DApps also known as Decentralized Applications, are applications that have been decentralized just like digital currency or cryptocurrency. There are some sets of new applications that are being discussed by almost everyone, these new applications cannot be shut down and they are not owned by anyone.
Sounds funny right? These applications are called the Decentralized Applications (DApps). In every application, there is always a technology in which the application are being built. In other words, these technologies are always the brain behind the application.
In the case of the DApps, the technology behind the application is called the blockchain. The largest cryptocurrency in the name of Bitcoin was the first cryptocurrency that really brought up the Blockchain technology to the world and this blockchain is a ledger that records transactions.
This blockchain is a secured cryptographically with a robust consensus mechanism. However, Blockchain is just an example of DApps and there are several other DApps that are built on the blockchain technology.
These DApps has opened up on the possibility of a more exciting and a newer world, these new world is basically about making everything decentralized.
But before we talk more about that let’s briefly talk about what DApps are. Well, when we pronounce DApps, we pronounce it the same way we pronounce Email and it cannot be summarized in a 1-2 line definition.
This is because there has to be some specific set of characteristics needed in order to be able to qualify as a DApp and if an application doesn’t meet these characteristics then it is not fit to be called a DApp. Some of the characteristics needed in other to qualify as a DApp are as follows.
Features Of DApps
• Incentive – The Application must have crypto-tokens/digital assets to fuel itself.
• Algorithm/Protocol – This app must Generate token and it has to have an inbuilt consensus mechanism.
• Decentralized – This app must use a blockchain-like cryptographic technology.
• Open Source – This app must Source a code of app that must be available to all
A DApp will function by implementing all these criterias and someday DApp might surpass the world’s largest software corporations.
How To Use DApps
DApps is just like you normal application but has decentralized as explained above, the app code can also be altered and changed by anyone just like Wikipedia. Since it is an open-source application and truly decentralized, anyone can see and contribute to the code. It also fastens the process for scalability of product development in terms of both quality and quantity for all users. The users of a particular DApp can reach a consensus or agreement through POW or POS.
• Proof-of-work (POW): This happens when miners mine blocks and receive rewards. Lets face it, mining blocks and adding them to the chain is an energy consumptive process, so this obviously keeps the blockchain secure.
• Proof-of-stake (POS): This however requires holding and staking of tokens in order to become an eligible masternode. This also secures the blockchain and helps in processing transactions faster.