Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task for prof. @wahyunahrul by @prolee

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Introduction

Decentralized application is a very important topic in that it shows us how we can transact and perform activities in our account without any intervention from a third party which is very interesting.

Questions

• What are dApps ?

• Explain the working system of dApps?

• What are the difference between dApps and other Application?

• Explain the advantages and disadvatanges 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?

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dApps are application that are decentralized and this also happen to be the full meaning of dApps (decentralized application), It is the type of application in the system that is decentralized in nature and by this I mean that it is an application that is managed and control by the owner of the account and they ownership of private key without any other party such as third party, central authority intervention.

In as much as dApps does not permit involvement of third party in running it, it shows that it has a very high security network that protect the application, it also has a peer to peer working network which allows for individual transaction, and with the help of smart contract history or record about the transaction that is been perform is always save with low commission obtain in any transaction done which makes it very interesting.

We also have example of dApps which are-uniswap,just swap, pancakeswap etc.

EXPLAIN THE WORKING SYSTEM OF dApps?

The first thing here to me about the working system of dApps is the smart contract because of the important role it plays that with it, all transactions done in the application is being kept in record rather being leaks to a third party, for security and confirmation purpose.

Another one is the peer to peer system which clearly shows that there is no external body involvement because here individual can perform to anyone or client despite their environment or location easily and at a faster and secure way and without the external body here it is all left for the individual to manage and control the account.

The dApps is also transparent to individual which means it runs through an open source

What are the differences between dApps and other app

dApps(decentralized app)	Other app
1) Talking about decentralized app, an individual to be able to operate this type of applications will need to have little or more knowledge about cryptocurrency to successfully understand it	The other application does not need the individual to have crypto related idea to operate it successfully.
2) very important part in a dApps is that there is no central authority or any third party approval or intervention when transaction is to or performed	There is a third party involvement here which means before any transaction is done must be known by the third party.
3) The rate at which transaction is being charge in dApps is low no matter the number of transaction perform	unlike the dApps, there the rate at which individual are being charged is high.
4) The level of security on dApps and the level of trust is high in that the individual knowing that security is high will always have good trust level	low level of security also makes the individual have less trust in that their funds are being monitored by third party.
5) The individual can decide to perform transaction anytime	here the individual sometimes will need the central authority
6) here we make use of token such as Bitcoin, Doge, etheruem	here we make use of fiat currency naira/kobo.

Explain the advantages and disadvatanges of dApps?

ADVANTAGES

No location or distance barrier is involve in centralized application in that you can transact with anyone all you need is to make use the P2P networking system.
There is no tho third party involvement which shows that you do not need any one approval to be able to perform transaction all the individual need is network, data, PC.
The dApps is very transparent, because of the open source network and by this you can not lie.
As earlier said, the level of security network here is high and by this will always boost the individual trust level because the individual will be certain about safety of funds.
Here we have smart contract that keep records of all the transaction that is being performed.

DISADVANTAGES

The transparency in the application make the individual account and transaction that he or she perform open to the public which is suppose to be kept in private, but in dApps his or her privacy is exposed.
Talking about an individual to lose or misplace his or her private key with funds in it automatically means that the wallet or account is gone and find gone
Lack of third party is very serious issue because let's say if an individual has any thing or suggestion to make it will be impossible because there is no one to complain to.
Sending funds or assets to the wrong public address with confirmation means there's fund sent is gone and can never be reverse.
The idea of blockchain has really hinder a lot of people from making use of dApps because the don't have idea about blockchain.
Poor browsing network in the individual locality, an individual may has PC or Android device but accessible network may hinder transaction.

How can dApps developers promote their Apps?

Organizing Occasion
Advertisement
Sharing of freecoin(airdrop)
Publicity
Demo account
social media
website

Organizing Occasion

This is one of the best way of developing dApps by organizing big occasion and making the dApps to be the key topic and subject matter and the event should be held at a good environment that can accommodate alot of people and by this the decentralized application will surely be promoted.

Advertising

This has to do with doing of flyers and poster even sticker with the full specification of the dApps and the description which will make it catch the attention of public.

Sharing of freecoin (airdrop)

This type of promotion will really motivate alot pf people because when the received what the do not know and get to know the value the will definitely be promoting it around them.

publicity

This can be done by radio, television or even walking round the community with microphone to enlighten the people and promote dApps at the same time.

Demo account

Just like airdrop you have a demo account in which the people can practice with and through this it will motivate them because some of them will find interest in the dApps.

website

Promotion can be made with the decentralized application website because through it people will know more about it and can also access it easily the website is website

What should we pay attention to when using dApps?

charges
security
smart contract
P2P (peer to peer)
scamming website

charges

Here, it is important for an individual to pay attention to the rate at which he or she is being charged because when it come to the decentralized application, transaction are always charged low.

security

Here we should also pay attention to the security because if the security is not strong kt automatically means the individual funds and transactions performed are not safe, al it very important, another thing private key is not shareable while public key is shareable but but always be confirmed.

smart contract

It is here that the transaction performed by the individual are being save, it is like a place where all history of transactions that are performed are stored.

peer to peer

Here, it show that there is no third party intervention and no distance barrier you can always performed transaction irrespective of the distance.

Scamming website

Talking about scamming website, we all know about the problem that is round the cyber space which is cybercrime which means individual may want to duplicate the site and steal funds.
So individual must be careful to avoid this site by doing alot of research and asking around.

How do we find the information of a dApp that we want to know? Provide the steps (screenshot required)

Step 1
The first thing to do is to click on the websitedappraddar

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step 2
Here, We click on the box that appears like setting to see the list that will be displayed which will be rankings, Defi, NFTs, port folio, token swap etc

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step 3
After that, I will click on ranking after I click ranking a list display in which I saw pancakeswap and I proceed by clicking on it.
Have always heard of pancakesswap and it important.

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Step 4
After clicking on pancakeswap, the pancakeswap features such as the rankings both in general which is # 1, also in defi #1 and in BSC #1

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I will be using tabular form to show the statistics of pancakeswap
From the uniswap, I saw the following characteristics listed in the table below

Pancakeswap	statistics
Token name	CAKE
Token Price	$18.23
TVL	$10.95
Market cap	$9.41
Cap/TVL	0.86
ATVL	$9.15B

It also has 433 smart contract.

Step 5
The next thing was to open the pancakeswap dApp where I will able to see some other things
Here , I saw the following that we can trade, win, NFT, earn we can even connect wallet