welcome to season 4 week 1 of crypto Academy. Nice lecture prof @wahyunahrul on dApps. Here is my homework task.
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).
☆ What are dApps?
DApps(Decentralized applications) are digital applications that exists and run on a blockchain which is highly decentralized, and works without the control of a single entity. DApps are decentralized applications that works with smart contracts to help store and keep transactions records done on the applications in form known as a Ledger. DApps are similar in function to other normal apps but has a slight difference, in the fact that DApps works on with peer-to-peer network known as blockchain.
Apart from being decentralized and runs on a blockchain, some unique features of DApps include;
• DApps is an open-source applications, that operate on its own without the influence/control of a single authority.
• Data and records on DApps are kept in on a public and decentralized network
• DApps works with a cryptographic alograthm protocol, to keep the network secure.
• DApps makes use of cryptographic token native to the system and gives users access to the app.
☆ Explain the working system of dApps?
DApps runs on Blockchains like Ethereum or a peer-to-peer network system which uses smart contracts to validate transaction processes, record and store data on the blockchain.**
With dApps using smart contracts work system, it makes transactions process easy and takes few minutes to be done.
For instance, when a user of DApps sends funds to someone, the transaction process is being validated by validiators on the blockchain system, the transaction are recorded on the smart contract, before the funds gets directly to the receivers wallet. The transaction process is completed within a short period of time without any third-party interference. The validators are being rewarded with a token after successfully validating the transaction
☆ What are the differences between dApps and other applications?
The difference between dApps and other applications are;
• Mode of operation system
DApps runs on distrbuted computing systems like; Ethereum or Bitcoin Blockchain network, while other applications run on a desktop, computer or a mobile device.
• Type of backend code system
DApps backend code runs on a decentralized peer-to-peer network(decentralized system) while other applications backend code runs on a centralized server(centralized system).
DApps are more trustable than other applications. DApps users have more authority and ownership over their own assets and data on the blockchain. But with the normal apps ompared to other applications because ownership and control of data is done by a user. While Other applications, there is ease of use for its users, making it more friendly than DApps.
The speed of DApps transaction is notoriously slow, it can take only around 15 transactions per second(TPS), as compared to other applications.
DApps security level is higher and more stronger than other. DApps data are well secured and immutable from hacking.
• Cost of usage
There usage of DApps attracts a small fee when ever it us used, but the regular applications there's no usage cost making it's usage free for users.
• Development cost
The setting up of regular applications involves considering factors like maintenance fee or how much a cloud server will cost. Wheras, with DApps blockchain developers do not worry about these factors.
☆Explain the advantages and disadvantages of dApps?
DApps don’t have any point of failure, as it is completely decentralized without any single node in control of the data.
Security in DApps is very strong as this gives it another edge over other applications where their work is not well protected.
3. Resistance to Censorship
There is no central authority controlling a DApps network. DApp controls and prevents internet Censorship violation. This means that no government authorities can try to block a DApp because of it's decentralized nature.
4. Transparency and Trust
Users of DApps have more trust and confidence on the system, as DApps codes are open-source and transparent to all.
5. Data integrity
All data and records on DApps are stored on a public and immutable blockchain. Thus, data storage is well secured and free from any malicious actors.
One unique nature of decentralized system is privacy and DApps gives it s users a high level of privacy, as transactions on DApps with Smart contracts processed and executed privately.
1. Problem of fixing Bugs and updates
When there is an issue in DApps, fixing the issue is difficult, because it requires all peer in the network to update all their copies in the system before any issue can be fixed. This can be quite tasking for peers in the system.
2. KYC verification not obtaineable
DApps doesn't have a single entity responsible for carrying out Know your customers (KYC ) verification, this makes it quite challenging to build DApps. As opposed to centralized apps that depends on single entity to verify it customers making it quite easy.
3. Complex protocol
DApps are difficult to build, because complex networks and protocols needs to be implemented to reach a consensus to validate data on the network.
4. Irreversible transactions
Any mistake done during transaction process on dApps, cannot be rectified as transactions are Irreversible with DApps.
☆ How can dApps developers promote their apps?
There are many ways DApps developers can promote their apps, to gain more recognition and patronage, here are a few of them;
• Advertising DApp on websites and social media
DApps should be constantly featured across different sites online to create awareness about the DApp, as people would want to know your app is the real-deal and its worth using. Also, advertising DApps on social media platforms like Twitter, reddit, Instagram and Facebook would make the Application spread faster to gain more grounds, just like advertising our Steemit platform on Twitter and Facebook has made lots of person know it and be a part of it.
•Getting celebrities and Influencers promote the Apps.
DApps developers can get an endorsement with celebrities or blog influencers to help talk about the app more, as the world of technology is greatly influenced by trends from celebrities. This is another great avenue for DApps developers to promote their apps.
☆ What should we pay attention to when using dApps?
Every user should pay great attention to DApps that pose to be of high risk, these DApps tends to look like ponzi-scheme or have beaing of a pyramid. That's why its advisable that every user do a personal research on a DApps before investing, some of the things to look out for include;
•When a promise of high returns with little risk is guaranteed.
•When the app is not transparent enough but yet claims to be decentralized while they are not.
•Promise to give rewards(tokens) for every time you bring someone to join under you(like a ponzi-scheme).
•Claims to be partners with well-known wallets and exchanges platforms, while they are not.
•A promise of consistent inflow of returns regardless of market.
How do we find the information of a DApp that we want to know? Provide the steps (Screenshot required).
To find informations about a dApp,you need to first visit DappRadar official website
On the homepage of DappRadar at the top-right, click on three dash icon, it shows you the features of DappRadar.
Click on ranking, to see the top ranked apps on DappRadar
I'll choose pancakeswap and get the informations, by clicking on the icon
Below is the information of pancakeswap.
The statistics of pancakeswap includes ;
|Available Total volume||$8.87B|
Also the historical activities of pancakeswap for the last 30days is given in a graphical format.
DApps are greatly taking over the other Apps, all thanks to blockchain technology. DApps are more secure and decentralized giving it's users utmost privacy, and rewards validators of transactions with a token.
In the near future, DApps will be preferred over the regular applications for multiple purposes such as finance, storage etc because of their transparency and Trust worthy services.