dApps are around the corner – here’s all you should know about decentralized apps

dapps blockchain

What are dApps?

We all want a mobile application. It just seems so hard in today’s current world to survive without a mobile application. Everything has become so easy and comfortable with the use of mobile applications which we call apps. Through these apps we communicate, transfer files, data, share information and the list keeps going on but the end result is still the same. Each mobile application is aimed at meeting customer expectations and satisfying them.

But what are dApps? It sounds like an extension of apps. Yes, it is, but with far more feasibility, opportunities and potential to reach and meet more customer expectations. It also better satisfies every customer and business because of its user-friendly features. It  is called as decentralized applications. As the name suggests, since it is decentralized, the opportunities are far greater to achieve the vision of a business.

To learn solidity of an application, dApps are a best suited example as its structure has a better framework than apps.

Types of dApps

dapps blockchain 2

  • Type 1

These dApps function on the blockchain platform of their own. Here, the network cannot be changed and if functions best as a recording system.

  • Type 2

These dApps function on type 1 as a base by using their platform. Here, the function focus is on decentralized applications.

  • Type 3

These dApps function on the type 2 as a base by using their protocols. Here, the function focus is on storage and communication network.

dApps explained

1. Operating feasibility 

The most attractive features of dApps consists in the fact that it is an open source application. Hence, it allows users to use the application to their maximum extent and meet all their requirements. In the following, you can find features of dApps in terms of its operation:

a) Flexible

It allows users to use the structure of the program to their feasibility thus, being able to transfer or handle data with more stability.

b) Speed 

The time taken to transfer funds or data or information is faster than the usual time taken by current applications. Since it works a decentralized network, there is no wait time to process and authorize for an operation to occur or take place.

c) Maintenance 

Since dApps work on a decentralized platform, all users involved are eligible to maintain it and this also reduces the maintenance costs. No changes in the network can be made without shutting down the whole network thus maintenance is low. Updating the network is also quicker thus any upgrade needed reaches the user at a faster rate and more efficiently.

2. Decentralized network 

There is no central authority that controls the operations of dApps thus it allows more transparency between the user and the provider. No extra charge is taken from the user for using dApps or for using its network to transfer funds of data. This is because the connection is only between peer to peer and there is not central authority that interferes this peer to peer connection.

a) Transparent 

All data that are transferred through the networks is available to users involved. Any changes made in the data or information or structure of the network itself is immediately notified to all parties involved. However, making changes in the network is not so easy as it requires shutting down the whole network. The data is stored and there is no limit to it. Stored data in decentralized works as a digital ledger and thus we can also call this application as dApps blockchain.

b) Accessibility

All users involved have access to all features of the platform or network. There is no restriction to their usage or operation and the only variable that influences it is internet connectivity. This allows the business to reach more customers or users and give them the access they require thus satisfying their needs even better.

Through dApps, every data or information can be accessed even from remote areas. The location does not matter as long as there is internet connectivity. This kind of borderless and unrestricted accessibility allows more transparency. This kind of accessibility also fosters innovation among project developers and users.

Some example projects are Augur and Golem. Augur is a prediction model-based project and Golem is a project that allows users to connect and share their computer resources without any obstruction. Projects of such kind are possible only through the breakthrough that dApps has made in the digital market.

dApps and IOT (Internet of things) 

Imagine all the possibilities that we can have when dApps are being a part of the IOT world. IOT by itself makes life easier as everything is accessed and controlled via internet. Now when these IOT devices and technology use dApps as a platform, it opens even more opportunities and possibilities for users and business.

Even when we do not use a particular device still it can be used by someone else by lending it for a particular period using dApps. This allows users and providers/lenders to earn money even with spare space or idle devices lying without usage at home or business. Operations as simple as buying groceries to complicated operations such as sharing hardware and software become easier with dApp working with IOT.

Over to you: Is dApps worth it 

dApps help to increase the volume of transaction and the quantity of customer base at the same time. It reduces cost on maintenance and managing a facility for transactions to take place with increased security and trusted network. Features like these shows great prospect for dApps in the future.

Each of us have our own perception towards digital world but we all come together when all those opportunities are changing the world for the better. dApps is changing the world for the better with all of their features. Make your own research too and you will find it promising. To survive in the competitive world, we need to update and upgrade ourselves along with changing trend. Be a part of the dApp community.

Author Bio:

Sonal Mehta

Sonal Mehta is a Content Lead at SoluLab, a leading Blockchain, Enterprise Mobile Apps and Web development company, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab Inc provides full spectrum, 360-degree services to enterprises, startups and entrepreneurs helping them turn their dreams into awesome software products.

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