What is Dapp? A decentralized future
Blockchain
You may want to ask what is Dapp?
Imagine you are at work and your car picks up passengers outside. Imagine your computer uses its idle space to serve the world. Imagine that you can get paid for browsing the web and have ownership of your precious attention. Imagine such a world. All this is not far away.
Our perception of software is undergoing a paradigm shift. Since the birth of the first cryptocurrency, Bitcoin, it has allowed us to re-evaluate our definition of Store of Value (SoV), and it also reveals a picture of the future: a decentralized application running (Dapp) on the world. These distributed, flexible, transparent and incentive software will redraw the technical landscape to prove itself to the world.
Understand blockchain
The key point is that this distributed ledger is neither centrally stored in one place nor managed by any single entity, so it is distributed. The block verification system allows new transactions to be added irreversibly, while old transactions are permanently saved for everyone to see. This is why the blockchain is transparent and flexible. The open source software developed based on blockchain technology is Dapp.
The birth of decentralized applications
The concept of Dapp is still in its infancy, so there may not be an accurate definition yet. But Dapp has some obvious things in common:
* Open source. Ideally, it should be managed autonomously, and all changes must be based on consensus or user-based decisions. At the same time, the source code must be made public.
* Decentralization. All operation records of Dapp must be stored on a public and distributed blockchain to avoid traps caused by centralization.
* Motivation. The validators of the blockchain should be rewarded with corresponding cryptocurrency to motivate them.
* Agreement. The Dapp community must agree on encryption algorithms in order to provide proof of value. For example, Bitcoin uses Proof of Work (PoW), while Ethereum uses a PoW / Proof of Stake (PoS) hybrid.
According to the above definition, the first Dapp is actually Bitcoin. Bitcoin is a blockchain solution to the problems of concentration and censorship. It can be said that Bitcoin is a self-operating public ledger that allows efficient transactions without the need for middlemen and central authorities.
Ethernet
Bitcoin is paving the way for cryptocurrency and blockchain technology, and Ethereum is the first to show everyone the true potential of blockchain. Ethereum provides a platform for developers all over the world to allow them to run their own Dapps. Developers can write smart contracts on Ethereum, which provides a blueprint for Dapp.
Ethereum's white paper states that its purpose is to create an alternative protocol for building decentralized applications that value development time/security and scalability. To make an inappropriate metaphor, Ethereum is the "mother of Dapp." With its own solidity language, Ethereum enables developers to use Turing's complete Ethereum Virtual Machine (EVM) to generate smart contracts. With these tools, developers can develop practical Dapps, ranging from asset management to resource planning.
Some Dapps based on Ethereum have reached millions of dollars in market value, such as Golem, Augur, BAT.
Other smart contract platforms
Ethereum paved the way for the smart contract platform. Now let's look at EOS and Tron, because they are the most active platforms for developers, just like Ethereum.
With STEEM founder Dan Larimer at the helm, EOS is one of the most anticipated projects. The main goal of EOS is to provide developers with a highly scalable platform, which Ethereum has not achieved so far.
Tron also uses scalability to win a large number of fans. However, the sudden emergence of TRON in the blockchain industry can be attributed to the marketing and promotion of its founder Sun Yuchen.
Before going further, let's take a look at the activity of Dapps in Ethereum, EOS, and Tron platforms.
Dapp on three platforms
Put together the Dapps of Ethereum, EOS, and Tron and see what is the best performing Dapp among them. The data comes from DappRadar.
Users in the past 24 hours
Based on the number of users in the past 24 hours, rank Dapps:
EOS PRA attracted a large number of users, 100 more than OCADAPP. Among the top five Dapps, three are from EOS.
Rank of transaction volume in the past 24 hours:
Ranked according to the number of transactions in the past 24 hours:
Ranked according to the number of transactions in the past 24 hours:
Start the Dapp project:
* Write a white paper. Your white paper needs to clearly state the problem you want to solve, the intent and goal of the Dapp, the Token issuance mechanism, and your implementation path. Choose your consensus mechanism and recruit management and development teams. Frankly explain the technical difficulties that may exist, and clearly state your technical requirements.
* Attract followers. Let them discuss your plan and form a community on this basis. Value feedback and revise your plan accordingly.
* Crowdfunding. Once the Dapp has enough support, you can determine a time to receive fundraising. Dapp crowdfunding websites will tell you what information investors need.
* Put ideas into practice. Start development and welcome new developers and interest groups.
ICO
In the blockchain community, the birth of a new Dapp is called ICO. This is a token-based crowdfunding campaign, and for well-informed and bold investors, it may bring huge potential benefits.
In ICO, the number of tokens is determined by the startup team. After the token is listed on the exchange, its price will be adjusted according to the market. The final value will be determined by the participants, not the certification body.
Regardless of the accuracy of ICO valuation, ICO itself is a driving force of the blockchain scenario. Among the possibilities and extensibility provided by the blockchain, ICO is a very necessary catalyst.
How to participate in ICO
To participate in the ICO, you can follow the steps below:
* Follow up at any time. Learn about their Slack group, Twitter account, and official website. Follow up their ICO announcements and plans.
* Prepare a wallet. Do not use the exchange's wallet, because its address may change without your attention. Some hardware wallets are not yet able to support ICO tokens. The best way is to make it on myetherwallet.com. Make sure that there is enough money in the wallet (Gas price is also included) to transfer. For example, if you want to transfer 10 ETH to participate in ICO, you must ensure that your amount is more than 10 ETH in order to pay for Gas. This type of oversight is very common and often leads to transaction failures.
* On time. Some popular ICOs can be completed within an hour. In order to increase the chance of obtaining ICO tokens, please prepare for transfer as soon as possible.
* Take good care of your tokens. Take good care of your wallet. Once the corresponding token is on the exchange, you can transfer your token from the wallet to the exchange for trading.
When choosing the right ICO investment, ask yourself these questions:
* Is my investment safe? Preserving the principal is the primary task of investors. Do you trust the development team you invest in? Are they engaged in MLM?
* Do they have a long-term plan? Do they have the capabilities and team required by the project?
* Is this project only good publicity? Sometimes, just a professional website can cheat money. So can this team fulfill its promise?
* What is my exit plan? As a high-risk investment, ICO may require you to set an investment period or timetable. At what price do you plan to exit?
* Does it have unique advantages? The Dapp market is becoming more and more mature, and more and more people enter the game. What are the advantages of this Dapp over future competitors?
* For now, the ICO water is too deep. In order not to be pitted, do project research before investing.
A decentralized Dapp is waiting for us in the future
The impact of blockchain will inevitably eliminate many things. This may be a bold and distant conjecture, but as the world learns to maintain and self-finance through a self-operating, trustless and decentralized network, such services as banks will become redundant. This is proof that large companies are desperate to keep their position in the blockchain.
Another topic worth thinking about is: By outsourcing information and transferring value to the blockchain, we have removed the middleman link, which has improved efficiency, but at what price? As a service, people may also cut corners and depreciate the value of the service. Can we really confidently say that our lives will improve? No matter what the answer is, we can only break our stereotypes, use the blockchain to move forward, and enter a unified world of data sharing.
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