Crypto Academy Season 4 Beginners' course - Task 8: Decentralized Applications (dApps)

4개월 전

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What are dApps? Explain the working system of dApps? What are the differences between dApps and other 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).

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What are dApps?

The abbreviation Dapp refers to a decentralised application. To replace the centralised system, decentralised applications were introduced. There is no central authority in a decentralised system. Without the intervention of a third party, these programmes conduct the functions directly between the users. There is no sense of the middleman interfering.There is no single individual or group that owns the Dapps. Dapps are usually transparent and unchangeable. All of the information on the system is accessible to all participants. The users are free to conduct P-2-P transactions. We know that a person or a group owns the centralised system. They use their own set of rules and regulations to run the application. They have the ability to block users in the event of violence. In a decentralised system, however, there is no such thing as being blocked without a rigid requirement. Take, for example, the Steemit platform, which is decentralised and allows users to freely publish their thoughts and beliefs.

Because this site is not owned by anyone, there is no middleman to coerce others to observe the regulations he sets. The data is completely transparent, but it cannot be changed. The wallet is only accessible to approved individuals, but the data contained within it is accessible to anyone.

  • Cryptocurrencies are decentralised and based on blockchain technology. Without the intervention of a central entity, anyone can conduct transactions on the blockchain directly. The blockchain is a distributed ledger that is both immutable and transparent. This is a safe and quick way to conduct business. This open source technology has revolutionised the world and brought several improvements to our lives.
  • Participants can even make suggestions for how the system should be administered and governed in a decentralised application. They can give their opinions on how to improve the system's efficiency by making adjustments.

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Explain the working system of dApps?

About the working system of dApps are below I. Few steps :

  • The centralised applications were inefficient, time-consuming, and expensive. Decentralized applications were created to address the issues that the world was experiencing with its centralised structure. Users can conduct transactions directly between the producer and the client without the involvement of a third party thanks to the decentralised system.

  • The concept of a third party has been eliminated from the decentralised system. There is no one owner of this system. The users are the system's most valuable asset. They can give recommendations for improvements that should be made to the system in order for it to function more properly and efficiently.

  • The participant nodes verify a transaction when it is completed. Following verification, the data is stored on the network, where it is accessible to all nodes in the network. No one can alter the information once it is stored on the blockchain.

  • There is no central authority in the dapps because they are open source. All of the participant nodes store the data. As a result, there is no risk of being hacked. This system is more reliable and efficient. The transaction charge is very cheap, making this approach cost-effective for customers.

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What are the differences between dApps and other applications?

Data in online apps like Facebook or Instagram is saved on the owners' servers and hence can be leaked or modified for the company's benefit. In recent years, for example, the data of 533 million people from 106 countries was hacked and lost. These data are mostly utilised to skew election results and create related advertising. Decentralized apps, on the other hand, store data on decentralised immutable blockchains and perform transactions using smart contracts.A smart contract secures and speeds up peer-to-peer transactions. Smart contracts are the driving force behind blockchain-based dApp technology, which creates sophisticated software (Android or iOS dApp or website) for a variety of sectors.

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Explain the advantages and disadvantages of dApps?

Advantages

  • Transparency is a feature of decentralised apps. Everyone has unrestricted access to the data stored on the network. Users have complete control over their accounts.

  • The security of decentralised systems is higher. No one has access to the users' personal information. No one is at risk of being hacked. The entire network's data is saved on all three nodes.

  • In which that no such thing as a central server. Because data is saved on all nodes in the network, if data is lost from one computer, it can be recovered from another participant node.

  • The registration process is simple. Users can easily register in a short period of time.
    Transaction fees are low.

  • Anyone can send money to anyone else on the planet. Everyone can access the data saved on the decentralised system from anywhere.

Disadvantage

  • Even people who are not involved in the transaction can access and view the information. As a result, they may be able to misuse this information.

  • If a user forgets his password, he will lose access to his account indefinitely. There is no central authority to assist him in retrieving his password.

  • Decentralized systems are first difficult to comprehend.

  • There is no way to trace your money if the user sends money to the wrong address. The transactions are final and cannot be reversed.

  • This system could be used to carry out the crime. Anyone with a bank account can send money to anyone else. There is no one who can raise an objection. As a result, this mechanism might be used to send money to any fraudster.

  • The costs of a decentralised system are high. Because it necessitates a large quantity of power, which is also hazardous to the environment.

  • Converting a centralised system to a centralised system is expensive. The decentralised system's development is likewise costly and time-consuming.

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How can dApps developers promote their apps? What should we pay attention to when using dApps?

The following are some methods that developers can use to advertise their decentralised applications.

  • Promoting the Dapp on social media is an efficient approach to do so. Social media has become an increasingly important element of everyone's life. Everyone nowadays uses social media. It will aid others in learning about freshly developed applications. As a result, the greatest way for developers to market their apps is through social media.

  • By throwing a launch party for his or her decentralised programme, the developer can market it. The best way to advertise the application will be during this gathering.

  • You can launch your application on a variety of websites. That website provides easy access to information about your decentralised application. A website like dappradar.com is an example of this type of site.

  • Airdrops are also a good way to spread the word about decentralised apps. The airdrops pique the consumers' interest, causing them to gravitate toward the applications.

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What should we pay attention to when using dApps?

The crypto industry is undeniably lucrative. Investing in crypto currencies can pay out handsomely. However, there are a few things to keep in mind before entering the crypto market. It is critical to conduct thorough research and analysis on the crypto currency in which you choose to invest. The study informs you about market trends, market futures, and other market performance, all of which assist you in making trading judgments. You could lose all of your money if you don't do your homework.
Before investing in a crypto currency, it is critical to conduct research on it. Traders can use a variety of instruments to help them evaluate the market. The analyses aid traders in their examination of the market.

We should avoid employing a decentralised programme that claims to be transparent but actually isn't. Such methods are problematic if there is a decentralised application with an option to earn money if someone joins the application through your referral. Some extremely hazardous Dapps pretend to be listed on exchange marketplaces, but they aren't. Such dapps are equally dangerous, and we should stay away from them.

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How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required)

After visit The Dappradar, the screen will display the page below.

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Click the dice type icon at the top to see a list of all the decentralised applications. A new page will open. Then select the ranking option.

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All of the applications can be found here. You are free to investigate any of your options.
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I want to explore the Alien Worlds, I clicked on it and following page appear.

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😍Thanks for your time😍

Regard

@ghulamabbassss

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Hello @ghulamabbassss,

Thank you for participating in the #08 Fixed course for Newcomers in the Steemit Crypto Academy.

Your grade on this assignment is as follows:

CriteriaGrade
Presentation/Use of Markdowns1/2
Compliance with topic1.5/2
Quality of Analysis1/2
Clarity of Language2/2
Originality2/2
Total7.5/10

Homework task: 7.5/10

Feedback and Suggestions :
  • You have answered all parts of the question.
  • You have to explain the difference in detail.
  • The images should be sourced well.
  • You can improve the way of answering and the quality of answering in next lesons.

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