the trust-ability of DApps before using.
Before using it is always better to collect information about the DApps that you are hoping to work with. Information like the blockchain which the DApps running on,transaction fee, the activities in the app etc will make you easier when using it.In addition to that if any one can check the relevant social media platforms which the DApps promotion is going on is active or not , then that person can get a good idea about the trust of the app.
Among so many many ways, I will choose Dappradar to get the information about decentralized applications.
First of all go to the Dappradar website to get the information about
Source Then with the window you get, click click on ranking.
Source After click on that, you can see the current DApp rankings.For further proceedings I will choose Upland gaming DApp
Source Here after going through that, you can see the information about the selected DApp.
- As you can see in the below screenshot you can get the Upland DApp number of users, number of transactions ,the volume and the balance. Not only that, but also you can get the particular DApps historical activity information for the past 24hrs and 7days in a graphical interface too.
Source
Thank you Professor @wahyunahrul for giving us such a knowledge regarding DApps. I hope to learn more from you and your team.