Decentralized Applications (dApps)||Steemit Crypto Academy Season 4 - Homework Post for Task 8||

in hive-108451 •  3 years ago  (edited)

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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).

Decentralized App(dApps)

The word decentralized means something that is not controlled by any central authority or any third party.Decentralized Applications are applications that run on the blockchain or run on a peer-to-peer basis and devoid of any single authority.They are blockchain based applications where users do not need any intermediary for initiating and implementing transactions.To make things clearer,applications like Facebook are controlled and managed by a central authority (they are centralized apps). Decentralized Applications are peer-to-peer to network where all the users(nodes) are key players in the running of the application and so no singular individual or group has total control. The Decentralized Applications makes use a a trustless,secure and open source process, meaning that every user can see the application code recorded on the ledger(blockchain).

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There are lots of Decentralized Applications that runs on different blockchains.For example I will list some dApps on Tron blockchain and Ethereum blockchain.

Ethereum dAppsTron dApps
UniSwapJustLend
OpenSeaSunSwap
SushiJustSwap
1 Inch NetworkUSWAP

Decentralization Applications could also be for social purposes-for example Steemit is a social purposes dApp which allows users to log in publish article without a central authority interference.Dapps can also be for gaming, DeFi,gambling or Exchange purposes.

Working System of dApps

The working system of DApps is very easy to understand.The working system is person-to-person (peer-to-peer) transaction.This means that when a transaction is initiated,it is verified by validators (selected or qualified nodes) and then the transaction is completed.The validators are users who satisfy the requirements of the consensus mechanism of the blockchain where the dApp runs.Once the transaction is validated it is carry out immediately.

A process called smart contract which is a trustless and permissionless process makes the working principle of dApps to be simple,decentralized,fast and secure.
For example I want to swap Ethereum for 1 INCH,I can use the dApp called UniSwap to perform the transaction via smart contract.This process will not require a central authority,rather is follows through smart contract and gets implemented.

In summary,the working of Decentralized Applications is peer-to-peer without the funds getting to a third party or being controlled by a third party.Users can view details on the blockchain with ease.Users have total control of the keys to their account and cannot be blocked by any authority.

Difference between dApps and other Applications

Decentralization Applications are different from other types of application for the following reasons.

They are Decentralized:
dApps are decentralized such that there is no single person or singular authority that controls it.So it is not controlled by anyone,rather transactions are peer-to-peer in nature and in practice.

While other applications are controlled or owned by a singular individual or groups that controls its activities.

Top-notch Security:
dApps have top-notch security because the transactions are recorded permanently on a digital ledger called blockchain.This makes it impossible for anyone to delete or manipulate the records.This is a high level of security.

While other applications have their transactions recorded in a ledger which is exclusive to the owners of the application thereby making it possible for the owners or central authority to delete,erase it even manipulate the records.

User Privacy:
In decentralized applications,the details and personal information of the user is not in the hands of any intermediary.The user has full access to his private keys.

While in other applications,the users details and private keys are stored and held by the owners or administrators of such application.This means that the other applications do not offer user privacy.

In Summary Decentralized Applications are secure,guarantees user privacy,allows peer-to-peer transactions while the other applications offers no privacy,low security,no peer-to-peer transactions.

Advantages of Decentralized Applications

Fast Transactions
dApps transaction are very fast.It can happen within seconds and minutes.This is because the transaction is peer-to-peer and so it does not require the authority or permission of a central authority that delays the transaction.

Decentralized
dApps are decentralized such that every user can see the transaction of the ledger,each user has access to the transactions(it's open source),thus making it impossible for any body or manipulate it.

Person-to-person Transaction
Transaction on dApps invloves a person to person transaction.Unlike centralized network, where the transaction must be authorized by a central server.Decentralized Applications allows users to transact directly to each other.

Less Risk of Hack and System Breakdown
Since transactions are not recorded in a central server.It is difficult to harvest transaction details or keys of the users.
Also,the chance of single point of failure is eliminated.The tendency of system breakdown is low or almost impossible because there is no way that all the nodes can breakdown at once.

High Security
In Decentralized Applications,the details or keys of the users are not entrusted to any central authority.This makes it very secure.

Disadvantages of Decentralized Applications

•Since there is absence of Know your customer(Kyc) in a decentralized application.There is a tendency that fraudulent people can seize the opportunity to create multiple accounts on dApps and use it to commit fraud.

•Sometimes it difficult to implement changes or to fix problems on dApps because it requires the approval of the nodes/users to agree to it.

•Often times decentralized applications are not easy to build because it involves lots of protocols inorder arrive at the consensus mechanism (PoW,PoS etc) to use.

How dApp developers can promote their Apps

Provision of Token
One of the ways to promote a dApp is for the developers to have a token which people would be bought through ICO and then can sell it as the price appreciates.This will create awareness for the dApp and make more users to key in.

Rewarding Users with the native Token
To promote a dApp,the developers can give certain task such as sharing or advertising the dApp to the public.Then users that perform the task are rewarded with the token.This reward system to the users will create massive awareness for the dApp.

Attracting Users with Educating and Attractive Features
Let me use Steemit as a case study,Steemit as a dApp has lots of users because it invloves proof-of-brain which is an educating protocol.Since we have lots of lettered and learned people round the world,Steemit becomes an attractive dApp for them to showcase their writing and blogging skills.

What should we pay attention to when using dApps?

Security is an important thing to watch out for when using any dApp.This gives the user rest of mind.It is important to study and understand the level of security of the dApp before using it to avoid losing funds or access to it.

Transaction cost is another thing to look for in financial decentralized applicatons(or DeFi aplications).It is important for a user to check the transaction fees before deciding to use a dApp.

It also important to know the blockchain on which the dApp runs so as to know the coins to transact on it.For instance,it is cheaper to swap Ethereum tokens on UniSwap because UniSwap runs on the Ethereum blockchain.

How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).

To provide or fetch information about the dApp that we want to know.It is important to search for the available dApps at the moment and then click on the ones that we want to explore.

•The first step to visit the website] to see the list of dApps.

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•Now I can see the various categories of dApps and also the long list of dApps.Some of the dApps are for:

DeFi eg PancakeSwap
Exchange eg UniSwap
Socials eg Steemit
Gambling eg SportX
Among others.

•I also saw the various blockchains upon which different Dapps are built.I then selected Tron blockchain so as to see the dApps under the Tron blockchain.

•I then selected JustSwap which is a popular dApp in the Tron blockchain.

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•I was able to view detailed Information on ** JustSwap**such as the number of users, the volume, balance, transactions etc.

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•Next I clicked on Open dApp and it took to SunSwap and gave me the option to connect my wallet.

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Conclusion

Decentralizaton is the future and Decentralized Applications(dApps) are the way forward because they are peer-to-peer network,safe,secure,fast and guarantees user privacy.The records are kept secure on the blockchain and can be viewed by every user, thus eliminating central control or any form of manipulation.
dApps could be for DeFi, gaming, gambling,social and for other purposes.The overall advantage is that they are not controlled by any individual or central authority.Transactions are also not stored in any central server making it difficult to harvest users data.

Cc: @nane15 @dilchamo

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