Steemit Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps) : Home work task for @wahyunahrul
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These are peer-to-peer blockchain apps or softwares that are created and developed to operate on a peer-to-peer network. These apps function similarly to the centralized software that we download from various online shops, with the exception that DApps are not controlled by a single entity or organization and instead run on a peer-to-peer network of computers. This implies that every user has the ability to conduct legal business on the platform without fear of being sanctioned or controlled, or of being charged a fee to do so.
DApps use blockchain technology to function on a peer-to-peer network. Information or data is kept on a network of computers known as nodes in a dApps system. Every piece of data that enters the system is encrypted, copied, and dispersed. Users and suppliers can communicate directly without the need of a middleman or other parties. Users are frequently awarded with tokens for completing tasks and contributing positively to the platform. It makes use of a cryptographic token, which aids in network security.
• You deal with blockchain: the blockchain system, which is nearly hard to attack because no incidents of blockchain hacking have been reported so far. It takes a lot of effort to break into a blockchain and steal user data. Even if someone has access to a blockchain, cheating or stealing will be difficult.
• Decentralized apps are beneficial because they let several individuals to engage in marketplaces, share and store resources, and hold currency.
• Low commission costs: owing to the person-to-person approach (peer to peer), the user has the option of not having to pay commissions to get their money, as banks do, for example.
• User motivation: dApps employ cryptographic tokens to reward users who are rewarded and rewarded in the system because of the contributions they make via their operations.
Advantages
• All dApps have the property of being decentralized, which means they can be more robust, independent, and secure than conventional apps.
• Data flow in dApps is not centralized.
• DApps have very high security, which provides them an advantage over other apps where their work is not adequately secured.
Disadvantages
• Verification is difficult in dApps since they don't utilize a single entity like centralized apps.
• Another drawback of dApps is the requirement for APIs. There must be contact between the dApp in need of API and another dApp in order for a dApp to solve its API needs.
• Third-party APIs are available in centralized app systems to assist in the retrieval of third-party information; however, dApps lack third-party APIs, making third-party information difficult to obtain.
• Smart contracts may be accessed using DApps.
• Public applications emphasize that they run on a peer-to-peer (person-to-person) network.
• Use social media to promote your applications.
• An effective marketing strategy
• The importance of blog entries in newspapers and on television
• Encourage platform users to use dependable services.
Decentralized applications are the greatest apps to use, however there are certain hazardous DApps that are ponzi schemes, therefore we must be aware of what is known as a high-risk DApp while utilizing dapps.
DApps that have the appearance of a pyramid or ponzi scam are classified as high-risk. Many of these high-risk DApps claim to operate with prominent exchanges and to be decentralized and transparent, but these claims are just falsehoods designed to entice people to use and invest in them. Those who register using your referral link are also promised benefits. As a result, do your homework before using or investing in them.
It's simple to learn more about a certain DApp. The actions to be taken are depicted in the screenshots below.
Step 1: Type dappradar.com into your browser or go-to https://dappradar.com/
Step 2: In the upper right corner of your phone screen, click the menu button as displayed.
Step 3: You'll be offered a list of alternatives from which to pick. Because we're interested in the rating of a specific DApp, you select the ranking option.
Step 4: Select or click the dapp you wish to examine. I choose PancakeSwap since that's the one I'm interested in.
To open this Dapp I will click on the Open tab
Step 5: As soon as I clicked on the dapp I needed, the information below appeared.
| TOKEN: | CAKE |
|---|---|
| MARKET CAP: | $9.01B |
| TOKEN PRICE: | $18. 95 |
| TVL | $9.25B |
| CAP/TVL | 0.97 |
CONCLUSION
To conclude, decentralized applications (dapps) are a massive accomplishment in the crypto world, and we must pay close attention to them and warmly welcome them. They are absolutely safe to deal with and simple to understand. Users are free to do whatever they like and are solely accountable for their own assets and things. Every technology has benefits and drawbacks. Because of its unique qualities, such as strong security, revenue from dApps, and others, DApps are more widely accepted than other programs.
Professor @wahyunahrul, thank you for the lecture.
Stay blessed 🙏😇