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The Quest for a Better Market


Imagine a world where integrity and openness are incentivized. In this open source world, data would be secure while remaining in the hands of the many. The flow of information would not be firewalled by big businesses. Instead, the very market that enables a transaction would be incentivized to secure that transaction ensuring that it passes through the fine comb of verification with flying colours.

This very scenario is unfolding within the world of dapps. A dapp (or decentralized application) is a relatively new concept, but a strong and generally accepted definition and framework can be found within the DApp Whitepaper: *The General Theory of Decentralized Applications, Dapps *by David Johnston,

The application must be completely open-source, it must operate autonomously, with no entity controlling the majority of its tokens, and its data and records of operation must be cryptographically stored in a public, decentralized blockchain

A DApp has the following characteristics:

  1. Tokens must be necessary for the use of a DApp and any contributions from users should be rewarded by payment in a DApp’s tokens.
  2. Tokens should be generated according to a standard algorithm or set of criteria.
  3. Some or all of a DApp’s tokens may be issued at the beginning of the Operation.
  4. A DApp may adapt its protocol in response to proposed improvements and market feedback but all changes must be decided by majority consensus of its users.
  5. A DApp must be completely open-source and operate autonomously, with no single entity controlling the majority of its tokens.
  6. The operations, actions, & decisions of any DApp governing bodies (such as a foundation to distribute tokens for development) must be cryptographically stored in a public, decentralized database such as a blockchain.”

Why is this useful?

As an example, take Youtube, a digital marketplace of attention. Recently, there has been dissatisfaction with Youtube’s flagging system. Popular Youtubers and their fanbase have vehemently voiced their opinions on the new AI used to take down videos — and it has not been positive.

These types of scenarios leave for unsettled shareholders (if the complaints are large enough), and confused and angry viewers. For smaller companies with a sensitive audience, not taking the right actions at the right time, may end up tarnishing their reputation and driving away customers.

But this is where the blockchain offers a solution. If the AI used by Youtube were backed and recorded by the blockchain, there would arguably be less chaos in the space. As actions performed on the blockchain may be recorded so there is a line that can be drawn from event back to its origin, a dedicated user would have the ability to form a clearer idea of why their favorite video was taken down due to the AI’s decisions being publically accessible.

Transparency is an aspect that is incentivized when users are drawns towards services that offer better ways of keeping them out of the dark.

But are we seeing these sorts of applications today?

We already have platforms such as Steam and Amazon, that provide us with a marketplace for games or goods. The question is, how can we use blockchain-backed dApps to add to these services or even overtake them?

Imagine a marketplace where one does not need to need to an expert in cryptography, the stock market, and even computer security to make a surefooted decision about investing time and money or entrusting one’s data with a particular service.

Imagine a world where these decisions bank on incentive — the function of real world value to keep an application transparent and secure. The integrity of the dApp is verified by the same process as the marketplace it resides on. The potential for these kinds of applications, when done right, is staggering.

These are some of the reasons we are developing BlockHub, an open source, peer-to-peer marketplace and platform for building and hosting decentralized applications.

As we’ve seen earlier, BlockHub will provide all the tools necessary to build, fund, promote, and monetize dApps and foster a community of developers and consumers that is supported by a framework built on trustless and transparent technology.