Greetings steemians and Professor, I hope we are all having a great time. My joy knows no bounds from the great lesson given by the professor on this assignment which is based on Decentralized apps and its related functions.
Below is my assignment done.
What are Dapps?
In consideration of what decentralized apps are, we'll be taking note of the words decentralized and apps and when we can have a clear picture of what they explain, we'll grasp knowledge of what Dapps are.
There are centralized apps like Facebook, Instagram etc and these apps are controlled and manipulated by a central authority that could determine its thrive or failure or even regulate activities in the app.
For example let's talk about the Facebook app that monitors the chat activities and words usage and tends to delete user comments and disable account when they go contrary and this is due to the fact that, there is a central point with control. This is the opposite of Dapps.
Dapps could be defined as softwares or computer apps, that operate on decentralized systems and works on peer to peer networks and make use of smart contracts too to function.
These apps aim to work through open source systems on blockchains where every app user is independent and even the creators and developers of the apps are not able to influence things that take place on the app, without majority support of it
The working system of Dapps?
Decentralized apps have their working system to be the use of smart contracts on peer to peer networks /no intermediary networks while they make use of strong blockchains in the storage of data.
What are these smart contracts?
These smart contracts, as ambiguous as they sound, are simply set of rules that are meant for smooth running on a blockchain since the apps can't be taken away from the network once they are launched there unless there is a consensus vote that brings majority to agree for it to be removed
Difference between Decentralized apps and other apps?
Decentralized nature :Dapps are decentralized and in this way have no central point of operation. They do not require third parties to bring users and the software together just like normal apps do and demand.
Dapps also have the ability to hold financial assets (crypto for app users) and refund at due time which normal apps do not have the power to do
Normal apps are relative fast unlike Dapps which could be slow most times due to their transaction processing eg the Eth network that processes few transacts per second while millions of transactions are kept waiting
Dapps have the quality of being permanent on networks once they are launched unlike normal apps that could be removed at any time but in the case of Dapps, they could be removed only by majority consensus
Advantages and Disadvantages of Dapps :
Advantages of Dapps :
The advantages of Dapps include the following:
- The permanent nature of data recorded on Dapps make it impossible for user data to get lost therefore we could say that they are good stores of value
- Dapps also refuse centralization by their use of smart contracts which reduce their risk of failure. Instead the network used in Dapps are peer to peer, making every user a contributor to the app/network
- A major strength of Dapps, are their sense of security. Due to the fact that the nodes on the network are duplicated and data are shared amongst everyone, an attack on the network becomes unpredictable and difficult since the particular node to attack is not known
Disadvantages of Dapps
Like I mentioned in the differences, Dapps are relatively slow and thus is a major disadvantage since slow transactions could be frustrating on the side of users and limiting better usage of the apps
Ambiguousness and complex to use and maintain :These apps unlike other apps require heavy maintenance like developing and updating of nodes on the network which souk be demanding on the side of users
Demand of expertise :Normal apps could be used even by toddlers but decentralized apps require advanced knowledge before they could be used since it involves use of even private and public keys instead of just log ins which other apps demand
How can Dapp developers promote their apps :
Dapps can promote their apps with several ways and strategies including :
To start with, in crypto currencies, before a coin can thrive, it needs to be uploaded on websites and exchanges and the same applies to Dapps, they should be put on websites, that would help promote and review the app well
There would be also need for heavy social media promotion which involve the advertisement of this app on media handles like Facebook, Twitter, Instagram what'sapp etc. Online blogs too should not be left out in the media promotions.
The imploration of promoters and endorsers would be needed as people mostly tend to go with what trusted and big names endorse. So affordable promoters could be used in the process of promoting the app.
Meeting bigger consultants on strategies to implore to make the app thrive would also be a great one as these could be through meetings anyways, virtual or in person
Creation of more decentralized ideas and thinkings and even joining of bigger Dapps who in one way or the other, influence the Dapp in a positive way by growing and popularizing it
What are things to pay attention to, while using Dapps?
We all know that before using a dapp we must confirm to make sure that we aren't in an scam /malicious application. Firstly apps that bring unconditional profits irrespective of the market situation is what we should watch out for and in such case it would be a scam
Secondly, the apps must be decentralized, open source and must be built on a blockchain. The existence of the blockchain makes it to be trusted by users and developers of the app
It should be able to hold, produce and reward tokens to it's users according to the smart contract of the app and those providing benefits too in the network
There shouldn't be heavy dominance in a Dapp by a particular entity ie a particular person or group or person shouldn't have absolute hold of majority of the blockchain /network tokens since it might not be a great sign
What are steps to finding out information about an app we need to know about ?
In finding out information about an app, it means a lookout on the app information and in other words technically analyzing of the app.
From the lesson, we have the link where we can see Dapps and get knowledge about them and that is the Dapp radar
- When I click on the link I'm introduced into a platform with lots of tokens on the background eg uniswap but I'm looking out for top rank apps so I take the menu at the top right
- From there I touch the part written rankings and it opens me to a variety of top Dapps
- I chose the sushi swap by clicking on it and all the information about the app is shown including its price and statistics
All other screenshots would be gotten from the Dapp radar link