Hello my dear friends in this nice community, greetings to you all. I believe we're all doing well. Today I bring you a detailed posts about dapps, please read and leave a comment.

Explaining what dApps are

The term dApps is simply an abbreviation for the words "decentralized Application". DApps are digital software decentralized applications which are built and developed on blockchain networks. DApps in their unique nature are built to run on P2P or blockchain networks, they're often totally decentralized and it's network cannot be controlled or governed by any central authority or organization. People from all over the world can be able to feed contents to the network and consume contents from the network. Most dApps are de-fi products. Examples of dApps are BitTorrent, PopcornTime, etc.

Characteristics of dApps

1. Dapps being completely decentralized, operate using blockchain technology.
2. DApps often have their codes open sourced and the operate independently without having any central person or authority control the networks or tokens.
3. DApps generate their native tokens which helps to add value to nodes that participate in the network.
4. The participants who make reasonable contributions to the network are rewarded with native tokens
5. Using dapps sometimes costs. This means that users are charged fees when using a dapp.

How dApps work ?

DApps are built and run on P2P networks or blockchain networks. Some popular networks which dApps operate on are Binance Smart Chain, Etherium Blockchain, Tron Blockchain, etc. They have a backened code or smart contract which they operate with. The smart contracts are used to run theirs app logics and data storage is done on the blockchain network. These dApps get their decentralized nature by the way the logics written into the contracts control them.

Smart contracts can be referred to as rules which are put in the network, so that every user can access it and operate in accordance to the rules. Smart contracts makes it possible for the nodes in the network to be able to reach agreements and make their transactions.

The differences between dApps and other applications

1. Cost Of Usage: Anyone who wishes to use a dApp is required to pay a fee for each transaction he/she makes. Though this fee is relatively small, most traditional apss do not charge any fee on transactions.
2. Control And Transparency: Every data or transaction made on dApps are stored on a public ledger and out in the blockchain, and data stored cannot be removed. Every user/ participants is entitled to full and total control of his/her accounts and transactions unlike in the traditional apps where users are not offered much transparency and control.
3. Speed: It has been proven that traditional apps are faster than dApps. Most of the dApps are slow in performing transactions and sometimes there is a limited number of users who can make transactions simultaneously.
4. Security: The security provided to those who use traditional apps is nothing near that which is provided to a dApp users. In order words dApps are much more secure them the traditional apps, this is because dApps have a public backened code which monitors the network and restricts suspicious activities.
5. Storage Of Value: Some dApps are built and designed to have the capability to store value on their own whereas the traditional apps makes use of trusted third parties to store value/funds. DApps can store the crypto assets of their users for as long as possible and will let go as soon as the agreed contract is fulfilled.

The advantages and disadvantages of dApps?

Advantages

1. Inherent Security: DApps utilities blockchain networks to store every bit of their data and this makes it possible for them to provide their users with sufficient security. DApps are built to resist any intrusion or attacks from anybody/node trying to manipulate or steal any sensitive data, because when information bis stored on the blockchain it would require the consent of every node before it can be altered modified.
2. Fault Tolerant: DApps do not have any central point that can cause a failure or fault this is as a result of it's distributed nature. All data is stored on a public ledger and put in the blockchain and it is not focused on any single or central node
3. Decentralized: All dApps are decentralized and function on a public blockchain. There is no central authority who validates the transactions or who can freeze any user account or transaction. It is open for everyone provided he/she has a good internet connection, and every user is in full charge/control of his/her doings.
4. Resistance To Censorship: It very uncommon, difficult and even almost impossible to find a dApp being controlled by the government or any central authority. This is because a dApp is not operated by a single entity or head, therefore government bodies or central authorities will find it very difficult taking over a dApp or restricting access to a dApp.

Disadvantages

1. Carrying out bug fixes and updates are is usually not easy because of its decentralized nature. Carrying out an update in the network will require every node/user to update their own version of the software. Tracking a bug in the network is very difficult and this is as a result of the vast nature of the network.
2. Carrying out KYC or a user verification is a tough and almost impossible task. The absence of a central body makes it difficult because there is nobody in charge of the verification of user identity, the case is quite different when compared to traditional apps.
3. Building a dApp is not an easy task, this is because of its complexity. DApps use certain protocols and smart contracts to reach consensus, also they are built to scale from the on set of the project. This makes it difficult to scale when features are added later on.
4. There is no help center or customer service which can help or guide a user to rectify a problem. Whatsoever mistakes made cannot be undone or revoked, so if a user accidentally losses his assets it is gone for good and cannot be recovered.

Conclusion

Decentralized Applications are really good in so many aspects, they have also changed the financial market and the world of crypto in general. But just like everything has a good side, there is also a bad side. I advice everyone to make proper research and analysing before attempting to invest in any DApp project.

Thanks For Reading