Greetings.
Cryptocurrency is a very wide ocean of it's own, and today we have the Decentralized Application (dApps) on our table.
What is your understanding of Decentralized Applications (dApps)? State the benefits of dApps.
Decentralized Application (dApps) can simply be defined as any digital application which operates on a blockchain. In any Decentralized platform, power is broken down into smaller units, there is no existence of single authority on a Decentralized platform.
Transactions in dApps are normally triggered by smart contracts. Users who operate on a Decentralized platform can interact with the platform at any point in time, without restrictions or query as power is not in the hands of a single authority.
- It operates on a peer to peer nodes, since power is broken into smaller units.
- The nodes of dApps cannot be hacked or should i say they are hack proofed.
- They are Decentralized and nothing is hidden on the platform.
- Users can interact with the platform without seeking prior permission from anybody since there is no single authority.
- Users do not need to undergo the stress of verification with any identity card.
Explain two dApps under each of the classifications; Social media-based dApps, Finance-based dApps, and Game-based dApps.
The Decentralized Application is sub divided into the social-media based dApps, finance-based dApps, and the game-based dApps.
Social Media dApps
Catecoin: This is a social media dApp which is built on the Binance Smart Chain which allows users to create memes and earn rewards for the memes created.
Hive: The hive platform is also a Decentralized social media platform and it operates on the Hive Blockchain, it also allows content creators to create content, comment on fellow users post and get rewarded for it.
Finance Based dApps.
Uniswap: This is a Decentralized software application which is built on the ethereum blockchain. This application enables users to exchange their ERC-20 tokens. The Uniswap is one of the most famous decentralized platforms.
SushiSwap: This is a Decentralized platform which is also built in the ethereum blockchain, it lets users to exchange their token. Sushi is said to be it's native token.
Game Bases dApps
Alien World:This is a Decentralized platform where players are able to collect and exchange digital currencies. Players can earn, buy and sell NFTs. Players of the game contend for a resources known as Trillium (TLM).
Upland: This is also another blockchain based game where users can as well trade digital currencies.
Use TronLink Pro Wallet to access https://justswap.io and show the steps on how to swap. Note: You don't have to perform a real transaction. (Screenshots required)
- Firstly you open your Tronlink pro wallet and there you get access to https://justswap.io. Next we click on discover
- we search for https://justswap.io using the search bar.
- Now we are at the justswap interface, so we input the amount of token we want to swap, for this task I will be swapping Trons (TRX) to BitTorrent (BTT).
- swapped 10 TRX for 336, 362.1047 BTT.
- I triggered my transaction by adding my password and my swap was a success.
