DECENTRALIZED APPLICATIONS (DApp)
Greetings,
It's your friend @mondraye and today I would be sharing another important content on Decentralized applications (Dapps).
DApps are programs that run on blockchain networks and are decentralized. There are many distinct DApps with various use cases, including gaming, financial, social media, and more.
DApps have a different backend structure, despite the fact that they sometimes resemble ordinary mobile apps on your phone. Instead of using a centralized infrastructure, DApps rely on smart contracts on a distributed network. Although it increases their transparency, decentralization, and attack resistance, it also presents some fresh difficulties.
Digital apps known as "decentralized applications" (DApps) run on blockchains as opposed to centralized servers and are powered by smart contracts. They offer a variety of services and functions, including gaming, finance, social media, and much more. They have a similar look and feel to regular mobile apps on your smartphone.
As suggested by the name, DApps operate on decentralized p2p networks. The following are some of the features of DApp.
- Open source
Decentralized applications are known to be open source because the source code is not kept hidden from the public. This makes it possible for anyone to tamper with it without seeking permission from any higher authority.
- Cryptographically secure
All DApp data are cryptographically secured on the blockchain and are distributed across multiple users known as nodes. This is to enhance the security of the application thus making its data impossible to be compromised.
- Tokenized
Most Decentralized applications are powered by a native token which is mostly used for transaction purposes and rewarding of those who make effort to secure the platform (nodes and miners).
Applications that use smart contracts are known as DApps. Distributed peer-to-peer networks are used to run their backend programs. A smart contract functions as a collection of predetermined rules that computer code enforces. The tasks specified in the contract will be carried out by all network nodes when and if certain conditions are met.
A smart contract's code is difficult to alter or eliminate after it has been published on the blockchain. Therefore, consumers can still access the DApp even if the DApp's development team has split.
While DApps and conventional apps may have similar-looking user interfaces, DApps have some advantages over their centralized alternatives. Data is kept on centralized servers by web apps. The entire network of the app could be brought down by a single compromised server, rendering it inoperable for a while or ever. Data leaks or theft may occur in centralized systems as well, endangering businesses and users.
DApps, in contrast, are developed on decentralized networks with no centralized control. DApps are less susceptible to attacks because there is no single point of failure, which makes it exceedingly challenging for bad actors to take over the network. Even if some machines or network components fail, the P2P network can guarantee that the DApp keeps running with little downtime.
Users can exercise more control over the data they disclose thanks to DApps' decentralized nature. Users do not need to reveal their real-world identities in order to communicate with a DApp because no companies are in charge of their personal data. Instead, they can connect to DApps using a crypto wallet and have complete control over the data they disclose.
There are numerous examples of Decentralized applications and the most popular ones includes.
| DApp name | Blockchain | Market cap |
|---|---|---|
| Steemit | Steem | $93,290,011.72 |
| Uniswap | Ethereum | $5,227,087,164.26 |
| PancakeSwap | Binance Smart chain | $146,012,245.18 |
| Aave | Ethereum | $1,193,819,379 |
| Opensea | Ethereum | $13.3 Billion extimated |
| Audius | Solana | $237,608,607 |
| MakerDAO | Ethereum | $101,157,957.09 |
The emergence of decentralized applications DApps has greatly improved native applications using the aid of blockchain technology. This blockchain technology allows DApp to be open-source and it also enhances the security by making use of validators who record data thus keeping the platform highly secure.
The adoption of DApp is greatly increases as users doesn't just enjoy privacy but also has the chance of earning rewards depending on their activities and impact on the platform.
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