Everything you need to know about Dapp
By using the advantages of blockchain technology, Dapp or decentralized applications promise to change the way many different areas of life work.
Dapp (Decentralized Application) is created from blockchain and secured by Smart Contract. It runs in lots of platforms, the most popular is Ethereum. Different from centralized applications, Dapps can work without relying on a specific agency. Apps that are considered Dapps should have all the following requirements: open source, tokens (cryptocurrencies), application data should be stored on decentralized blockchain and tokens issued via algorithms.
How Dapp works ?
Dapp works as open source software on a decentralized blockchain platform. Tokens generated by protocol or algorithm will be the fuel that operates on this platform. Users are allowed to see and contribute to the Dapp source code. This factor helps the process promote the development of both quantity and quality of products. Dapp uses blockchain to decentralize applications. All transactions or records are stored on the blockchain ledger and can be referenced by anyone. Then, Dapp uses Token to record the transaction in the ledger. These tokens can be mined by implementing different algorithms or protocols.
Benefits of Dapp
By utilizing the advantages of blockchain technology, Dapp promises to bring significant benefits to industries in the future, when they are optimized according to the characteristics of each industry.
Dapp users will no longer have to worry about the risk of being monitored, blocked or tampered with data. In other words, businesses or companies limit cyber fraud and save on intermediaries.
The advantages of Dapp include: security integration, close association with cryptocurrencies, no intrusions by third parties and constant innovation. Thanks to building on open source platform, Dapp can replace the current large platforms.
In addition, Dapp has a wide range of applications, from agreement to divide work and assets, the environment for smart contracts to support management and transactions, to free data storage services.
Dapp is divided into 7 main groups: Exchange, E-wallet, games, social networks, finance, betting applications and the rest. For example, GES Global is applying Dapp in payment system. Users can make transactions via e-wallets or from credit cards, debit cards or bank accounts.