Here is my homework post for Steemit Crypto Academy beginners fixed course task 8 by prof @wahyunahrul with the question;
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).
Introduction
For us to talk about dApps, we have to firstly understand what a BLOCKCHAIN is. In the main sense of the word, a blockchain may be referred to as a chain of blocks that are continually growing, with each block containing a time-stamp, a cryptographic hash (an algorithm that takes an arbitrary amount of data input—a credential—and produces a fixed-size output of enciphered text) of the previous block, and its sent data.
what are DApps?
Decentralized applications are most of the time described as a trustless (that is, the participants involved do not need to know or trust each other or a third party for the system to function) or peer-to-peer with a particular characteristic that sets it out, that being there is no singular entity or individual that controls the activities of the DApp.
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In a centralized app, like the ones we have all been used to, there are particular individuals or bodies, with access to the full information or data of users of the apps. This is what decentralized applications or DApps for short, aims to solve.
The Working System of dApps
A DApp takes advantage of blockchain technology at the foundation, for data storage and processing, dApps rely on blockchain technology at its core for these. As explained above, a blockchain may be referred to as a chain of blocks that are continually growing, and dApps take full advantage of that to embody decentralization at a protocol level.
A dApp works with No central point, Open source code, A Decentralised consensus mechanism and makes use of an internal currency. There are many reasons why dApps must make use of some type of currency, among which are:
To give support to the development process: many dApps make use of one internal currency or the other, to back up the development process of the DApp.
To improve the network & its consensus mechanism and;
To give the users a way to exchange value.
What are the differences between dApps and other applications?
There are unique differences between dApps and other centralized applications. We have all been used to centralized apps for a very long time, including social media apps, and even financial apps. In a centralized application, there is a single point of failure, in case of a malicious attack. Because of the centralized servers of our basic apps, it is easier for a hacker because all they basically have to do is disrupt the hosting service. Banking on a centralized server opens data to more attacks, thereby putting our privacy at risk.
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sourceHowever, with blockchain-Based DApps, two main elements are involved. We have the front end, which stays the same as with normal apps, and then the backend, which is where the magic occurs, with a blockchain network consisting of hundreds & thousands of machines. dApps are not controlled by a particular entity, individual or body, and all activities occur on a peer to peer basis, with zero storage of user's data, or breach of privacy, unlike other centralized applications, where the information provided by users are usually stored by developers, who in turn uses these informations to show ads to users, among other malicious activities.
Taking a look at happenings around centralized apps, like the saga that occurred with Facebook, after it was accused of breaching user's privatise, storing user's informations illegally, and a bunch of other accusations. This brings to light why it is so important to continue perfecting DApp development, as the decentralization that comes with it is exactly what the whole world needs.
The advantages and disadvantages of dApps?
Advantages of dApps includes:
It Prevents Internet Censorship: Because dApps are without a centralized authority, there isn't censorship and data manipulation, as opposed to regular apps. This for me, is a very underrated advantage of using dApps.
There is an increased level of trust in the system: the knowledge that there is no central authority controlling activities give many users a sense of confidence and trust in dApps.
DApps are fault tolerant: What this basically means is that since there are no centralized servers that the dApps work with, and everything is done on a peer to peer basis, dApps are less susceptible to malicious attacks.
As with any technology, dApps also come with some disadvantages. The following are some disadvantages of dApps:
Inability To Implement KYC: The inability of dApps to implement KYC (Know Your Customer) has made it an avenue for malicious individuals to carry out their activities.
Lacking user experience: Inability to save user data may also lead to a lack of improvement in creating an improved experience for users.
Slow speed: Most dApps are slow, in interface and in carrying out transactions. This adds to lag time for users looking to carry out a quick transaction.
How can dApps developers promote their apps?
There are various strategies that DApp developers can use to promote their apps. These have been researched and proven to work over time. Below are some of these strategies:
Getting listed on dApp reviewing websites:
One sure fire way of promoting your dApp is getting it listed on top dApp review websites. Some top sites include State of the Dapps, Dapp.com and DappRadar.Start with a strong Influencer marketing: Influencer marketing is the wave now in crypto. The key here, however, is to make sure that you're honest about what you're marketing. This has been proven to work in DApp promotion.
Have a Decentralized Social Media Marketing plan.
Carry out a smart media campaign: This should be done according to your budget for the project and the milestone the developer has set out to achieve.
Strategic Partnership with bigger projects: Collaboration with bigger projects also work big time in dApp promotion. If your project is valuable, and offers real utilities, it'll certainly get recognized.
What should we pay attention to when using dApps?
As with any technology, dApps also have their pros and cons. There are various things we should pay attention to when using dApps, which include:
The kind of activities we are trying to carry out on the dApp: Most dApps do not offer the same kind of services, especially financial dApps. An example is Uniswap and Pancakeswap, both are for swapping tokens, but each on different networks and with different costs. (Charges).
The dApp must be held on a publicly accessible dApp network, as this is what decentralization is all about.
Consensus methods, such as proof of work, proof of stake, that generates tokens must also be available.
How do we find the information of a DApp that we want to know?
We can find information about dApps from a range of sources, most notably DappRadar.com, dapp.com and Stateofthedapps.
For our example here, we'll be focusing on DappRadar.com. This is a website that ranks at the top, in terms of providing lists, promotions, valuable & correct information about dApps.
Here we have the homepage of DappRadar.com. As we can see, it's pretty easy to navigate, with a well defined and well laid out structure. On this page, we're going to be looking for information on Spookyswap, an exchange dApp. We start by clicking the 3 bars by the top right hand side.This brings us to a new interface, where we can input our search, in this case, Spookyswap.
Smooth sailing all the way, we have our results about Spookyswap right there. With a very fast user interface, we can see that DappRadar is one of the best to get information about any dApp.
sourceBoom! Clicking on the results, we have full information about our preferred dApp here, Spookyswap. A quick scroll down across the page will provide us with access to information about Spookyswap, like Total Value Locked (TVL), Market Cap and Circulating BOOs (The native token of Spookyswap).
By clicking on "open Dapp", we're going to be redirected to Spookyswap's dApp interface itself. Here we can: Swap between tokens on the phantom network. Supply liquidity (Contributing to the pool everyone swaps from and collect swap fees) Staking at farm (Stake your proof of liquidity Contribution at farms and start earning BOOs!)
Conclusion
The task of making research on dApps has been challenging and at the same time enlightening for me, as I hope it will for you too. Which would I go for between Centralized apps and dApps? Although dApps are still relatively new in the sense of the word, I would still go for dApps, considering that it's advantages over centralized apps are more than its cons. The privacy, security and trust that comes with dApps is exactly what has drawn millions of users to dApps, and is exactly what will drive more in soon, full decentralization!