The Quest for a Better Market
Imagine a world where integrity and openness are incentivized. In this open source world, data would be secure while remaining in the hands of the many. The flow of information would not be firewalled by big businesses. Instead, the very market that enables a transaction would be incentivized to secure that transaction ensuring that it passes through the fine comb of verification with flying colours.
This very scenario is unfolding within the world of dapps. A dapp (or decentralized application) is a relatively new concept, but a strong and generally accepted definition and framework can be found within the DApp Whitepaper: The General Theory of Decentralized Applications, Dapps by David Johnston, et.al:
The application must be completely open-source, it must operate autonomously, with no entity controlling the majority of its tokens, and its data and records of operation must be cryptographically stored in a public, decentralized blockchain
A DApp has the following characteristics:
- Tokens must be necessary for the use of a DApp and any contributions from users should be rewarded by payment in a DApp’s tokens.
- Tokens should be generated according to a standard algorithm or set of criteria.
- Some or all of a DApp’s tokens may be issued at the beginning of the Operation.
- A DApp may adapt its protocol in response to proposed improvements and market feedback but all changes must be decided by majority consensus of its users.
- A DApp must be completely open-source and operate autonomously, with no single entity controlling the majority of its tokens.
- The operations, actions, & decisions of any DApp governing bodies (such as a foundation to distribute tokens for development) must be cryptographically stored in a public, decentralized database such as a blockchain.”
Why is this useful?
As an example, take Youtube, a digital marketplace of attention. Recently, there has been dissatisfaction with Youtube’s flagging system. Popular Youtubers and their fanbase have vehemently voiced their opinions on the new AI used to take down videos — and it has not been positive.
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