Crypto Academy Week 4 Homework Post for [@gbenga]

2개월 전
This is the fourth-week homework given by our professor @gbenga. He explained extensively in his tutorial all we need to know about ethereum, and he gave us a thorough explanation. The week 4 homework is about ethereum dapp. Here is my input, but before going into the dapp, a short note on ethereum

What is Ethereum

Ethereum is the second crypto created after bitcoin. It took two years for it to come live after many things were done by the founder (Vitalic) and his co-founders. Ethereum is an open-source project created to feature smart contracts. It harbors many dapps and different cryptocurrencies were created under the ethereum blockchain which is referred to as SMT. Today, there are countless projects built on the blockchain and most are doing well. One of them is what I will be discussing in this article

Let's see Uniswap. A short story

Uniswasp is a project built on the ethereum blockchain. I learned a lot from the young developer that created the unique project. As an upcoming dev, I think my horizon is widened. click this link https://uniswap.org/blog/uniswap-history/ to read about the story of how uniswap came alive


Uniswap is a protocol for automated token exchange on Ethereum. It was launched on November 2, 2018. Uniswap describes itself as a simple smart contract interface for swapping ERC20 tokens. It has a formalized model for pooling liquidity reserves. It serves as an open-source frontend interface for traders and liquidity providers and is committed to providing free and decentralized asset exchange
Uniswap is a decentralized dapp that runs on the ethereum blockchain that anyone can interact with. It is designed for sweeping any ERC20 tokens and create liquidity on ethreum blockchain. As a decentralized exchange, Uniswap has made listing of coin easy, unlike the centralized exchanges where millions of dollars is needed. Coins are listed free on uniswap. Also, Uniswap and any other DEXes are difficult to shut down because they operate openly. Even if there is a governmental attack that succeeds in shutting them down, the codes can be forked and another brand will emerge, so the decentralization system of Uniswap make it unique

As far as I know, anyone can trade on Uniswap because it has no KYC. There is nowhere users need to fill in their information and take a selfie before using the platform. This makes it easy for anyone to have access to the platform so far wallet can be connected to it. One amazing fact is that thousands of cryptocurrencies are listed on uniswap. here is the link to the list https://coinmarketcap.com/exchanges/uniswap-v2/

How to use uniswap

There are basically two ways to use Uniswap. The first is through wallet connect and the second is app browser. I will explain both in this article.

The first step is to download a wallet that supports ERC20 tokens. I will be using trust wallet to explain how unisawp is used.

step 1. we would go to the google play store and download trust wallet. After setting it up making sure our mnemonics is saved, then we go to the next step.

Step 2. click on the four tiny squares where dapps is written type uniswap in the search option and click on it when it's revealed. It will take you to the uniswap home page. Using this wallet connect automatically connect you to uniswap, so you don't need to scan any code here.

step 3. Select the cryptocurrency you want to swap by clicking on the drop-down, or select token as seen in the image below

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Step 4. After clicking the drop-down, we can select from the listed coin and if the coin we are searching is not located easily, we can type the token's name in the search field to fetch it easily. But sometimes, we might not see the token we are looking for because they are not automatically listed, so what we do here is to go to etherscan.io/tokens to search for the token and copy, paste the contract in the search box to fetch it out.

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Once the coin are selected, click on confirm swap, and sign your transaction to the trust wallet. Some charges are applied to make the transaction completed and that's all. The token will swap.

Now, using uniswap with wallet connect

Go to uniswap website https://app.uniswap.org/#/swap on the PC, and after that, click on connect to wallet. That is found at the top right part. The next page is where we can connect to wallet through

Screenshot (43).png

click on wallet connect and scan the QR Code. But how is this done?

Screenshot (44).png

Select the coin you want to swap from your trust wallet.

239cae05-de9f-431b-8937-7f516765d303.jpg

Click on send and click the icon in the below image

239cae05-de9f-431b-8937-7f516765d303.jpg

The next thing is to scan the QR Code and the wallet will connect

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We can now swap our token with other tokens we wish to swap.

What about the uniswap token

The Uniswap token was lunched in 20118, and the aim of launching the token is to use it as a tool for decentralization by offering users more governance. The more uni coin a user have, the more he is capable of voting for a change on the platform. 400 UNI was airdropped to over 50,000 ethereum addresses.

More than 1billion UNI was created, and the community members received 60%, where early users of Uniswap received 25% which was the airdrop of 400 UNI on 50,000 ethereum addresses. 40% was set aside for the team and investors. The distribution was well amalysed.

Is the platform safe for transactions

Yes, it is. However, there are several fake tokens created by fraudsters to reap people of their investment. That is why a message always pop up to beware of fake tokens on uniswap. There hab been ways to control this, but the loophole has not been totally closed. Nevertheless, they've maintained a high level of security to guard users fund.

Conclusion

Uniswap has proved to be an automated liquidity protocol. The platform has helped many crypto users to find trading through swapping more effortless and the decentralized nature has helped in the governance of the platform. By and large, Uniswap is the first of it's kind and for now, it remains the best swapping project on the ethereum blockchain.

Thanks for reading.

CC

@steemitblog
@steemcurator01
@steemcurator02
@gbenga

My week 3 homework was ignored without a comment and vote. It will payout in less than an hour. Here is the link

Thanks for the support.

Week 3 homework about segwit and legacy bitcoin network

Reference: All images were taken from my mobile device and PC.

the laughing gas.jpg

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I must commend your effort in carefully breaking down how to use the Uniswap Dex. Uniswap is truly decentralized but then, will its governance be decentralized seeing that there are few users with so many tokens at hand especially centralized exchanges lie Binance?

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Thanks for your reply prof. The aim of the airdrop was to make people hold the coin and be part of the governing body. However, many sold theirs immediately after they received it. Nevertheless, there are still some holders. I believe decentralization should not be tagged to some set of whales to decide the affairs of a community. Like seriously, we all shout decentralization, but before we can see a 100% decentralized platform, we would have to create it in the future. But when the governance of a community lies in the hands of a thousand people and above, it's reasonably decentralized IMHO.

Thanks prof. One love.