We all want to see how the world will use Blockchain technology. The world of blockchains and dApps may be complex and unclear for people new to this arena, so let’s talk briefly about how decentralized applications are poised to become a strong force of change in the future digital economy.
A dApp is an application developed to run on a decentralized P2P (peer-to-peer) network. dApps, designed for the new operating system of the P2P economy, the blockchain, have coded out the transaction intermediaries to become more efficient and beneficial for users.
These decentralized applications are designed to connect users with services directly via an encrypted smart contract. Tokens, the currency of this new economy, are used to perform actions on a blockchain-based dApp.
By creating a platform for the development of dApps, Blockhub hopes to make things easier for new developers interested in the many possibilities they have to offer.
But what possibilities are we talking about exactly?
Comparing the top apps for the blockchain with those developed for the Android and iOS operating system, it is easy to understand how dApps have the potential to reengineer the way we live and work. Like conventional applications, different dApps provide different services, the only major difference being, dApps are not stored on a single, centralized system or server.
They are often open-source, based on a blockchain, and are infinitely more secure as compared to their centralized counterparts. By running on a decentralized, encrypted, and public P2P network, dApps eliminate a single controlling entity and centralized point of failure.
SafeIn (token: SFN), for example, provides an encrypted single sign-on identity to websites.
Filecoin (token: FIL) allows those with extra storage space to share it.
InsurePal (token: IPL) allows peers to endorse and assume financial risk to meet the insurance needs of peers, a process called social proofing, providing an incentive to curb underpaying and overpaying by high risk and low risk clients, respectively.
A complete supply chain solution — transaction processing, transport, fuel management, package tracking, customs clearance etc. — is managed via smart contracts. dApps eliminate the large administrative burdens of front, middle and back office operations by collapsing these cumbersome administrative functions into the digital ledger.
The app world is full of enticing applications to try out, but unless you are into application development already, it be difficult to realize that though we’ve made good progress since the birth of the first blockchain — Bitcoin, there are still a few things to overcome as far as the development of dApps is concerned.
The current world of dApp development is expensive and difficult. There is a shortage of development tools, no easy way to seek funding, and difficult to be heard in a saturated market. The situation is made worse for small developers without the capital necessary to jump into dApp development.
This not only inhibits creation of new dApps, but also slows down the growth of blockchain development.
By providing developers with a platform and resources necessary to easily fund, develop, and market their projects, our platform Blockhub is taking a big step towards establishing an environment that will inspire and proliferate dApp development.
The biggest reason behind the development of Blockhub lies in the untapped potential of the blockchain. Though we are still at the very early stages of adoption, it is difficult to say where this path may lead, but what is certain is that by making development easier, it will only enable a nascent community of dApp developers to come onboard and thrive.
Participate now if you want to secure HBXSecure HBX