What is this new technology?
Decentralized applications, (dapps), are applications built on a decentralized network otherwise known as a blockchain. These dapps integrate a smart contract into their applications which will contain the instructions or rules for how a transaction within the particular dapp is executed on the blockchain.
Here are some of the basics of dapps…
1. Dapps are decentralized applications
- a. They run on a blockchain which is simply a network of computers instead of a single computer or server.
- b. A blockchain is also known as a peer-to-peer network that is not controlled by a single person, company, entity, authority, or government.
2. Dapp safeguards user privacy
3. Dapps are highly resistant to censorship
4. Because they are decentralized, dApps are not subject to control or changes from a single entity.
5. Dapps are built on a decentralized peer-to-peer network of computers. Since these applications do not depend on a single computer or server host, failures of any or several computers or “nodes” on the blockchain ensure that there will be no downtime.
Biggest advantages of dApps over traditional web 2 apps…
1. Small businesses can better control their products and services and keep more of the revenue.
2. Creators can control their work and cut out the middlemen who take a large percentage of their profits
3. Businesses and Creators can basically create a forever stream of income for a single product. This is accomplished using smart contracts that specify royalties on any resales of their work, so the payment is automatic.
In conclusion, in the next few years, most applications will move to web 3 blockchain apps otherwise known as dApps. So, you can either adapt to this change or be left behind.
ABOUT THE AUTHOR
Academy of Web3 dApps
Greg W. Barker
We educate people on how to use Web3 dApps in applications that will improve lives and give the normal person a way to compete, get ahead, and stop the large, centralized corporations from taking most of the profit from your hard work.