DAPP BUILDER and the Need for Decentralized Applications
When statistics are put out that 90% of web apps have vulnerabilities caused by security functions and that the average amount spent by large organizations on mobile app security yearly is $1,859,688, brands and developers need to find a new way to improve these apps.
Enter the blockchain technology and decentralized applications (dApps). The blockchain technology is a decentralized database of transactions and it’s the first decentralized database that is highly tamper resistant. The blockchain’s security was a dominant design goal and that is the reason why decentralized applications (dApps) are set to revolutionize traditional applications.
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What are dApps?
Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer, and are outside the purview and control of a single authority.
A standard web application, like Facebook or Uber, runs on a computer system which is owned and operated by an organization giving it full authority over the app and its workings. There may be multiple users on one side, but the backend is controlled by one single organization. In the context of cryptocurrencies, dApps exist and run on blockchain network in a public, open source, decentralized environment and are free from control and interference from any single authority.
This means that a developer can create a Twitter-like dApp and put it on a blockchain where any user can tweet messages. Once posted, no one — including the app creators — can delete the tweets. Editing may be possible by the sender, but the original tweet would be retained forever.
Features of dApps
Decentralized applications (dApps) have the following features:
Ø Open Source
Decentralized applications require users to trust that the app is as decentralized as the core developers say it is. Open sourcing a dApp changes the structure of its business practices so that the Internet is common denominator instead of a chain of closed silos. Bitcoin is a good example of an open-source dApp from which the creator profited handsomely. Satoshi Nakamoto kept an initial amount of Bitcoins and let others use the rest. Because Bitcoins were limited in quantity and the network itself provided huge value to society in the form pf its novel proof-of-work concept, the value of Bitcoin started to increase and so did his wealth. Having the app be open source made it possible for the network to achieve the transparency it needed to improve itself with developer contributions and grow trust among its users to give its coins real-world value.
The bottom line is that, since dApps are open-sourced, you will easily gain the trust of potential users.
Ø Decentralized Consensus
Before Bitcoin, consensus on transaction validity always required some degree of centralization. If you wanted to make a payment, your transaction had to go through a clearing house that monitored al transactions. Bitcoin is peer-to-peer (P2P), and this means nodes are able to talk to each other directly. P2P networks are not entirely a new concept; Distributed Hash Tables (DHTs) like BitTorrent were invented before the blockchain. DHTs are great for storing and streaming decentralized data, but if you want application-level constructs like usernames, status updates, high scores, etc. for which you need everyone to agree on in a decentralized way, you’ll also need a blockchain. The blockchain doesn’t replace the need for DHTs, but it does serve to complement them. The blockchain technology will solve the major security issue of DHTs; not forcing nodes to trust each other on the validity of data.
The point here is that the blockchain’s innovation is decentralized consensus. If your dApp needs some feature that requires everyone else to agree on something, you should use a blockchain. For instance, consider a username system for which it doesn’t really matter who has the “@user” username; what matters is that everyone agrees who has it. There have been lots of decentralized protocols in the past, but they all required nodes to trust one another. The blockchain is an immutable record that every node has a copy of, so no one can pretend that they too are @user and this can be done via the use of smart contracts.
A smart contract is a piece of code that lives in a blockchain. When a pre-programmed condition is triggered, the smart contract executes the corresponding contractual clause.
Ø Internal Currency
How do you monetize a dApp? That seems to be the daunting question in most dApp circles. Traditional modes of monetization for centralized applications include transaction fees, advertising revenues, referral commissions, access rights to user data, and subscription services. But with dApp the concept of monetization will differ. This is normally achieved by allocating scarce resources in the network using a scarce token: an app coin. Users need this appcoin to use the network. Owners of scarce resources get paid in appcoins. For example, in the case of Bitcoin network, the owners (miners) of the scarce resources (computing power) are paid with transaction fees directly from the users so that they can use the service. Because the network grew to include more users and there were a fixed amount of coins from the outset, the values of the coins grew, as well. This model can apply to any kind of dApp. Scarce resources could be storage space, trades, images, videos, texts, ads, and so on.
Also another point to note is that, although blockchains are pay-to-play, there are different ways to structure incentives within dApps. Users could receive a sign-up bonus of coins or even have the option to willingly sell their data or local storage space in exchange for coins. Besides using appcoins, dApp creators could monetize virtual assets like real estate in a decentralized MMORPG, domains in a special namespace, or even reputation.
Ø No Central Point of Failure
Decentralized applications can’t be shut down, because there is no server to take down. Data in a dApp is decentralized across all of its nodes. Each node is independent; if one fails, the others are still able to run on the network.
Here’s a look at some examples of decentralized applications:
1. KYC-Chain
KYC-Chain aims to provide consensus on the identity of individuals at the “highest level of trust” especially when you consider the digital age which is characterised by the ever-increasing risk of financial crime arising from fraud and identity theft. The service utilises existing know-your-customer (KYC) regulations, and plans to bring “ease and simplicity” to the process of identification for businesses wishing to bring in new customers. The platform’s “identity wallets” will allow users to share only the information necessary, and nothing more.
2. Eth-Tweet
Currently a working prototype, Eth-Tweet is a decentralized microblogging service running on the Ethereum blockchain. It provides basic Twitter-like functionality to tweet messages of up to 160 characters. Being decentralised means no central entity controls what is being published, and once a message is posted, it can only be removed by the publisher.
3. OpenBazaar
OpenBazaar aims to be a decentralized version of Ebay. No middleman can tell sellers what they can and can’t sell or decide on the fees for using the service. It’s built on the BitTorrent protocol for data transfer and Bitcoin as currency for transactions between sellers.
4. Ampliative Art
Ampliative Art aims to enhance the conditions and prospects of artists via a social network-like platform. When complete, it will be a reciprocity-based web platform with which individuals can contribute to the art community and be rewarded through “alternative means”. Artists will be able to create their own galleries and exhibit their works for free, and both users and artists can be rewarded through tips and donations, comments and reviews, share or exchange proposals. The more a user contributes to the community, the more the community is likely to reward them. As a dApp, Ampliative Art will be a transparent cooperative in which users would collaborate, receive rewards and take part in the decision making process.
5. Gems
Gems is a social-messaging app that is trying to create a more fair business model than WhatsApp. Gems is issuing its own currency and letting advertisers pay users directly with it for their data rather than acting as the middleman who profits. Users can also earn gems by referring others to the network. Gems are a meta-coin built on Bitcoin that developers also receive for developing and maintaining the software. As the Gems user base grows, so does the value of the currency.
6. WeiFund
WeiFund uses Web 3.0-enabled technology to provide a crowdfunding solution on the Ethereum ecosystem. Since it will be one of many crowdfunding platforms on Web 3.0, it aims to stimulate these platforms by providing “world-class open-source modular and extensible” crowdfunding utilities that everyone can access. All critical aspects of the platform are completely decentralized.
WeiFund’s interface and user experience will be very similar to that of conventional crowdfunding platforms such as Kickstarter or GoFundMe, however, all funds raised on WeiFund will be accounted for in the Ether digital currency.
Unlike conventional services like Kickstarter, though, WeiFund uses smart contracts, which means donations can actually be turned into complex agreements. Additionally, Web 3.0-enabled browsers will come with their own wallet systems, and this means that payments made on WeiFund to start and contribute to campaigns are carried out in a “secure and verifiable way”.
DAPP BUILDER- making dApp creation faster and cheaper
DAPP BUILDER is a SaaS platform for brands to create their own Ethereum-based decentralized applications. This means that anyone will be able to create a secure, flexible and legally binding dApp based on smart contracts with no coding skills required. In short, the core idea is to cut down the costs of creating a dApp especially when you factor in the daunting aspect of writing a smart contract. The idea is you won’t necessary have to know how to code at all to be able to create blockchain apps, because DAPP BUILDER allows users to create apps by way of a drag-and-drop visual interface. In a nutshell, the platform offers the following:
Ø Predefined customizable smart contracts with Solidity source code.
Ø A web interface to build mobile apps that can access these smart contracts.
Ø Javascript WEBAPIs and UI/UX framework, adopted for Android and iOS.
The platform aims to establish a viable marketplace for dApps on the mobile platform, while providing well-established development and hosting for dapp developers. DAPP BUILDER will be using its existing mobile app building and hosting platform to reach its current 45M users on mobile and 2.5M businesses and developers that monetize their apps on the platform.
Decentralized Applications- A New Imperative
While the blockchain technology is still viewed as an immature concept thanks to its ongoing evolution, the blistering pace of change and new solutions emerging daily are helping to offset some of the drawbacks of this novel approach to decentralization. The dApp space is currently an emerging field with a lot of developers still experimenting with new models and while the current model of application development is still not at risk of collapsing, people are waking up to the potential power of alternative application development solutions. This means better and secure web apps- dApps- will be hitting the mainstream sooner rather than later.
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