What You Need To Know About DApps
The global blockchain market is anticipated to “grow at the rate of 79.6% from USD 411.5 million in 2017 to USD 7 Billion by 2022, according to a report by MarketsandMarkets.com.”
Adoption of blockchain technology is also growing steadily, as global innovative companies continue to explore its uses and benefits in the financial and business services. The demand for transparency, scalability, and immutability is triggering the staggering growth of blockchain.
Some of the solutions blockchain application will provide are;
- Blockchain as a service (BAAS)
- ICOs, Crypto trading and exchanges
- Fast and timeless payment transactions
- Security and transparency
- Business enterprise processes
- Smart Contract
- Real Estate etc
While we shift into this ‘gray area’, one tool that will enable the consumption of blockchain use-cases are Decentralized Applications, also known as DApps. It is refreshing to say DApps are the future.
DApps underpins blockchain technology, like how Web apps (WApp)represented the 1st generation of internet and Mobile Apps (MApp)did for the 2nd generation of internet. However, what makes DApps different is, it is Mobile based and decentralized.
DApps Defined
DApps are decentralized platforms built using the Ethereum ERC-20 chain. DApps are open source and connect users and service providers directly. Any change must be decided by the majority of protocol consensus.
The Ethereum chain used to build DApps run on a P2P network of computers and no central point of control or failure. Unlike traditional apps where data are stored in a centralized location, DApps data are stored up into blocks, encrypted and distributed across the network.
DApps store peer-to-peer transactions and other data on blockchain’s distributed ledger and makes it more transparent. The application users must adhere to the cryptographic algorithm to show proof of value on the chain.
DApps cannot be shut down and has a lower rate of experiencing downtimes.
DApps also provide incentives; must generate and have crypto tokens and digital assets i
Stages of Building DApps
- Whitepaper — this document must outline all the process and technicalities involved in the app development
- ICO — This is where tokens are issued through a public or private sale
- Build a Prototype — the initial product to test the market. Developers must offer continuous updates to the community about every stage of the development process
- Launch and Licences — If every stuff is fixed and the product is fully complete, you launch it on the main net for your community and public to access. Because DApps are open source, it should be open and operate within the open-software license.
If you want to have a feel of DApps already in use, check these webistes;
- DApp Radar — https://dappradar.com/
- State of the DApps — https://www.stateofthedapps.com/
