Decentralized Application by @nackasnelson
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?
So different from other networks such as Twitter, Instagram, and Facebook, etc which operate on a centralized network where the owners can either block an account or someone hacks into your accounts and access your information the decentralized application (dApp) is rather the complete opposite as in it doesn't have a central authority and it controls is solely depend on its users.
The dApp is a short way of writing a decentralized application wherein its users have the power to express themselves on the activities of the blockchain in dApps. Users have the freedom to manipulate and edit their accounts to their liking without a third party. Its functions are just like that of an ordinary application excluding that it gives one the freedom to select the type of transactions the users will like to work for example like the Peer to Peer (P2P)
A decentralized application (dApp) is a blockchain-based application and an open-source that gives the user the go-ahead to do several activities.
We all know that anything that has to do with decentralized means that it stands alone which is why dApp doesn’t require any authority to function.
For example, the stress which is undergone by users who use the local bank to do money transfers and we are asked to pay some additional charges and the stress of standing in a line waiting for turns that is different from the dApps it provides us with a faster means of sending money everywhere and at any time with a very low charges rate.
Characteristics of dApps
Below will be discussing some of the characteristics of dApps.
Open Source ;
It simply means everyone within the decentralized application can change anything to what they would like it and this is the reason why dApp is much more perfect than any other Application.
Blockchain-Based ;
A blockchain is in cryptocurrency is a decentralized system in which all transactions can be carried without the fear of an interruption.
Decentralized ;
In a decentralized application, there is security and privacy is seen and can't be accessed by anyone and the user location cant be known since the blockchain doesn't give details of that.
Explain the working system of dApps?
The Etherum blockchain helps dApps to be able to store their data in Etherum. Smart contract severs are the backend for decentralized applications.
Unlike the centralized systems where details of all transactions done by an individual are kept on a record with the Smart contract, it has the ability to keep records of all transactions and it’s done automatically without anyone being in controlling it. Smart Contracts are often referred to as ledgers this is because they are able to store and keep records of transactions.
Smart Contracts are algorithms that automatically carry out an agreement between two parties for example between a buyer and a seller.
To this effect, it can be said that Smart Contracts are programmable robots that self-execute when two parties come to an agreement.
Smart Contracts stand as a bridge to dApps making them gain blockchain standards.
What are the differences between dApps and other applications?
There are several differences between dApps and other applications and below we will be discussing a few.
Low cost:
So unlike centralized apps where users are charged high for using the app to do a transaction from one person to another, dApp comes in with a low cost and a faster way of sending money with no fear. That is for example if a centralized app charges a user about 3% for sending money, dApps has a less fee of about 0.5% which is much lesser than that of the centralised ordinary apps.
Security :
Because dApps are decentralized by nature, they have very high security thereby making it difficult for their applications to be hacked or attacked thereby protecting users information by keeping it saved and secured.
Room for improvement :
DApps have the ability to improve thereby giving their users the ability to modify and edit their codes which gives them the ability to change its themes and other things on the app to the user's satisfaction.
Explain the advantages and disadvantages of dApps?
Advantages of dApp
Stability
DApps are very stable and are very easy to access compared to controversial centralized applications.
High Security:
DApps have very high that makes it difficult for an intruder or a hacker to penetrate through the system and play around with a users profile.
Decentralized
DApps runs on a decentralized system which gives its users the authority to choose what to do with their funds
Disadvantages of dApp
Verification difficulty:
Compared to a centralized application whereby going through the verification process is much easier and simple. But with dApps, their verification is sometimes very difficult for its users which leads to some users giving up on the process without completion.
Difficulties in updating:
With dApps it is sometimes very difficult to update since every peer in the system has to update their nodes resulting in a slowdown of the process.
Complexity:
It cant be accessed by everyone because of its complexity. This is because some things in the dApp require very high personal skills.
Absence of a third party:
With the absence or lack of a third-party system in dApp, there is a high risk of being scammed. dApp being a peer-to-peer based network most people tend to use it as an opportunity to scam others by posting as buyers.
How can dApps developers promote their apps?
There are several ways developers can promote his or her dApp and we will be looking at some of those methods of promoting dApps.
With the world going all digital and social media being a very fast and accessible method of communication and advertisement which is an easy way for developers to promote their dApps and I think with dApp developers can do so by spreading the news which will create awareness to those that have little or no knowledge about dApp example of such social media platforms include; Discord, WhatsApp, Telegram, Facebook or Instagram
The promotion can also be done with developers submitting their dApps to the directories. All dApp developers need to do is to signup into the directory site and submit their dApps there.
What should we pay attention to when using dApp?
As it said "no risk no reward" so as to be successful same thing applies in the crypto world. With the countless opportunities in cryptocurrency, there is as much risk involved in it and it’s a win or loses something. It's the reason why most investors just go ahead and take the risk of investing without examining the market which always leads to a big failure. This is why it’s good to look for high-risk dApps.
High-Risk dApps mostly come in a form of a pyramid or a Ponzi scheme. wherein people don't always think of it to be decentralized. The high-risk dApp has also the ability to give tokens, claim rewards and also join someone.
This is the reason users should always pay attention to such dApps because most of them are always considered scams.
How to find the information of a dApp that we want to know? Provide the steps (screenshots. required).
There are a number of ways of finding the information about a dApp but I will be taking you through this explanation with the help of screenshots using one of the several ways you can find dApp by typing dAppradar
Search for dAppradar in the search bar on your web browser.
When the site opens up we then click on the menu as seen below
We can see as the menu opens up that pancakeSwap is ranked second which is also where we see the dApps ranking. So I will be selecting pancakeSwap so as to get the information which is required for the explanation.
Then I click on pancakeSwap and it displays the needed information showing the volume, balances, users and it's transactions with it also indicating the dApp historical activities in the form of a graph.
On it can be seen the dApps chart in the past 7 and 30 days.
Conclusion
I never had much idea about dApps and what they are until I complete this course and am thanking the prof @wahyunahrul for such great topic and enlightenment with the knowledge this homework has impacted. I really appreciate you for the topic sir.
CC: @dilchamo