What is a DApp?
An entirely new breed of apps is gaining momentum, DApps. DApps are not owned by anyone, they run on the blockchain, and technically their backend code is running on a decentralized P2P network.
Crypto pundits and the community defined criteria that a DApp needs to meet in order to be considered the obvious, a decentralized app. First, it must be open source and the source code of the app to be available to all network participants, and anyone can check and contribute to the code. Secondly, it has to use blockchain technology to record transactions which anyone can refer to at any given point. Thirdly, it needs to be fueled by tokens or digital assets. Lastly, it needs to generate tokens and have an inbuilt consensus mechanism like Proof of Work (PoW) or Proof of Stake (PoS).
DApps propose a paradigm shift in the way we view software models. A world running on decentralized apps will be remapping the technological landscape. Why? Just because they are distributed, transparent and incentivized mechanisms open to all network users. The increasing development of DApps has opened up the possibility of an exciting new world, dominated by decentralized gaming apps like CryptoRome, Endless Dice and Steem Monsters as well as token exchanges such as IDEX, Bancor and Kyber.
On the contrary, not all crypto space-related apps survive or end up delivering on their technological ambitions. Although, the crypto environment has given a plethora of ICOs and ideas, over time these have faded. After the 2017-2018 hype in new ICOs, only few of the original and innovative projects survived. As we move into 2019, there is still a lot of work that needs to be done as the majority of DApps do not, yet, appeal to the vast majority of people.
Have an opinionated take on this? Share your thoughts with us on our social media channels.