Decentralized Applications (dApps) || Steemit Crypto Academy Season 5 - Homework Post For Task 8
QUESTION
1.) What are dApps? Explain the working system of dApps? What are the differences between dApps and ither 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].
Decentralized Applications(dApps)
Decentralized simply means that something cannot be controlled by any central authority or third party. Therefore, Decentralized Application are digital application that run on a blockchain or peer -to- peer (P2P) network of numerous channeled computers. They use blockchain technology to grant users more control over their data by deleting the need of centralized intermediaries inorder to manage data thereby making service decentralized. Take for an instance, other social applications like Instagram are being controlled and managed by a central authority which makes it a centralized application.
Decentralized application uses a peer-to-peer model to operate which means that the nodes can connect with each other directly whereby no single Individual or group has total control over it. In dApps, a transaction goes through processes using the consensus mechanism which entails that when the head nodes approve the transaction it then goes ahead to become processed. DApps also gets to make use of a well trusted, secure and open source procedures which means that every user gets to see the application code being recorded on the blochkain .
There are many/numerous decentralized applications that run or operate on different Blockchains. I will list out some of the dApps I know;
| ETH | BSC | TRX |
|---|---|---|
| Open sea | Dopple finance | Social swap.io |
| Uniswap | Crypto mines | Sunswap |
| Polygon pos bridge | Bogged finance | Justlend |
| Metamask | Deri protocol | Justswap |
| Sushi | BNB matrix | Tron trade |
Decentralized applications can also used for socializing just like steemit "Steemit" which is a social based D-application that allows users to create original contents and publish it in the platform without the interference of a central authority. DApps can also be used for other purposes like gaming, DeFi and exchange purposes.
Working System Of dApps
The working system f dApps is very understandable. Therefore the working system is done using a peer-to-peer transaction, which means that when a transaction is made it can only be verified by validators (selected or qualified nodes) after then, the transaction is completed. Thus, a validator is a user who satify the requirements of the consensus mechanism of the blockchain where the decentralized applications runs. Transactions are done immediately and fast when it is been validated.
A trustful process called Smart Contracts makes the working principle of dApps to be secure,fast, reliable, easier and decentralized. For instance if you want to swap ethereum for an INCH, I will simply use the dApp named Uniswap to process the transaction via smart contract. When the process is still ongoing, no central authority will be permitted rather it will be done through the smart contract and gers enforced.
To conclude this part, the working system of decentralized applications is done by peer-to-peer without any third party controlling the funds. Users have absolute keys to their account and that proves it's impossible for anny authority to block the accounts. And every details of each transaction is been viewed on the blockchain easily by using the block explorer.
Difference Between DApps And Other Application
I will be stating out five differences each between dApps and other applications.
| Decentralized Application | Other Application |
|---|---|
| 1.) In terms of security, Blockchain based apps tends to be more secured, they are tamper-proof therefore the records that are stored there in the system are unalterable | When it come to the other regular mobile applications, they are not so secured compared to the dApps. |
| 2.) In usage cost, dApp users will have to pay a minimum amount of fee everytime they getvto use a decentralized applications | While most of the traditional applications are free and doesn't require many fee |
| 3.) The speed of dApps are comparatively slow which permit or can make 15 transactions per second | The speed of transactions are much faster. |
| 4.) Decentralized applications runs on a peer-to-peer Blockchain | Meanwhile that of the traditional app are been governed and controlled by a centralized authority |
| 5.) In dApps, there's a flow of trust among users because the get to control and own ownership of their data | But the other applications are more user-friendly |
| . | . |
Advantages Of Decentralized Applications
Less Censorship: It is very difficult for government to censor traffic on a peer-to-peer network whereby every single outbound pocket being sent could be in touch on communicating with another peer on the decentralized network, who will then spread the message along.
DApps as an open development: DApps are likely to be an open development which means that there's an opportunity where one can build amazing tools services and products on top of decentralized networks. The world wide web is an amazing example of an open network who many great business found the opportunities to grow massively due to the network effects of all wonderful works build on the network.
There should be trust boundary when it comes to central authority: There's a maximum trust we have on government and companies regarding to the safety of our information and money. Meanwhile in a well decentralized network, we should be able to reduce the kind of trust that we put on third parties concerning out transactions.
High-security: When using a decentralized app, the keys of the users are not given/handled over to any central authority or third party. And this makes it very safe and secure for use.
Decentralized: Every dApps are decentralized in such a way that every user can view the transaction of the blockchain. Each user equally has access to the transactions made therefore making it very impossible and difficult for any body to manipulate the system.
Disadvantages Of Decentralized Applications
a.) DApps are difficult to build because they make use of too many protocols bto achieve consensus and also have to be built to scale from the start itself. An idea can't just be implemented then later on add more features and scale it, the procedures of a dApp is done accordingly and technically at once unlike the counterpart apps.
b.) Updating of dApps or fixing of bugs is normally difficult because every peer ewithin the network will have to update their node software.
c.) Decentralized Applications are costly because it encourages duplication of functions and equipment.
d.) There's difficulty trying to maintain uniform action because the methods used is different from various organizations and department.
e.) Trying to manipulate the system turns blunt as the security is tight and highly sanctioned.
How DApps Developers Can Promote Their Apps
1.) Availability of tokens:
To promote a dApp, the developers should have a token people can be able to buy through ICO and then later sell it as the price appreciates. With this, it will create awareness for more users to join and invest into the system.
2.) Incentivizing users with the native token:
Another way to promote a dApp is by giving some tasks like sharing or advertising the dApp to the masses. Then the participants user who did the tsdkbeill be rewarded with tokens, with this users will improve in their activities for the dApp.
3.) Making use of an inviting features:
Having attracting features as a developer will really help andbuts important. Takingsteemit for an instance, steemit as a dApp has lots of users because it is a proof-of-work based platform which tends to be a very educative factor for showcasing of your writing so lls and so many other.
What Should We Pay Attention To When Using dApps?
- Transaction Cost:
When one is using a decentralized application, he should consider the DeFi Applications (Decentralized Financial Applications), which means that a user is meant to most importantly check the transaction fees before using the dApp.
- Knowing The dApp Blockchain:
It is as well acknowledgeable to know on which blockchain a dApp runs in order to know the coins to transa it on. For instance it's cheaper to swap Tron tokens on Sunswap because Sunswap runs on the Tron blockchain.
- Security:
It is important to know the security measures and status of the dApp you want to use. With that, a user is rest assured he/she is safe with the dApp. And it is necessary to understand the level of security attached to the dApp before using inoder to avoid unwanted loss of funds.
How Do We Find The Information Of A DApp That We Want to know? Provide The Steps [Screenshot Required]
To fetch the information concerning the dApp that we want to know , it is advisable to get arch for the available dApps and then click on the ones we wish to explore.
First Step:
To see the list of dApps you first explore this website
Here is the various categories of dApps with the list of them that I found. See below!
- DeFi eg katana.
- Socials eg Steemit.
- Gambling eg TTGuess.
- Exchange eg Sunswap.
Second step:
I viewed on the various Blockchain where different dApps are built. I now clicked on Tron blockchain to see the dApps under Tron blockchain.
Image
Third Step:
I selected sunswap which is the most popular dApp when it comes to Tron blockchain.
When I clicked on sunswap, I was able to view some informations such as;
- The total number of users.
- Transactions.
- Volume of the market.
- Balance.
- Historical activity. Etc.
Fourth Step:
On this stage, I clicked on open dApp which will take me to Sunswap.
Fifth Step:
After you have clicked on the app it will direct you to Sunswap and it gave me options to connect my wallet.
Conclusion
With Decentralized Applications it have been made easy for users to use, which involves a peer-to-peer network. DApps are safe, fast, secured for use and upon that , it guarantees a user's privacy. dApps can be used for various purposes like gaming gambling and socializing etc. Which makes it even more interesting for use. Every advantage must surely have a disadvantage, it implies that both the merit and demerit of dApps works in its own perfect way. Thanks to professor @wahyunahrul for this great lecture. It was really adaptable.
My power up screenshot for this week to remain in club5050
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@wahyunahrul
@dichamo