Have you heard of them? In recent times they have become a recurring theme because of the growth of cryptocurrencies. The DApps have much to do with this, because they are the ones that allow the creation of services that are not managed by a single entity. They are all these operations we carry out through a bank but, this time, without their intervention, without the presence of a third party responsible to validate them.
What other things decentralized applications allow us to do? Let's find out in this post...
The role of decentralized applications and cryptocurrencies
In the following, we want to share with you the role of cryptocurrencies in the society, as well as some facts about these and their applications.
- What was the first decentralized DApp? The first to use a cryptocurrency was the payments application known as Bitcoin.
- What is the greatest innovation of the decentralized applications? Its distributed nature provided by the technology blockchain.
- Over what other cryptocurrencies there have been created decentralized applications? To give just one example, Etherum.
- Why are these applications increasingly important? Because they increase the power of the money; because of the blockchain character that lets users interact among them and close deals without an intermediary institution.
- How do these DApps work? Each of the users of the same application is a node of a network in which members act jointly in every single movement. The process is automatic, and the system verifies the validity of each transaction.
- Are they safe? Decentralized applications not only are secure, but also transparent. They provide everything you need for secure transfers, mostly because, although a node disappeared, there are still thousands or millions of traceable backups.
What do you think of these decentralized applications? Do you have something to say on the subject? Tell us about it.
The real importance of decentralized applications in our everyday life
Currently, internet users do not have the absolute control of the data or information sharing on web sites. Thanks to innovative and decentralized character of applications, it is possible to combat the problem. The cryptocurrencies emerging on our way through the world are creating the opportunity to open a vast field of possibilities in terms of Blockchain technology.
Payments are the first and most revolutionary application scenario, and its advantages are making it a perfect way to make instant payments and loans between individuals with greater agility. In short, it is breaking the barriers that moved us away from the control over our own money, since there will be no third parties managing our data.
The role of the DApps in applications like Twitter
Imagine for a moment any application that you use; WhatsApp, for example. Even if you have your own profile and write freely to whom you want and how you want, actually you do not have all the power over your data, do you know why? Because they have all the information about your logins, your geolocation, your contacts, your photos and everything that you give without even noticing.
Thanks to DApps and its decentralized nature, information cannot be altered not even by creative company, as data would not be on the hands of a single entity. The general characteristics of this kind of applications are the followings:
- Cryptographic token generation based on an algorithm.
- Data is stored in a string of blocks or distributed blockchain.
- It must be based on an open source.
Although Bitcoin complies the origin of everything, to mark the start of a revolutionary technology in terms of transactions, society has been realizing, little by little, that the blockchain technology could have many other utilities.