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
DApps are decentralized applications which run on a blockchain using a peer-to-peer system that allows users to have total control of their accounts on the the app without a central authority. Other applications such as Facebook have a centralized system with a center authority controlling everything and us runned by humans.
With DApps everything is digital and it needs no human intervention.
In addition, has and open source system where code recorded on the system can be accessed my anyone so that data cannot be changed or manipulated.
With the help of cryptography, DApps are very secure since transactions are sent as codes using the private and publicly keys for encryption and decryption.
I am familiar with some DApps dive as Steemit, Justlend, Sunswap and Sun.io.
Explain the working system of dApps?
The working system of DApps is easy and efficient. DApps uses smart contracts to record transactions digitally and automatically without third parties like human assistance. Because of this reason, transactions on DApps are faster and cheaper.
Money or tokens just need to be sent using DApps on any blockchain then the transaction will be validated using the blockchain system. The transaction is recorded by smart contracts and the money goes to the recipients wallet. This transaction just takes a few minutes and the details of the transaction can be viewed on the blockchain at any time.
What are the differences between dApps and other applications?
Security
Transactions made on DApps are recorded on a digital ledger on the blockchain where everyone can see. There is total transparency on these applications. When a token is sent to you using the public key, only the private key can decrypt the contents of the encrypted message. Without the private key, the tokens cannot be stolen.
For a centralized system, the central authorities can make changes at anytime and maybe even request to change your password.
Privacy
Individual’s private information is safe as there is anonymity in the application and blockchain. The public key acts as the address of the person.
For a centralized system ever transaction is open to those who are running it. There is little or no privacy when carrying out transactions.
Decentralization
DApps have a peer-to-peer system that allows users to have sole control of their accounts and transactions. No third party is needed.
For centralized apps the central authority has full control of whatever is happening on the app.
Explain the advantages and disadvantages of dApps?
- The registration process on DApps is very easy and short and doesn’t require much information that anyone can register.
- Dapps are covered by the same security that runs on the blockchain so they are very much secure.
- DApps have similar functions and similar ways of using them so one can operate on DApps of various blockchains easily.
- Transactions on DApps can be carried out by anyone, at anytime and anywhere in the world successfully.
- DApps are decentralized with no central authority to control transactions.
- Transactions fees to carry out transactions on DApps are lesser and the transaction are faster.
- DApps keeps the identity of the users private that two people carry out transactions under anonymity and there no need for personal information.
- If money or tokens is sent to the wrong address, it cannot be recovered.
- If you lose your keys, you loose your account and it is almost un-retrievable.
- People without blockchain knowledge cannot use DApps efficiently especially when there’s no third party for guidance.
- DApps are still getting the attention of the markets so there are uncertainties if the applications can handle the growing population without suffering congestion.
How can dApps developers promote their apps?
- Developers can get an audience through social media by doing adverts on the various platforms like Facebook, Twitter, Instagram which millions of people use.
- They can run adds on different and popular websites accessed by many people and get good reviews.
- Demo accounts accounts can be created for people to practice and get more acquainted with the app and it’s features.
- They can establish their own tokens that people earn by using the app. For example Justlend gives jTRX tokens for lending TRX which can later be collaterized of the user wants to borrow in the future.
What should we pay attention to when using dApps?
- While using a DApp we should pay attention to the charges placed on every transaction and the transaction speed.
- We should have a knowledge of the purpose and functions of the DApp so that is what we are looking for and to use it efficiently.
- We should beware of the security in the app. Make sure it is decentralized and your keys are kept only by you.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
To find information we want about a DApp we should follow these guidelines…
- Search for DappRadar.com on our browser search bar.
This will take you to the homepage.
- Click on the square box with the red do at the top left of the homepage.
Click on ranking to check the rankings of the various existing DApps.
On the time I did this the top DApps where
Pancakeswap
Splinterlands
Alienworlds
- I decided to focus on the DApp; Steemit which is a social DApp. It was number 73 in ranking.
Click on it to see the details and statistics about the DApp like ( number of users, transactions, volume, balance)
You will also see a graph of historical activity.
- Click on open DApp
Since I am already a user of Steemit it shows I have already signed up and logged in.
To login on steemit, we use the following steps;
- Search steemit.com on your browser
- It will take you to this page where you click on the 3 lines at the top right of the page.
- When you do that, a drop down list will appear and you click signup.
- At the next page you have to scroll down and you will see signup for free. Click on it.
- After that you will fill all the information required like your number and email.
- Then yo will be asked to save your master password and take continue.
- Then you will be asked to save a pdf containing all your keys.
And that will be all.
I am happy I could complete this task. I now understand more about DApps.
I now know the advantages and disadvantages and how to pomote DApps.
I understand the definition of DApps and how to get the information I want on a particular DApp.
Thanks to professor @wahyunahrul for his explicit explanations which helped me answer the question I choose well.
