A Decentralized Application (dApp) is an application hosted on a decentralized, distributed, and peer-to-peer computer network. They are autonomously operated by open-source code and are not reliant on a centralized authority or server. Instead, they use a consensus mechanism, often a public blockchain, to validate transactions and store ledger data. This is what makes dApps popular: they are completely free from censorship, fraud, and interference from a central authority or single actor.

Decentralized applications enforce security through cryptography and the use of distributed ledgers. This ensures the integrity and trust of the network by providing real-time verification of transactions and rules which no one actor can change. As an example of a dApp, consider social media platforms such as Steemit and Hive, which are built on a decentralized and distributed blockchain.

DApps offer numerous advantages compared to traditional centralized applications. Because they are not managed by a single entity, dApps can guarantee a higher level of privacy, security and stability. Additionally, because they are not owned by any one organization, they can be maintained and developed by anyone who can contribute to the source code.

Some of the drawbacks of decentralized applications include scalability issues, user experience, and the requirement of a cryptocurrency or onboarding technology such as wallets. As a result, building dApps can be a challenge, as the complexity of their development requires a specialized knowledge base.

Overall, Decentralized Applications are a promising and innovative technology that can help solve some of the issues associated with traditional centralized applications. By providing an alternative for data storage and communication, dApps can improve the security and privacy of online transactions and have the potential to revolutionize the way we use the internet.