Implementation of blockchain technologies provided a solution that allows to refuse of use of central servers for storing the database and to entrust them to a distributed registry. For the first time it was implemented through the example of digital currency — Bitcoin. Then enthusiastic programmers, who focused their attention on the opened opportunities, went further. They began to implement their ideas and supply new tools, laying the foundation for the digital system of the future. In such a way, smart contracts and decentralized applications appeared, presented to the user as software products for wide variety of spheres: business, entertainment, communication… Virtual blockchain began to obtain visual outlines.
Leaders in creation DApps
Ethereum became the first blockchain project that allows the creation of smart contracts and DApps.
But programmers faced difficulty — low transaction speed, which was limited to 20 tps. In 2017, EOS and TRON acted as projects that found a solution. They collected millions with the help of ICO and drove by roadmap.
On the one hand, indeed, the shown speed was significantly different and gave the opportunity to develop DApps (TRON — 1200 tps, EOS — 4000 tps). Although Ethereum took the lead in the number of created in its blockchain applications, taking a head start in two years, the competitors who appeared on the market began to drain-away developers to their platforms. For April 2019 EOS ranks the first in the number of unique users (171k) and transaction volume ($ 3 bln), TRON — the second (71k, 600 mln). This is despite the fact that more DApps allocated in Ethereum. The only thing is that transaction rate both TRON and EOS was obtained detriment of decentralization. Both projects work on the PoS consensus algorithm, and this is already a reason not to consider them decentralized. As for Ethereum, its blockchain with each fork also gradually moves towards the final transition to the PoS consensus. While the main developers justify their actions by that the PoW algorithm has already outlived itself and the distributed registry running on such a consensus cannot provide the characteristics, necessary for full-fledged DApps functionality.
That is not so!
Attractive advantage of TERA
In 2018 the TERA Foundation blockchain project was launched, which proved that it is too early to throw PoW into the past, if only because it copes brilliantly with security issues.
The author of TERA Yuri Ivanov by combining the sha3 and secp256k1 encryption algorithms in cryptography achieved excellent results, guaranteeing 1,000 transactions per second. And the architecture features of the TERA blockchain have higher capabilities — 5,000 tps. Moreover, this speed is not the limit, but without a network load test it’s early to talk about other numbers for the moment.
What DApps are on the TERA platform
So, what is currently available for use to members of the TERA community?
TERA decentralized exchange and a multi-currency wallet
The first decentralized platform for the cryptocurrency exchange is already in operation.
To be honest, for the present is only in one, but the most important direction — TERA / BTC.
Meaning that those who wish to purchase a coin can use the sellers’ offers, placed on the platform, without turning to other exchanges where TERA has already passed listing.
Upon that, thanks to the latest update you can create a BTC account that will be bound to the main one. For sure increasing the number of cryptocurrencies for both trade and storage will increase the attractiveness. However, this is just a question of time and monitoring with what time intervals updates are released there is a confidence that it will not take long to wait. Moreover, to the topic of wallets and coins it pays to add that TERA allows you to issue your own tokens.
Services for business
Special attention is given to decentralized applications that help to conduct business activities and other dealings. For example, DApp “Promise” is available. By activating a smart contract the seller fixes his obligations with a bounded frozen account without money. The buyer studies the conditions and if they are suitable for him, he transfers the specified amount. Then goods are forwarded, or services are being provided. When deal is fulfilled, the buyer defrosts the seller’s account with the payment received. In case of refusal, the case is regarded by the escrow — the creator of the smart contract.
There is a DApp “Frozen” (https://terafoundation.org/dapp/17), where you can freeze funds on your own account until the specified date or until a specific block is generated.
A great way to avoid money wasting and to hodl some coins for a desired period.
Other applications are in the planning stage, that will facilitate business processes conducting on the blockchain directly between the parties, without intermediaries.
Gambling admirers comprise a third of decentralized applications users. Therefore, among the DApps hosted on the TERA blockchain, entertainment from this area began to appear. There are a double bet game, a lottery and a one-armed bandit (slot machine). The slot machine evokes associations with the very first mechanical gambling machine of 1905.
It also has 3 drums and one pay line. But the functionality allows you to win the bonus round with 5 free spins and increased prize payout. Yet truth be told, you should be careful.
Personally, I’ve got the combination giving the jackpot x 200 bets, but as I later noticed the winning did not arrive in the account. Therefore, record the evidence of such things just to be on the safe side.
By the way, after the post about these errors in Discord (https://discordapp.com/invite/CvwrbeG), the reply followed immediately. The reason was that for the convenience of the player the slot does not wait for 8 seconds, which are necessary for the blockchain to confirm the block, but returns results earlier. But if there is a case of a lost block, an error occurs, where diamonds symbols are shown on the drum.
It was reported about the immediate update of the client version with the corrected drawbacks of previous one.
The platform operates an online shop with toys on the game Minecraft subject. For TERA coins you can get soft toys, souvenirs and other goods with the next day delivery in Moscow and within 5 days to other cities of the Russian Federation.
But it will be no difficulty for other salesmen to join and offer their product range. Creating an online store does not require much time, cost or special efforts. It will take several minutes between the decision to open the goods sales point on a decentralized TERA platform and fully realized project. It is enough to load feed with an assortment and prices. Moreover, all data is stored on the blockchain, which excludes needs for hosting.
The buyer studies the product and if finds something interesting for himself, makes an order. A clear interface with a full functional basket is available to fulfill the order.
Payment is commission-free. The seller observes the process through the admin panel, which informs him about the state of affairs and reports the change of good statuses during all stages — from the moment of adding to the basket to delivery to the buyer.
The money paid for the goods is reserved on the buffer account at first and only after the buyer receives his order, the seller receive the amount of money to his account.
The first resources for communication appeared on the decentralized platform. This is a forum and dating chat.
Arcade games started to come in, like Floppy Birds. This game already was able to prove that for a poor little bird it’s so difficult to fly, even in the blockchain space!
Especially when the flight takes place in the neighborhood of a virtual industrial town, where there are more pipes than trees, and they grow right before our eyes (in the truest sense of the word!)
What else would be nice to see on TERA
Virtual soil of TERA is just beginning to put out shoots of the first planted digital seeds, and in the blockchain space there is enough space for the flight of imagination when creating DApps. I will give as an example just the first that comes to mind, as well as taken from the statements of members of the TERA community on Discordapp.com.
Thus, would be great to see:
- platform for trading binary options, for a start at least on the same pair of TERA / BTC;
- browser for work with DApps and recommendations for building applications;
- a service for voting on the blockchain would provide transparency into the system of election in any sphere (such a proposal was received at Eurovision-2019, why not create it on TERA);
- author’s rights patenting services for works of art, inventions and other intellectual property;
- a full-fledged forum where comments would be saved and could not be deleted (the foundation of such an application has already been laid);
- chess, backgammon, bingo, durak and other classic games;
- more games! Strategies, shooter games, exploration games… Suggest to take a deeper look to the hits of the 80s and 90s. Could be found what to remember and transfer to the decentralized platform TERA;
- fully functional casino with a wide range of entertainment: 3-line and 5-line Slot games, roulette, blackjack, poker, bets and other services of gambling industry;
- and so on and so forth.
If such ideas do not come to developers’ mind, feel free to contact the author of this article and he will share his own in the field of gaming and gambling, and help with their realization with the creative approach!
In the long run, what we need for everyday life? Tools to make money and ways to spend it.
The unique features of TERA blockchain make it possible to place both in it.
Plus they will be independent of any central administration and free of censorship.
To inspire developers for actions, the Chinese TERA community announced a contest with a prize fund of 165,000 coins.
Those who are interested in placing their DApps on TERA will be helped by DApp Paper — https://docs.google.com/document/d/10yXAKxaU7YgrQnbdXu_L7WWovUoRtdJwo3tXXaGZGSQ/edit
And a couple of words to the developers: You can choose TRON platform, you can choose EOS or Ethereum. But what are your priorities? All these systems are in the hands of corporate owners, which leads away from decentralization. And those who want to get away from totalitarian control and give the fruits of their creativity complete freedom should consider the TERA platform.
The TERA Foundation website has a page with a special world map. It shows in real time how many full nodes support the blockchain operation- https://terafoundation.org/map.html. To be among the first means to participate in laying the foundation, that is able to withstand a powerful boost to the rapid development of future technologies. If there is no your city on the map, only a few minutes separates you from correcting it. Instructions for node installation will help to join the TERA community and make your contribution right now.
It can be found here: https://sourceforge.net/p/tera/code/ci/master/tree/README.md
Participation in the expansion of TERA encourages growth and development of the idea of freedom from central administration, which was stated when Bitcoin was launched.
These are not just fantasies or dreams, there are authoritative representatives of science who consider blockchains to be the basis for the economy of future, which will have no boundaries. And with the help of active participants full decentralization will come much faster. This development has no limits, since it is fueled by the independent striving, own free will and potential that is inherent in each of us.