Decentralized Applications (dApps)- Steemit Crypto Academy Season 4 - Homework Post for Task 8
Q/ What are dApps? Explain the working system of dApps?
First around 1997 people started to use centralized applications. Even though the there were problems about them, they at least gave opportunity for easy usage for every one.
But with the decentralization of the technology, Decentralized applications (dApps) came to reality in 2017. dApps are Open source applications which are built to run on per to per(P2P) networks like blockchain networks. dApps users has decision making power. So there are advantages and also some disadvantages of dApps.
When use dApps you may come to know that transactions are run on SMART Contracts. This only be a known between seller and the buyer, so user do not need to use 3rd party to help him/her to make any transactions.
Here are some special features about dApps:
- dApps are open source
- Decentralized
- Operated on Blockchain system
Q/ What are the differences between dApps and other applications?
| dApps | Other Apps |
|---|---|
| High security levels | Low security levels |
| Operate on Blockchain system | Cannot use in Blockchain sysytem |
| Low development Cost | High development cost |
| Low maintain Cost | High maintain cost |
| Operating speed is comparatively Slow | Operating speed is comparatively Fast |
| Central authority is not involved | Central authority is involved |
| dApps has No ownership | there is a owner for the App |
Q/ Explain the advantages and disadvantages of dApps?
- dApps are open source
- Decentralized - So it makes user's activity Autonomy
- Operated on Blockchain system
- Security is high
- No one can manipulate data in dApps
- dApps are exist on P2P Network
- Tolerate malicious attacks.
- Lack of User experience
- Speed is comparatively SLOW
- Transactions within dApps are irreversible. So If did any wrong transactions you may lost your funds.
- Since sApps are Open source, there are chances that hackers haked them.
Q/ How can dApps developers promote their apps?
- They use Social Media like Facebook, Twitter, Snapchat to promote their dApps
- They get them listed on dApps reviewing websites.
eg: https://www.dapp.com/
https://dappradar.com/ - Launched through Airdops
- Make promotions like giving free signup for first 50 or 100 people
- Put advertisements on popular websites.
Q/ What should we pay attention to when using dApps?
With the development on decentralized blockchain system there are now thousands of dApps. So we have to pay attention on several features of them before start using them.
- We should pay attention on decentralized security
- We should look for the transaction fees and compare which one is better for us
- We should look into the smart contract rules
- We should look into the scallibility and flexibility.
Q/ How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required)
- Go to the browser and put the address https://dappradar.com/
2.Click the menu key on the top right coner
3.Click on Ranking
4.Then the ranking of dApps will appear.I'll choose "PancakeSwap" dApp
5.Click on "PancakeSwap"
6.You may see theStatistics of it's volume, users, transactions..etc.
2021/10/20 (Sri Lanka Colombo time 12:15 p.m.)
Total volume : $10.33B
MarkerCap : $9.84B
Token Price : $19.97
I hope you all learn more about "Decentralized Applications (dApps)" from this post.
Thank you