1. 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).
DApps is an acronym for Decentralized Applications. This decentralized application allows users to have the freedom to express themselves all they want. This means there is no conferred authority or a single entity/person governing the system, but rather every user has the privilege to access and control his or her transaction without a third party. This decentralized application exists and operates on a blockchain or P2P network and is outside the control of a single entity as compared to the centralized apps where there is a central authority that oversees the affairs of the apps.
DApps is an open-source application: the source code of the Decentralised application is opened and accessible to all users. There's no interference from any central authority hence it allows multiple participants to perform independently on a blockchain. Decentralized applications are also built on a reward system. The system can't get hacked due to the high level of security of the decentralized application. It allows every user to handle his transactions.
Most of the time, the Ethereum blockchain serves as the basic blockchain in which developers build or create their dApps and white paper. Examples are crypto kitties, steem, popcorn, Uniswap, and Freelance. DApps give users the fastest way of sending money to anyone in the world with fewer chargers.
The Etherum blockchain is very instrumental here as dApps store their data in Etherum. There are smart contract severs as a backend for decentralized applications.
The smart contract servers can keep all records and this is done automatically without anyone controlling it, unlike the centralized system where details of all transactions are done and kept on record by an individual. Because of the ability to keep records, the smart contract is often referred to as a Ledger.
DApps has front-end and back-end codes that allow data to be distributed or shared among multiple participants on a blockchain, where inputting this data into the system occurs when the participants have reached an agreement. Thus, smart contracts self-execute when two parties' agreements are met.
|DApps||Other (Centralized) Apps|
|There's no central authority and restrictions||There are central authorities and restrictions|
|High security is assured||Low level of security|
|DApps perform similar functions||There is a diversity of functions|
|They operate on a blockchain||They don't operate on a blockchain|
|They make use of tokens||No tokens are involved|
|No ownership of the apps||There is ownership|
|There are operational and transactional fees||No fees are involved|
|Has slow operating speed||High operating speed|
The decentralized nature of dApp makes it difficult an attack because it has a very high-security level, unlike other apps.
DApps come with a low cost and also a fast way of sending money as compared to the centralized apps where there are high charges for using the app to send money.
DApps run on a decentralized system. This gives its users the authority to choose or make decisions on what to do with their funds. There are not controlled by any third party.
Maximum or high security. It's very difficult for intruders to hack the system because of the high security of decentralized applications.
Accessibility. DApps are easily accessible and very stable as compared to centralized apps.
Transactions in dApps do not involve any third party, but rather it is between the participants and this is done directly.
Operations in dApps are transparent because it's open-source.
Transactions are faster and easier since it does not involve third parties.
There's a possibility of getting scammed because it does not involve any third party. People tend to use this peer to peer-based network to scam others by simply posing as a buyer.
There is no central authority to help users with any wrong transaction they make. Hence anyone who makes a wrong transaction is prone to lose since the transactions are irreversible.
DApps are sometimes difficult to update since every user in it has to update their nodes. This results in a slowdown.
It is also very challenging when one is developing DApps. This is because certain applications need to verify the identity of users but in the case of DApps, there is no central authority or entity to perform this verification process.
Technology and social media have made promotion and advertisements very easier for everyone.
Through social media is the common way people can promote dApps. It's very possible to cover a wide area of the various social media platforms. The wide coverage helps everyone to have some kind of knowledge or information about it which goes a long way to promote it.
Education on the use, advantages, disadvantages, and how reliable dApps is can be promoted to people on discord or through telegram.
An individual can also do this by submitting their dApp to the directories. Some of the dApp directories are dappradar, dappbang dapp100, etc. This is done so that these directories would publish and promote their works.
Moreover, promotions can be done through websites. People tend to patronize because this will make it legitimate.
Although there are a lot of opportunities gained in cryptocurrencies, there are also a lot of risks involved. To also be successful in this world, you have to take risks. These risks taken must be examined thoroughly so as not to lose. People just invest without even examining the market. This makes them prone to loss and failure.
Users always have to pay attention to High-risk dApps. This is because they are not as fully decentralized as they claim to be and they are full of scams. These dApps usually have a bearing on the Ponzi scheme. They tend to give fake promises.
Because of this, it is very important to avoid high-risk dApps.
I will be using dappraddar.com to find the information of a dApp. Below are screenshots on how to go about it.
- Search for dappradar.com in the search box of your web browser.
- Locate the menu button and click on it
Click on Ranking
Clicking on this will display the current ranking. With this, I will choose AtomicAssets to get the required information.
Clicking on AtomicAssets will display balance, users, and transactions. There's a graph which also shows the previous/ historical activities of the AtomicAssets. It is possible to see the charts in the last 7 days and 30 days.
I am very thankful to professor @wahyunahrul for this insightful lecture. I have come to appreciate dApps since I have gained knowledge on what they are, their advantages, uses, and their disadvantages.
All screenshots taken from dappradar.com