INTRODUCTION
We all know that the world is developing and decentralized application is one of the way in which we observed alot of things compared to the centralize application, it is here that we understand that we can actually be making transaction in our different location without involving any one assist like central authorities or any third party.
What are dApps?
The dApps is the short form of decentralized applications, it is the type of applications that doesn't require the service of any third party or central authorities when in service.
It is an application that is very secure unlike the centralized application that has a low security and makes use of Central authority when being used.
In decentralized applications, it is the user that has full control over the application, he chooses when to perform transaction and at his convenient. The dApps also make use of peer 2 peer networking system which enables the users share knowledge through information and communication with one another and also make use of the smart contract in keeping of records of all the transactions that is being performed in the application.
Explain the working system of dApps?
The decentralized applications makes use of the smart contract, which is very essential because once it is installed, it can not alter. The smart contract also aid in keeping records of all the transaction that is performed in the application.
Here the application is being operated by the user who has full control of the application no third party.
The security level here is very high which makes it save from the hand of manipulators or hackers, the dApps also uses the peer 2 peer networking system which makes it possible for individuals to share knowledge through information with one another.
What are the differences between dApps and other applications?
| dApps | Other app |
|---|---|
| Let me start with the security, when it comes to dApps the security level is very high which make the application free from hackers. | Security level here is always low which mean the other app can easily be manipulated or hack. |
| Here, transaction are not being monitored by a third party or central authority but transaction records are being kept with the use of smart contract. | The third party can easily monitor individual transaction and keep records of what the individual is doing(transaction performed) |
| Transactions performed here are being charged lower rate | Transactions performed here are being charged at higher rate. |
| There is a high level of trust because of the strong security, so individual will always know that their transaction and account is in safe hands. | Low level of trust because of low security and involvement of third party that monitors the account. |
| Speed level here is always low | High speed level |
| It is not easily understood individual must have an idea about cryptocurrency to use it because there is no third party to assist. | It can be easily understood because there is a third party to always reach out to when issue arises. |
Explain the advantages and disadvantages of dApps?
Advantages
when we talk about dApps, the way it is secured is very strong and tight which means that the application can not easily be manipulated or hacked and by this will increase the user trust level.
There is no third party involvement or any need for central authority that monitors your transactions but rather it is the user that controls the application the way he want and at his convenient environment.
When ever individual perform any transaction here the charges rate is always low which makes it interesting.
The decentralized application is an innovation that has come to stay with us meaning there is no possibility of it not existing again which individuals will still be making use of it.
Disadvantages
when it comes to this part of my country, Issues like data, mobile device(android phone) or even laptop will be a problem because it is not affordable by everyone.
when ever a transaction is done, the speed limit is slow and sometimes complicated.
Individual always finds it difficult to use the dApps because there is no third party to assist them on how to use the application.
With the way dApps is, individual must have idea about cryptocurrency meaning individual without the idea or knowledge about cryptocurrency will not easily understand how to use it.
laggards will still be scared of the application because it is an innovation and it will take time for a large percentage of people to adapt especially People of old age.
No third party to assist the users especially newbie due to how the dApp may be.
How can dApps developers promote their apps?
There are many ways in which a dApps can be promoted
first of all, we can promote dApps by organizing a conference that will host a lots of people and the main discussion should be about the dApps and by this the people will be enlightened about the dApps and it will be promoted.
By making use of different social media handle such as Facebook, Twitter, medium Instagram etc in publicizing about the dApps and anyone making use of this social media will see it and may find interest in it.
By Advertising, this will help promoting dApps because it can be displayed on a billboard or flyers, this can be done by sharing the flyers to people and putting a big bill board with everything about the dApps on it.
By Giving Airdrop, This is one of the best way of promoting dApps because we love free thing in my country, once you give out airdrop to the society people will be highly motivated because we believe that seeing is believing
Free account which will act as a demo account where the can go and learn on how to effectively use the dApps will encourage people too.
What should we pay attention to when using dApps?
There are alot of things to pay attention to when it comes to dApps things such as smart contract which help in the record keeping of transactions that is being performed on dApp.
Another thing is the rate at which the individual is being charged which is always low when transaction is performed.
The level of security is also a very important things to be put in mind because it is through the security level that individuals will tend to develop trust for the dApps. Hacking sites that behave like dApps should also be taken into consideration.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
Step 1
To find information about the dApps I will have to go to the website first which is dAppRadar
Source
Step 2
We click on the box that looks like setting to see the list that is going to be displayed which will be rankings, Defi, NFTs port folio,, token swap etc.
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Step 3
After that, you click on ranking after the clicking a lists of things will show in which I will be using the uniswap so I click on it
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Step 4
Once I click on uniswap it will display with it features, here you see that uniswap is rank # 8 in general, # 1 in exchanges and #2 in ETH
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The uniswap has other characteristics which I will explain in a tabular form
| Uniswap | characteristics |
|---|---|
| Token name | UNI |
| Token price | $23.84 |
| TVL | $8.26B |
| Market cap | $23.84B |
| Cap/TVL | $2.88 |
| ATVL | $8.45B |
Step 5
After am done with that, I will proceed by clicking on the open dapp
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Step 6
Once the open uniswap dapp open
You will be able to see the following characteristics like to
Swap token, pool, vote and chart. You can also connect your wallet
Here swap is one individual want to swap a token, just like pool, votes and chart.
In this screenshot you will first see how to swap
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CONCLUSION
This topic has really made me know about the whole what dApps is all about and I want to thank prof @wahyunahrul for the innovative class because am a beneficiary
Cc; @dilchamo
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