A Brief Overview on Decentralized Applications

A Brief Overview on Decentralized Applications

Dapp or Decentralized applications can be defined as “distributed open-source software application that runs on peer-to-peer or P2P network, supported by the blockchain distributed ledger”. All the data in the application are encrypted. One needs a cryptographic token to access the application. That’s the basic definition of an app for you. But before we get any further, we must do a quick review of the blockchain factor.

Blockchain, as we know, is a ledger of data and records that are organized as interlinked blocks with cryptographic validation. The main feature of blockchain technology is that it is neither stored nor controlled by a centralized authority or a central entity. The old records stay reserved in blocks forever, while the new ones just get added to the blocks’ chain. Each block is encrypted, making it tamper-proof as well.

Features of Dapp

Dapp is open-source software that is built on blockchain technology. Given under are the prime features that define its functioning:

Open Source

Dapps are open source, meaning that it has autonomous governance, and any changes made should be decided by the majority of the users.

Decentralized

There is no central authority to control the operations of the application. It is open to the public and has to be stored on a decentralized blockchain platform.

Incentivized

Dapps are heavily incentivized as all the validators are rewarded with cryptographic tokens.

Protocol

The consensus involved in the application has to show proof of value or, as in Bitcoin, a Proof of Work by agreeing on a cryptographic algorithm.

Bitcoin & Ethereum

The first-ever app to debut the technological scene was Bitcoin, which introduced cryptocurrency and blockchain to the world. Ethereum gradually took forward the legacy. It is often considered as the Mother of dapps. Ethereum provides developers with a global platform to run their dapps. The smart contract, a blueprint of the app, can be coded by developers on Ethereum.

So, Ethereum might have paved the way, but others followed suit, providing smart contract platforms to developers to create dapps. The other noteworthy platforms are Tron and EOS, which attract a significant amount of developer activity.

Powered by blockchain technology, dapps hold the key to a major technological evolution, one that has already started. It can very well change the entire blueprint of the way things run right now. With the big corporations embracing blockchain as a happening technology to run their operations, the future seems not too far.

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