Hello everyone,
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).
What are dApps?
From the early stages we learnt that decentralization is the new wave of technological innovation that gives users the total control over their asserts or funds. That is no need for any third party to be able to do transactions, store ones own funds or keep funds safe. Everything is now in the hands of the users.
Also, apps are basically software or computer programs that are mostly run on a mobile device for various functions and activities with just a click of a button. There are numerous apps out there, each one with its own unique functions or task that it performs.
From the above explanations, we can simple say a decentralized app(dApp) is any software or computer program which is run on any mobile electronic device that has the ability to grant the user total control over its own affairs' be it monetary or social. This apps can operate without on its own without the need for any third party involvement.
Decentralized Apps are mainly blockchain based technology innovations and can be able to execute smart contracts within a distributed network. For this application to be secure and safe, its operations are encrypted and decrypted through what we call cryptography. Decentralized Apps are mostly common in the crypto field( cryptocurrencies).
There are numerous dApps out there such as trust wallet
Explain the working system of dApps.
DApp runs on the implementation of a special code which is integrated into its system to make it run on a smart contract. This codes are then issued and executed by users on a distributed ledger. When this contract is executed, it needs to be verified and this is when miners come into the picture.
The miners then perform a mathematical algorithm to confirm the transactions. The transactions are then recorded in a block where the whole public can have access to vital information on the transactions executed.
After the transactions are verified, the asserts are then stored securely in the dApps. Meaning they serve as a store of value in the form of cryptocurrencies. Therefore, without a smart contract, dApps will not be able to function because it has no third party to regulate it. The smart contract acts as a an executioner of transactions.
Also, dApps are open source projects meaning they are available for more applications to be developed on them. This way new projects can come into existence, which will bring onboard new innovations and creativity.
What are the differences between dApps and other applications?
DApps are decentralized in operations meaning they do not need to depend on any third party to be able to function whiles other apps depends on a central party to function.
They are blockchain based technology whiles other apps are not blockchain rather they function on other computer programming languages such as javascript, html, etc.
DApps require the use of smart contracts to execute its functions whiles other apps depend on a central server to operate.
DApps are open sourced projects making it open to the public for new products or projects to be developed on it whiles other Apps are not open source meaning they can only be updated but new projects can not be integrated into them.
Explain the advantages and disadvantages of dApps.
Yes dApps are very efficient tool in our generation as at now and probably future generations will all enjoy it as well. We could attribute its high efficiency to the fact that its runs on a whole new technology all together known as the blockchain.
Although Decentralized Applications have been widely accepted by vast number of people around the world, it doesn't mean its perfect. It still have some deficiencies that has brought out numerous dApps that have tried to improve upon what was already in existence. Yes, equally dApps have both pros and cons which I will elaborate on in the next few paragraph,
PROS/ADVANTAGES
They are decentralized
DApps are decentralized in such a way that everyone has an equal usage power over the system. That is every activity is share publicly with every user making it impossible for anyone to manipulate the system. All vital information of a transaction can be viewed on the blockchain by visiting the transcan website. Both buy and sell orders are being displaced on the transcan with every details. There is no need to request any information from any third party in order to know the status of the transaction made.
Time efficient
When it comes to dApps, there is quick decision making since every activity is done by the user. That way you don't have to approve with anyone or going though a very long process to get a transaction done. With just a click of a button with the help of the keys, you can get it done at anytime and this transactions are done very quick.
Privacy;
Dapps have the ability to prevent any third party interferences making it much safer and secure to use. This is due to it's decentralized nature. The private keys are kept known to only the user and gives him or her only the chance to use.
They are open source
DApps are open to the general public where they can create their own tools and products on the exiting network. That way there is always room for great innovations and creativity.
High Security
When it comes to dApps, the issues of hacking is very rare. As long the user does not give room for his or her keys to be compromised, then he or she is rest assured of safety. DApps can only be hacked if only the user clicks on phishing sites, share private keys and/or key phrase with a third party.
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CONS/DISADVANTAGES
It is very complex to use;
dApps are well planned in terms of functionalities and executions. When one wants to execute any function, the right procedures must be followed at all cost or else errors will be recorded until the right and systematic procedures are followed. Sometimes if not lucky funds could be lost forever.
Moreover, the creation of this apps requires a very high level of interest in this particular field of technology and the need to devote ones time to learn about it and how it works. This means no just ordinary programmer can create these apps.
Scarcity;
These groups of apps are very rare compared to the usual apps due to its high level of technological advancement. This complicity
Some level of high cost of usage
Some dApps comes with some level of high cost especially during transitions. An example is the Ethereum blockchain technology/network. I don't remember the last time I bought an Ethereum based product because of its ridiculous high gas fees that comes with its crypto based tokens.
Some tendency of hacking activities
There are various risks involved in the use of dApps especially when it comes the execution of smart contracts. Over the few years, hackers have found a way of using phishing links and malicious software installed in some tokens especially those that have to do with airdrops. When these so called airdrops are sent to your wallet, some are imbedded with special codes that has the ability of wiping out all the other tokens or coins when you try swapping them.
How can dApps developers promote their apps?
Promotions are very necessary in telling the world what you have at hand and will like to share with them. This will definitely create some awareness and educate the public on your products. This same reasons applies to the promotion of dApps. Let me walk you through some ways by which developers promote their works to the world.
Nowadays airdrops are the most common ways of promoting dApps. Airdrops are used mostly because its a way of giving out free money to the public and because people turns out to like free things, they get involved so quickly. Most airdrops have referral systems that allows individuals to earn commissions on people they introduce into the project. That way the public even becomes an instrument of promoting dApps.
Another major way is through social media. In this modern time, social media is one of the biggest thing and for that matter vast number of people are on various number of them. Therefore, developers uses social media a lot to promote their works.
Developers also create websites where they can share every vital information concerning the project on. Some information like the team behind the project, the aim and goals, road maps, white paper etc.
Developers also promote their works through a referral system. Incentives are given to individuals that spreads the project and bring people onboard. Some participate through social tasks, sign ups and more through a special referral link generated.
What should we pay attention to when using dApps?
Mind people will always take advantage of every good thing and use it to scam others. Bitcoin is never a scam but individuals can scam you through the use of bitcoin. That is why is very good to be vigilant when you are using dApps.
Before you choose a particular dApp for use, make sure all the necessary research and investigations are done. There are fake website that looks just like the original in terms of designs and looks. There are website that looks similar to the original as well. If care is not taken, you might think you are doing the right thing and before you released, your funds are gone. Either thy are transferred out of the application or you cant access the dApp any more.
Furthermore, it is very necessary to go through some basic education on how to use these dApps, that is why I am forever grateful to steemit crypto academy for making it possible for us to have crypto lectures. That way you will be informed on how to use the dApps properly without loosing funds.
Finally, when it comes to dApps, there is nothing like password recovery. This is simply because its non-custodial and for that matter the user is solely responsible for the safety of his or her account. There are two important things to keep very safe in order to secure your dApp which are Private Keys and Key Phrase. They Key Phrase is used to import your dApp into another device whiles the Private Keys are used to Decrypt and Sign transactions.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
First of all, in order to access and explore dApps, we visit the webite through this link https://dappradar.com/. The first thing we see is the interface above.
We then click Explore Dapps and More
Numerous dApps will be displayed with different blockchains networks as so on. For time's sake, we click on the axie infinity which happens to be one of the hot cake products in the crypto space. This is one of the metaverse project and is making massive wave since its official launch.
We have all the info on this dApp, from market ranking to current price and may more.
NOTE: All images are screenshots taken from the DappRadar website.
DApps are really a game changing innovation in the financial world as well as some other aspects of life. Although dapps are great tools and comes with lots of advantages over other apps/centralized, they also have some flaws. Dapps are great when it comes to security, scalability, trust, and fast transactions. If your're yet to join on using dApps then I advise you to do it quick, you will definitely love them.
Finally, let me say a very big thank you to steemit crypto academy for making this lecture possible and also to prof @wahyunahrul for taking us through the class