Ethereum — Based Dapp, Everything You Need to Know to Get Cracking
Blockchain has made it name into every list of emerging technologies in the past few years. Techies aren’t debating whether or not to invest their money. A more realistic question is how and where to start building their blockchain applications. This article will attempt to give you an overview into the world of Ethereum-based Dapp.
THE BASICS
World Economic Forum has a neat article explaining blockchain in the simplest form. They depict blockchain as a decentralized database, more technically, “digital ledger”, of transactions that is transparent and accessible to everyone. Think google sheet, though, only new data can be added. Once a new set of data, or a ‘block’ is written, it becomes an inedible and transparent record that is shared across the network.
More than just transaction records, Ethereum network provides the tools to record data by smart contracts, open doors to a huge variety of applications that would benefit from decentralization. Smart contracts are self-operating computer program that automatically executes when predefined conditions are met. On the Ethereum decentralized network, like other blockchain networks, multiple individual nodes (electronic devices) are set up to support the network and replicate the entire database. Hence, smart contracts can run without any downtime, fraud, censorship or third party interference. This enables electronic voting, digitally recorded assets, trustless crowdfunding, and many more decentralized applications (Dapps) which were impossible with the conventional method of data recording.
Ethereum is built by a Swiss non-profit, the Ethereum Foundation and has been growing rapidly with almost 2000 decentralized apps (Dapp) since their presale in 2014.
Ethereum has gather a strong community to continuously improve upon its features and explore its numerous possibility with Dapps. A robust ecosystem is hence built to welcome new blockchain technologists.
However, there are still disadvantages across all blockchain platforms. High gas price and multiple processes required for transactions makes it more cumbersome to scale and maximize blockchain usage. At the same time, there are not enough tutorial or documentation to assist developers and users.
Depending on their blockchain model, Dapps can be classified into 3 types:
- Type I: Bitcoin, Ethereum, altcoins (alternative cryptocurrencies) or alternative smart contract platforms.
- Type II: These are applications that are built on the blockchain structure of Type I. Some Dapps built on Ethereum network such as Etheremon, AirSwap, belong to Type II.
- Type III: When Etheremon, AirSwap or other Type II applications provide protocols and SDKs, Dapps that are built on these are classified as Type III.
SO SHOULD WE GET INTO DAPP?
Blockchain is still in its nascent phase with huge potential to grow. While the current total worth of bitcoin is only 0.025% of GDP (or $20 Billion), World Economic Forum predicts 10% of global GDP would be stored on blockchains by 2025. The infrastructure will continue to evolve, and those with an early start would be rewarded once the technology mature.
At the moment, banking and financial appears to be the most evident field where blockchain can grow. Leading financial institutions like Goldman Sachs, Barclays, HSBC and many others are leading the race to implement blockchain in their system. The United Nations World Food Programs has adopted blockchain to solve the problem with cash-based transaction for food entitlement. At the same time, others has chosen to tokenized a $30 Million Real Estate Asset in Manhattan.
Gaming is another field that could open up the road to mass adoption for blockchain. With 1.5 Billion players driving consumption globally, games will adopt the newest, most exciting technology to maintain its upwards trajectory. Blockchain is cut out for gaming as players have long been familiar with virtual currency and fungible in-game items. When game assets are traded with cryptocurrency, smart contracts will enable true ownership and better securities for players. Hence, gaming Dapps such as Decentraland or Cryptokitties have received tens of millions in their initial rounds of funding to rapidly bring the advantages of blockchain to gamers.
As aforementioned, several type II Dapps provide their SDKs, allowing developers to quickly adopt of blockchain. One of such platform is EMONT Alliance. By providing an easy access, through SDK and marketing resources, EMONT Alliance nudges developer community to start the journey of blockchain for gaming. With such mission, EMONT Alliance join force with other Dapps to bring blockchain into the daily lives of the average consumer.
Etheremon and MyCryptoHeroes are the pioneer titles on EMONT Alliance platform. These belong to the new revolution of gaming, set out to bring true ownership, novel experience and even investment opportunity for players. While other new titles are in the making, it’s time developers leveraged on EMONT Alliance initiative and became part of the revolution.
Ethereum, together with several type II Dapps on Ethereum network, provide rich resources to build new and meaningful Dapps. Developers should explore the endless opportunities with Dapps, and together build a strong ecosystem using this novel data infrastructure.
Cheers,
EMONT Alliance
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