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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 dApp?
Unlike other networks search as Twitter, Instagram, Facebook, and the rest which operate on a centralized network where the owner can either block your accounts or someone hacks into your accounts and lick your information. dApp rather work oppositely.
dApp is a short form of decentralized application where users have the freedom to express themselves all they want. In dApp, you have the freedom to Edith and manipulate your accounts to your liking without anyone interfering. It has all the functions just like the ordinary application except that it gives you the freedom to choose the type of transactions you will like to work on like the peer to peer.
dApp is a blockchain-based application and also an open-source which gives you the go-ahead to do whatever stuff you want to do.
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.
Let’s take the local banks for example, where you will have to pay extra charges and also to go through a long process when sending money to a love ones in another country. dApp gives you the fastest way of sending money to anyone on anywhere in the world with fewer chargers.
Let’s talk about some of the characteristics of dApp.
One of the characteristics of dApp is that it’s an Open Source. This means that everyone within the app application can change anything to their liking which is why dApp is much more perfect than any other Application.
dApp is also blockchain-based. Anything within blockchain has to do with cryptocurrency and everything that has to do with both is always decentralized for which all transactions can be done without the fear of someone interrupting.
Decentralized, with dApp, you don’t need to be afraid of your information been leaked since it runs on a decentralized system meaning all your information is scattered around the world which makes it difficult for one to pinpoint the specific location to get your information unless of cause that person has access to your logins.
Explain the Working system of dApp
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With the help of the Etherum blockchain, dApp stores their data in Etherum. Smart contract severs as a backend for the decentralized applications.
Unlike the centralized systems where details of all transactions done by an individual are kept on a record, smart contract has the ability to keep all records and it’s done automatically without anyone controlling it. Smart contract is often referred to as ledger because of its ability to keep records.
A smart contract is an algorithm that automatically executes an agreement between two parties such as a buyer and a seller.
This is to say that smart contracts are programmable robots that self-execute when two parties' agreements are met.
With the help of smart contract, dApp are now in line with blockchain.
Differences between dApp and other Applications.
There are a lot of vast differences between dApp and other applications and below are a few of them.
Security: Due to its decentralized nature dApp has a very high-security level which makes it difficult for an attack. This means with dApp all your information is saved and secured.
Low cost: unlike the centralized apps where you are charged high for using the app to send money from one person to another, dApp comes with a low cost and also a fast way of sending money with no fear. For example, if a centralized app charges you like about 5% for sending money, dApp has a less fee of about 2% which is much lesser than the ordinary apps.
dApp gives its users the ability to modify its codes thereby giving them the chance to change themes and other things on the app to their liking.
Explain the advantages and disadvantages of dApps?
Advantages of dApp
One of the most advantageous things about dApp is that it runs on a decentralized system thereby giving its users the authority to choose what to do with their funds
Stability: dApps are stable and are easily accessible as compared to the conventional centralized application
High Security: The security level of dApps is very high to an extent that it makes it difficult for an intruder to penetrate through and meddle around your profile.
Disadvantages of dApp
Difficulties in updating: dApp is sometimes difficult to update since every peer in it has to update their nodes thereby resulting in a slowdown.
Due to the lack of a third-party system in dApp, the possibility of you been scammed is also high. Since dApp is a peer-to-peer based network most people tend to use it as an opportunity to scam others buy posing as a buyer.
Complexity: Not everyone can access the dApp due to its complexity. In a sense that some things in the dApp require a high skills personal in the field
Difficulties in verification: In a centralized application going through a series of verification is much more easier and simple. But when it comes to dApp verification can be very difficult for users which sometimes to users giving up in the verification process.
How can dApps developers promote their apps?
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In this modern world, there are a lot of ways one can promote his or her dApp and here are some few of them.
Through the media, the most common and influential way people turn to now a days in advertising their products is through social media and I think with dApp developer can do so by spreading the news which will help create awareness to those that have little or no knowledge about dApp such as discord or telegram
One can also do so by submitting their dApp to the directories. All dApp developers needs to do is to log into the directory site and submit their app.
What should we pay attention to when using dApp?
As there is a saying that in order to be successful you have to take risks and that is the same thing applied in the crypto world. You get a lot of opportunities in cryptocurrency but there are risk involves in it and it’s always you either you lose or gain. Which is why most investors just go ahead to invest without examine the market which always leads to them falling big time. Which is why it’s good to look for a high risk dApps.
High Risk dApps mostly comes in a form of a pyramid or a Ponzi scheme. For which people always think of it not be a decentralized. High risk dApp also has the ability to give tokens and claim rewards and someone joins.
Which is why you should always be on a look out for search apps because most of them are considered to be scam.
How to find the information of a dApp that we want to know? Provide the steps (screenshots. required).
There are so many ways of finding information about a dApp but I am going to be explaining to you with screenshots about one of the ways you can find dApp by typing in dappradar.com
- search for dappradar.com in the search bar on your web browser.
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- Locate the menu button and click on it
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- Click on Ranking
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it displays the current ranking and in this case I am going to choose Alien worlds to get the required information needed for this explanation.
- I then go ahead and click on Alien world and then it displays all the information i need like the volume, users, balance and transaction. It also shows the historical activities of Alian world in a form of a graph
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You can also check to see the charts in the last 7 and 30 days.
Conclusion
I never really knew what or have any idea of what dApp really is and I can say is a big thanks to professor @wahyunahrul for giving us such a wonderful lecture on dApp and i've really learnt alot.