Paving the Way for Web3 SaaS Innovations
TL; DR: Despite their potential, DApps face significant challenges such as scalability, development complexity, and reliance on centralized components. To overcome these issues, InitVerse offers INIChain and INICloud, which provide secure, scalable blockchain infrastructure and distributed storage and computing power. Developers and users are invited to join the testnet, offering feedback to refine the platform and drive innovation in blockchain applications. In the near future, InitVerse plans to leverage INIChain and INICloud to create a comprehensive and user-friendly SaaS platform, streamlining the entire DApp development and deployment process.
The concept of decentralized applications (DApps) emerged in 2015 with the introduction of smart contracts by Ethereum. These contracts allowed developers to create applications on the blockchain with automated execution capabilities. Unlike traditional centralized apps, DApps operate on decentralized networks, offering increased transparency and security. In 2024, the global user base for digital currencies reached 562 million people, up from 420 million in 2023. This surge in cryptocurrency ownership reflects a 34% increase from the previous year. As the number of global cryptocurrency users grew, so did the adoption of DApps. According to CompTIA and Grand View Research, as of 2024, over 3 million smart contracts have been deployed on blockchains, with approximately 70–80% used for DApps. Additionally, DappRadar approved 2,985 new DApps in 2023, bringing the global total to 16,618 as of July 2024.
Challenges in DApp Development
While DApps offer a promising vision of decentralized applications, their development and growth pose significant challenges. These challenges span various aspects, from development and deployment to data storage, computation, and scalability. One of the primary challenges faced by DApps is scalability, the ability to handle increasing user activity and transaction volume without compromising performance. As DApps gain popularity, the underlying blockchain networks may experience congestion, leading to slower transaction processing times, higher fees, and network delays.The early success of CryptoKitties highlighted this scalability issue. Since then, to address scalability issues, various solutions such as Rollup, Plasma and different conseue mechanisms have been proposed and implemented. However, the challenges faced by DApps extend beyond just on-chain limitations. In fact, while smart contracts running on blockchain provide a core functionality layer, many DApps still rely on centralized components for various aspects of their operation. The user interface, the code dictating user interactions with the DApp (front-end logic), and even the business logic code governing the DApp’s operations might all be hosted on centralized servers. The code and files could be stored in centralized cloud services. For example, nearly 50% (equivalent to $160 million) of Solana’s top NFTs are stored on centralized clouds. Therefore, ensuring secure, distributed, scalable, and efficient cloud computing and storage remains a significant challenge.
Beyond the aforementioned costs of securing and planning computational power, DApp development must also consider the creation and auditing of smart contracts, blockchain network transaction fees (Gas), and the maintenance of decentralized infrastructure. Consequently, it requires more time and meticulous planning compared to developing a regular app. Therefore, the initial planning phase must be extremely thorough, involving rigorous auditing and testing to prevent vulnerabilities and hacker attacks. According to a Consensys report, the time required to develop a full-fledged DApp averages between 6 to 12 months, whereas traditional applications typically take 3 to 6 months. Managing a DApp is also more complex than managing a regular application, mainly because once deployed, smart contracts are challenging to modify.
To reduce development and deployment complexities, DApp developers can leverage open-source tools for development such as Truffle, Hardhat, and solutions like IPFS for decentralized storage. However, the research and selection process of available tools and platforms can be tiring and time-consuming. Moreover, no single platform currently offers an end-to-end solution for the entire development-to-deployment process and computing and storage resource management.
Introducing InitVerse: Revolutionizing DApp Development
Recognizing these challenges, InitVerse was created by a team of highly skilled developers and serial entrepreneurs with years of development and business experience. We understand the technical challenges and resource allocation issues faced during the DApp development process. As mentioned earlier, compared to traditional apps, DApp development involves more considerations and thus presents more challenges, impacting the overall ecosystem’s growth.
Building the Foundations
To address these challenges, we aim to build a user-friendly and resource efficient SaaS platform that alleviates the pain points developers and Web3 teams encounter during development, allowing them to focus more on operations. However, before realizing this comprehensive SaaS vision, it is crucial to establish a solid foundation to support it. This is where our key components, INICloud and INIChain, come into play.
INIChain: A Secure, Scalable Blockchain
Our solution centers around INIChain, a public chain. Over the past two years, we have dedicated ourselves to refining the INIChain blockchain network, which forms the foundation of our SaaS platform. This network plays a crucial role in ensuring the secure operation of user-created smart contracts and safeguarding data. INIChain’s approach of using fee-burning methods and adjusting rates reduces barriers to ecosystem development, making it an attractive choice for both developers and users. Additionally, we have developed complementary ecosystem services on this network, such as Clown Wallet and Obs Swap, which facilitate seamless interaction between users’ DApps and various services, significantly enhancing their functionality.
It’s important to note that our SaaS platform is not solely reliant on INIChain; it also leverages cross-chain technology to connect different blockchains, simplifying the exchange of assets and data across ecosystems. Furthermore, the platform will integrate INI, the native token of INIChain, for payment of services, participation in governance, and receipt of rewards. This multi-faceted approach ensures that our platform is robust, secure, and capable of meeting the diverse needs of our users.
INICloud: Distributed Storage and Computing Power
In addition to INIChain, we’ve introduced INICloud, which provides worldwide distributed storage and computing power. By connecting customers and suppliers of computing power, we ensure that resources are dynamically allocated more efficiently. This service allows developers to quickly find suitable computing resources during development without the need to seek out various centralized or decentralized computing services and business contracts, thereby reducing development costs. Furthermore, INICloud utilizes a decentralized cloud computing architecture, minimizing the risk of single-point failures.
Current Testnet Capabilities
Our infrastructure supports dynamic scaling of computing resources and storage based on demand. This flexibility allows businesses to handle increased user activity and transaction volumes seamlessly, ensuring uninterrupted service during peak times. In the past two years, we have continuously improved these two foundational elements to ensure their stability and reliability. Currently, we are in the testnet phase and will soon launch the mainnet in a few months. The current testnet provides a practice environment for the roles of Provider, Validator, and Customer. Users can experience both the provision and utilization of cloud computing services. They can also test the deployment of smart contracts to ensure the correct logic and stable operation under various conditions. So far, we have onboard 160 providers, and more than 2 million blocks have been created.
Path to Comprehensive SaaS Solution
Building on these foundations of computing power, storage, and the PoR blockchain, we will continually enhance InitVerse SaaS to provide a comprehensive, end-to-end service, including development tools, deployment, storage, and computing services. In the near future, users will not only be able to easily leverage INIChain and INICloud’s security and trust features through the SaaS platform, but they will also be able to utilize low-code development and one-click deployment. Additionally, version control, data monitoring, and analysis tools will be provided. This comprehensive approach will further reduce development and maintenance time and costs, allowing developers and teams to focus on innovation and growth.
We invite developers and users to participate in our testnet, provide feedback, and help us refine the platform together. We believe that as the InitVerse SaaS platform evolves, it will bring more opportunities and possibilities for innovation and the widespread adoption of blockchain applications.
Join us on this journey to revolutionize the future of decentralized applications!
About InitVerse
InitVerse is an automated Web3 SaaS platform tailored for emerging businesses, facilitating rapid DApp development and deployment with just a few clicks. With the support of INIChain and INICloud, InitVerse can dynamically adjust computing resources according to needs, enabling efficient task processing while providing higher security, availability, and scalability.
Stay tuned for more updates from InitVerse as it continues to lead the way in Web3 innovation.
