What Are Decentralized Applications, [DApps]?
Decentralized Applications are applications or programs run on a Peer-to-Peer network of computers rather than a single computer with trustless protocols. They are a type of software program that are designed to exist on the internet in a way that’s controlled by any single entity and avoid any single point of failure.
Some of the features of DApps
Decentralised: All data in DApp system is stored in a publicly accessible decentralized blockchain. DApps are run on a fully decentralized platform.
Open source: DApps are completely open source. They operate autonomously and have no single controlling entity for its tokens. However, improvements and adaptations are possible but before any changes are made, a consensus of the DApp stakeholders is required.
Tokens: Decentralized Applications offer token or crypto coins native to a blockchain network that allows both access to the network and contributes value from both users and miners.
Algorithm: DApps use a standard cryptographic algorithm to enable mining through the node network.
DApps and Blockchain differ tremendously. While blockchain platforms utilize ‘blockchain’ as their underlying technology, some of these platforms are not necessarily decentralized in nature. For this reason DApps can greatly influence the blockchain technology.
Also, the crypto market has faced a lot of go downs this in 2018 pushing so many investors out of the market. Increasing the utility of blockchain products as well as cryptocurrencies, the market can be able to defend itself and avoid losing investors.
How to achieve this
According to a post on Medium, the list of things to be done in order to increase the utility for blockchain and the entire crypto ecosystem is divided into three major categories. These include, user experience, community building and playing to the technology’s strengths.
According to the post, ‘low quality’ user experience is among the most noticeable aspects of blockchain products. Easing user experience will help lure investors into the market. Also, with strong community building around new technologies blockchain will be able to create the utility that will not only strengthen but also grow the industry.
Acknowledging and highlighting the points where new technologies can be derived is also a lead way towards maximizing utility. Some of the products that can be used to achieve this target include, banking and payments, the social media, gaming, and supply chains.