Decentralized Applications-Crypto Academy S5 - Homework Post for Task 8
What are dApps?
Dapps is an acronym for Decentralized applications. They are used in the blockchain. As the name implies, there is no central authority controlling it. But they are like the normal day-to-day applications that will use but the fact that they run on a peer-to-peer network makes them different. Simply, it makes that all activities are carried out between 2 people and there is no intermediate or middle man.
The normal application that we use, are normally owned by a firm or a single person e.g. Facebook, Google, Whatsapp, etc. The owner of the application provides all the rules and all the regulations guiding the application. The owner sometimes notices some transaction or communication that is ill and this can lead to the blocking of the user of the application, this type of application can be a centralized application. And they make money from transaction fees or data. The owner or the company that has the application has the final say in anything.
But the Decentralized application is quite different from the centralized application. In this case, you as a user of the application have full control of the application, no one is checking on you to see what you are doing with the application. The user is the only person that has his information and data, and you alone can access the information. The decentralization application is very transparent, all the deeds on the network can be readable by everyone on the application and also no one can change anything that you have already stored.
The Decentralized application is usually fast and secured.
Explain the working system of dApps?
Some examples of dApps are Popcorn Time, BitTorrent, and Tor. This app runs on a peer 2 peer network or is done on a blockchain network, all these are achieved without the intervention of a third party. For it to be done, you must need multiple users who will be feeding, consuming, or seeding content or it can be even done simultaneously. Mostly the transaction process is always very fast, just because no middle man is there to intervene in the transaction. Your funds are sent and received at a split second.
The Dapps is very Immutable, data can not be changed once they are uploaded or stored on the network. It has a very high rate of transparency that ensures that fraudulent activities are drastically reduced to nothing. And everyone can read your transaction or post after it is being done but no one can edit it. The verification of the transaction is being done according to the type of consensus mechanism that is being used.
What are the differences between dApps and other applications?
These are the difference between the dApps and other Applications below.
- As the name implies, The Decentralized application has no third party interference in any transaction that is to be executed, there are no strict rules for the users while in the other applications because they are owned by companies and individuals, it is normally run accord to the policies that were provided by them.
- Decentralized Applications have high security and privacy because of the absence of a third party while in other apps your privacy can be invaded by the company in charge of the application.
- The dApps have a very high level of Transparency, what you post everyone can read it while in the other apps, there is no very low level of transparency, only can read your post and your data stored
- If you mistakenly perform a wrong transaction, it can not be corrected but while using other apps, if the mistake is done, it can be corrected.
- If you ever lose your password or any of your keys, it can not be recovered, but while using other apps, you can easily recover your password if they get missing or forgotten.
- The cost of operating the dApps is very cheaper when compared to the other application
- During registration, in the dApps there is no need for the provision of your personal information but in other applications, the need to provide your personal information is required.
Advantages of Decentralization Application
- The absence of the third party can be achieved using the dApps
- There is no strict rules and regulation for you to follow, knowing the fact that the apps is not owned by a person or a company
- Decentralized application has a very high level of transparency.
- The dApps is very fast when performing a transaction
- The cost of operation during a transaction is very cheap
- Decentralized application has a very high security and privacy
Disadvantages of Decentralization Application
- If you lose you password in the decentralized application, it cannot be recovered
- If you mistakenly send fund to the wrong address, it can not be traced or recovered
- The dApps is a bit complex to operate
- The development cost of a Decentralized application is very costly
- You and you can manage all your accounts
- Anyone can see your transactions which to some extent, it is not good.
How can dApps developers promote their apps?
The Decentralized applications developers can promote their apps using the following platforms
- Social Media: The use of social media currently used by almost everyone in the world. There is even a saying now, that the world is a global village if you are on social media. Social media is a very good platform to promote the dApps, because, it has a wider reach
- The use of Airdrops can also be used to promote the dApps. Also with the popularity of the Airdrops, you can promote the dApps. Airdrops normally distribute free coins and this can attract different sets of people.
- Using a proper Website is another great way to promote the dApps. Developers can make varieties of websites to help promote the dApps. Most people tend to visit a lot of websites to get information.
What should we pay attention to when using dApps?
Paying attention to these when using dApps is very essential
- The first thing to do is to study the application before using it. Because many apps tend to pose like the dApps, but they are not. SO do you research or findings properly and study the features and what they offer
- There are a lot of fraud stars available, we should also pay attention to the claim that the dApps are being listed on a website. Sometimes they just only write some of the websites without even properly listing what is being done.
- There are a lot of fake applications outside there, some even offer rewards for not doing anything, you should be aware of such applications
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
The steps are listed below with the necessary screenshot but it can be achieved by visiting this site dappradar
To get the list of websites, simply click, ranking at the top of the page
You can list the websites available.
You can also explore by searching on the search bar, I searched for Weed factory
You can the result I got already.
The dApps is essentially showing that the world is gearing towards a new direction, that is fast, secured, and effective. In this application, you are in control and that is what every man has been desiring, and no third party is present.
This homework has done more good than harm to me, my knowledge about the dApps has expanded.
Cc: @wahyunahrul
Great work