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What are decentralized applications DApps and what are they for?
Decentralized applications (DApps) - more resistant to attacks and transparent applications that have become possible thanks to the blockchain. Thanks to such decentralized applications, Bitcoin and Ethereum actually appeared. Now dApps help to solve the most complex tasks within cryptocurrency projects, and without them it is already impossible to imagine an ecosystem of digital currencies. We will tell you what DApps are for and give examples of decentralized applications.ContentHow DApps workCommon features of decentralized applicationsClassification of DAppsAreas of application of DAppsAdvantages of DAppsPromising projects using DAppsHow to create DAppHow DApps workIn order to understand what DApp is, you need to refer to the definition of blockchain. This is a register of records that are stored in "blocks" that are linked by cryptographic verification. All actions are performed as a result of consensus.The register is not stored in a centralized location, it is not managed by a single organization. The block validation system leads to the irreversible addition of new transactions, and old records are saved forever and for everyone.The second important factor for understanding DApp is the difference between decentralization and distribution. A distributed system is a network consisting of autonomous computers. The components interact with each other to achieve a common goal. Decentralized computing is the allocation of resources for each individual workstation. This means that neither node informs the other what to do and how to do it. Therefore, decentralized applications — DApps are applications that run on a network of P2P computers.Read more: P2P: where peer-to-peer networks are usedCommon features of decentralized applicationsProduct decentralizationTokens are generated inside the productMaking a profit inside the systemThere are several common features of DApps. First, it is the decentralization of the product, when records are stored in an open, publicly available block chain-usually it is open source. This is followed by the cryptographic component: tokens are generated inside the product. Third, it is important to note the profit within the system, when tokens are awarded to miners or validators, as well as other community members.In addition, the application must generate tokens in accordance with a standard cryptographic algorithm that acts as proof that the nodes contribute to the application (for example, PoW or PoS).If we take the most universal definition, the first DApp is actually bitcoin itself. This is an implemented solution on the blockchain, a self-supporting public ledger that allows you to conduct effective transactions without intermediaries and centralized authorities.In turn, the most popular DApp - Ethereum, written in its own language, allows developers to create smart contracts on the Etinerum Virtual Machine (EVM). Now almost 1000 applications built on Ethereum are registered.The Ethereum platform allows everyone to write smart contracts and decentralized applications (DApps), where you can choose your own rules for the ownership of funds, the format of transactions and other functions, so applications can serve different spheres of life: from finance to healthcare. They allow you to build an interaction between two or more participants.Classification of DApps Depending on how decentralized applications (DApps) interact with the blockchain, they can be divided into three types.The main types of DApp applications:On its own blockchainBased on an existing blockchainThey have a mechanism for issuing tokensThe first type includes applications that run on their own blockchain, for example, the Ethereum platform.The second type includes applications that are developed and work on the basis of an existing blockchain. The most popular blockchain platforms for DApp of this type are Ethereum, Tron, EOS. An example of the second type of DApp is the MakerDAO protocol, which allows converting ETH cryptocurrency into DAI stablecoins. At the same time, MakerDAO is based on the Ethereum blockchain.The third type is applications that have a mechanism for issuing tokens. For example, the Augur application, which in April 2020 switched from using the Ethereum blockchain to using the MakerDAO protocol in order to reduce volatility.Let's say that your computer has an operating system — Windows, macOS or Linux. This is an analog of the first type of DApp . To access the Internet, you use a browser that is designed for a specific operating system — for example, Safari for macOS or Microsoft Edge for Windows. This is an analog of the second type of DApp . Your browser has extensions — for example, the Translate Safari translator, which is designed for a specific Safari browser. This is an analog of the third type of DApp .Read more: What are Stablecoins and how do they differ from other cryptocurrenciesAreas of application of DApps Many DApps are associated only with cryptocurrencies, but their scope of application is much wider. One of the most popular sites is the Auctionity auction. Thanks to smart contracts, online auctions become as transparent as possible, since the system automatically records the time and size of bids, excluding manipulation.In the field of online games, DApps offer users applications with built-in marketplaces, where players can already buy and sell their items using NFT technology.One of the first decentralized games was CryptoKitties, developed on the Ethereum blockchain. It caused such a stir that the number of transactions on the network reached a record, overloading the blockchain.Where DApps are used:Online auctionsOnline gamesDeFi appsDecentralized Financial Applications (DeFi) are another popular type of DApp . They simultaneously provide transparency and confidentiality of data. The distinctive features of DeFi include their accessibility: everyone who has an Internet connection can use the financial system. The most popular decentralized application from the world of DeFi is the Uniswap cryptocurrency exchange.Decentralized applications (DApps) began to appear in 2017, and the main period of growth occurred in 2019. The largest number of DApps is created on the basis of smart contracts in the Ethereum ecosystem.During the formation of the DApps' market, the question arose about the need to track, evaluate and simply search for various decentralized applications created in different blockchains.Read more: What is NFT and why are they worth millions?Advantages of DApps Stability of operationTransparencyLack of censorshipThe main advantage is the stability of the work. On the servers, regular applications may experience temporary problems or technical work. For example, you go to Instagram and see only the interface, and the images are temporarily not loaded. DApps servers are located on the devices of the users themselves, so they will work until the moment when there is at least one user on the network.The next plus of such applications, according to experts — is transparency. At any time, any user can view the open source code of the application.There are no functions hidden for the user in DApps. For example, a decentralized application cannot collect users' personal data in secret from the community. If it collects personal data, then the part of the code responsible for this will be publicly available.Another argument in favor of such applications is the lack of censorship by the state or the developer. Corporations cannot buy out a decentralized application and then change the terms of use, functionality, or close it altogether. Any changes must be confirmed by the community.If you use DApp, it will only change according to the preferences of the majority of users.Promising projects using dAppsThe VeChain project is focused on the introduction of blockchain technology into the work of corporate structures, as well as on the development of the Internet of Things (IoT). In turn, the NEO blockchain is positioned as an open network for the "smart economy". In total, 13 DApps are launched on it, of which the most popular are the gaming NEOLand and Switcheo. In September, there was a surge in activity — more than 2000 active digital wallets, but the average for the year was 250.The Waves blockchain has only recently been used to launch DApps, the number of which is 21 applications. These are mainly gaming DApps, of which the most notable are Dice Roller, Coin Flip and Ride on Waves. The maximum of active digital wallets was observed in October — more than 500 per day, and at the end of the year this figure was about 200.The WAX blockchain project was launched in December 2019 with a focus on decentralized gaming applications, and 26 DApps are already working on the network. The game application Prospects and the social network KARMA are also popular.How to create DAppPublish white papersConducting an ICO or IPOProduct developmentFirst, publish an official document on DApp with a "roadmap". As a rule, these are white papers that explain the concept, functions and technical characteristics of DApp. This step is important because it allows you to get feedback from the community.As part of the "white papers", highlight the opportunities and history of the best developers of your project in order to gain trust and reliability among the community.The second step is to conduct an ICO or IPO. ICOs are the starting point of modern startups or DApp. However, recently, the ICO is coming to naught, and an IPO is coming to replace it.It is very important to explain all aspects of your DApp here. In addition, it is worth telling interested community members whether your decentralized application will use tokens or mining. To strengthen the trust of the community, specify how much money will be spent on development, marketing and other necessary expenses.It is important to be open with the distribution of tokens, because most DApps projects have destroyed their reputation in the past due to lack of transparency. After preliminary preparation, as a rule, product development begins. At this stage of app creation, it is critical to share weekly or monthly updates on development progress in order to create an inclusive environment for community members.After the launch of the product, continue to support and change it as necessary in accordance with the roadmap, strategic vision and opinion of the community.Read more: What is an ...
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