You came here to understand what are Dapps. Dapps stand for “distributed applications“. Imagine living in a world where when you aren’t using your computer; But someone else is using your processing power and paying you for it. Imagine you getting dropped off at work by your car and then your car is remotely used by someone else. These thoughts and concepts seem like something from a science fiction movie. Well this can actually possible with Dapps. A way of utilizing the decentralized technology and created decentralized applications with it
We saw the sneak peak of the future world in the shape of bitcoins, a decentralized currency that changed the way of how people stored there money. People started buying bitcoins and preferred it more than Gold as a store of Value (SoV). These distributed, resilient, transparent and incentivized applications will change the way our technology works today.
Decentralized Application a.k.a DAPPS
Dapps are still evolving day by day. Every day someone adds a new feature to the technology. The technology is totally open source and very new so the space for creating new ideas is vast. There isn’t a single definition for dapps but rather a few common features that are to be found in an application then you can label that application as a dapp.
- Open source
If an application adhere to these features than we can label it as a dapp. Bitcoin consists of all of the above features so we can call bitcoin a decentralized application. One can say Bitcoin is a self-sustaining public ledger that allows efficient transactions without intermediaries and centralized authorities.
Understanding Dapps is easy if you have the concept of the technology these Dapps will be deployed on. Blockchain is a decentralized ledger that holds the data in the form of transactions. These transactions are gathered together and stored in the form of blocks. These blocks are then linked to each other in a way that every new block is chained to the data hash of the previous block and thus forming a chain of blocks or a blockchain. Due to this chaining security of the blockchain, if someone modifies a single block in this whole list then all of the blocks are rejected. so this chaining assures the security of our data.
We can’t call bitcoin or Ethereum Dapps as per say but still just by looking at the main features for an application to be called a dapp are present in them. Ethereum has a much bigger plan for all this.
In the Ethereum’s white paper, they said that the intention of Ethereum is to create an alternative protocol for building decentralized applications with emphasis on the time it will take to create new applications. Because before ethereum a new blockchain would have to be deployed for a dapp to work but ethereum wanted to take this blockchain creation out of the equation. You may think of Ethereum as, for the lack of a better analogy, the Mother of Dapps. Armed with its very own language, Solidity, Ethereum enables developers to form smart contacts using the Turing-complete Ethereum Virtual Machine (EVM). With these tools available, developers made Dapps that have real-life use cases, ranging from asset management to resource planning.
Examples of successful Ethereum-based Dapps that have achieved millions of dollars in market cap include Golem, Augur and Melonport. Each of them aspires to rewire the economy using blockchain technology, and move us a step closer to a decentralized world.
Ethereum has launched some of the very successful dapps. That have raised millions in Fundings.
The Golem is the worlds first global market for idle computer power. Golem will be tested on CGI rendering. If it successfully renders a CGI Image it will be used by millions of CGI artists to rent out computing power for there project and can rent out different computing power for different projects. Likewise, an idle machine can also accept tasks send by other users. Keeping this all of this in mind a friction less sharing and pooling of resources may come to reality sooner than later.
Golem is standing at a remarkable market cap of 220 million USD.
Augur project is about combining the concept of prediction markets with the power of decentralized network. Augur will create a forecasting tool, for potential trading gains. Standing at a market cap above 200 million USD, Eventually, it may be able to feed real-world truths into other applications and establish itself as the blockchain of facts. Augur is still going through its beta testing.
The Melonport protocol is a blockchain protocol for digital asset management. Participants can set up or invest in digital asset management strategies in an open and competitive manner. Using blockchain technology, time and costs are drastically reduced. By building an auditable and visible track record, Melonport enables a never-seen-before competitive environment in asset management.
Status transforms your mobile device into a light client node on the Ethereum Network and enables you to easily access Ethereum’s entire ecosystem from anywhere. Within their messenger system, users may send smart contracts and payment to each other. Server downtimes is no longer a problem as the app runs on peer-to-peer protocol.
5. Brave (Upcoming ICO)
In a world where consumers struggle to be in control of their attention and privacy, Brave’s value proposition seems rather unique. A shocking 60% of web page load time is caused by the underlying ad technology. Brave browser makes web browsing fast and safe by shielding you from third-party tracking. On top of that, should you choose to support content creators by enabling ads, you may even be monetarily rewarded with tokens. This gives end users an unprecedented level of control.
6. Aragon (Upcoming ICO)
Aragon is another ambitious project. It aims to disintermediate human trade, and allows you to manage entire organizations using the blockchain. By removing geographical borders and paperwork, the Aragon Network aims to act as a digital jurisdiction that is extremely convenient for everyone to operate on.
Solidity For Dapps
The Ethereum ecosystem will continue to expand as Ethereum gets under the mainstream radar. The recent rise in the price of Ether have brought along a new wave of interest in blockchain application.
If you’re a developer, there is no better investment than acquainting yourself with Solidity. Solidity is Ethereum’s programming language for writing executable distributed code contracts (EDCC). Blockchain technology is growing a nascent industry in which opportunities abound.
The Future of Decentralized Dapps
The inevitable adoption of blockchain will leave numerous practices obsolete. It may be a bold to say but services such as banking will be made redundant as the world learns to operate and finance itself by self-sustaining, trust-less and decentralized networks. Large corporations hurrying to secure their place in the blockchain movement is only a testament to that.
If you want to design a Decentralized application for yourself or your business. Contact our blockchain development company.