What is a Dapp?
DApps or dApps or Dapps, literally mean the same thing – Decentralized Applications. But what are they? How are the dapps changing the world? Who can build them? Let’s dive into the decentralized applications one more time.
Dapp is just like any other software application that you might be using right now. It could be a website where you are reading this or an application that you keep swiping all the time. The only difference between a Dapp and any other traditional application is that the Dapps are built on a decentralized network. For instance, Diamante Net.
Decentralized applications communicate with blockchain technology and manage all the networks that are connected internally. However, the interface of the Dapps is just like any other application. They provide a variety of features and offer more flexible functionalities and security to the user.
Since the Dapps are designed on top of blockchain technology or P2P network, they are immune to censorship and operate during various attacks. Also, they charge no additional fees.
Decentralized by Nature
Dapps are all decentralized. For instance, to make it more precise, MSWord is a traditional software program where the protocol resides on a single computer system. Albeit you may use the application on various computers or devices, the actual software is operated by a central organization, Microsoft. The entire application is run, operated, and controlled by Microsoft.
Facebook is also one of the most well-known centralized applications. As the respective organization manages the entire application, they need to be active and ensure that the application operates without any failure. If the application faces any cyberattacks or damages, only the central authority is responsible for resolving the issue. Thus, the access is restricted to the organization only.
These can be avoided if they are decentralized; otherwise.
Common Characteristics of Dapps
- Dapps are all decentralized by nature
- All the applications’ operations are stored on a public blockchain
- They encourage users to participate in the network
- Dapps also incentivize users to pay in cryptocurrency
- Also, Dapps hold a native utility token to facilitate a smooth transition on the platform
- Manages user’s private keys and stores the record of transactions on the blockchain network
Dapps follow open-source protocol and utilize some consensus mechanism to validate the network and global ledger. No central authority controls the Dapps. It is much like you own the content, and you control it either way.
The First Dapp
Bitcoin was the first Dapp to enter the Dapp market. It is decentralized and immutable on the public ledger. It changed the game of the traditional financial sector, which offers a centralized experience.
So, what next?
Decentralization of the information and services, no corporations or governments will control the users’ data. It offers freedom and provides accessibility for everyone on the network. There will be no dependence on intermediaries to continue or conduct the flow of transactions or information.
Some of the most promising Diamante Net Dapps include:
- PayCircle: Allows you to custody, send, and receive multi-currency Fiat and digital assets, globally with traceability and real-time settlement features.
- CreditCircle: Allows you to lend, borrow a line of credit at a relatively low-interest rate. It also helps users to network with individuals and financial institutions without borders.