The prototype of modern DApp can be considered the Torrent protocol, which appeared in 2001. It led to the release of P2P clients that could exchange files among themselves. However, there were still trackers in which files or parts of them were stored in this version. These trackers were centralized servers, but in 2005 a version of Torrent was released and not tracked, which made the application completely decentralized. It is noteworthy that Torrent does not use any blockchain, but at the same time, it is one of the very first examples of DApp.
DApp Is Not Just About Cryptocurrencies
Many users associate DApp with a cryptocurrency exchange. However, the scope of their application is much broader than it might seem at first glance. Decentralized applications are widely used in the field of auctions. Thanks to smart contracts, online auctions become as transparent as possible, since the system automatically fixes the time and size of bids and excludes manipulations.
DApp is also used in online games since they guarantee transparency of bets and reliable protection of users' funds. One of the first decentralized games to conquer thousands of users was CryptoKitties, developed on the Ethereum blockchain. It caused such a stir that the number of transactions on the network reached a record, overloading the blockchain.
Decentralized Financial Applications (Defi) is another popular type of DApp. They provide both transparency and confidentiality of data. DeFi's distinctive features also include their high availability. Anyone with an Internet connection has access to the financial system.
The Main Characteristics Of DApp Are:
- It takes a minimum of time to master the technology that allows you to create a DApp. Anyone with Google's help receives information about the creation of a decentralized application and embodies his plans into reality.
- No restrictions on the number of network participants. The parameter depends on the market segment. Also, using the Decentralized Application, it is possible to exploit the blockchain technology for solving various problems, and not just profit.
- Decentralized applications, unlike smart contracts, do not require cash injections. Decentralized Application technology is considered to be more advanced.
Hyperlink InfoSystem Is a Leading DApp Development Company
If you need a partner for DApp development, you're in the right place. Our developers are ready to create the solution that best suits your needs. Only in this way can you keep up with innovation and, at the same time, grow your business.
Our working methodology in the development of DApp solutions foresees continuous support in the design phase, which will be necessary to realize your idea best. Our projects, in fact, always follow a preliminary analysis that precedes the actual development. A phase in which we will take note of all your requests to offer you the most suitable and functional technology for your needs. After a market analysis and some tests, we will proceed with the actual development. All this work is done to ensure original and innovative solutions that can give concrete advantages to your business. In short, we offer experience and expertise gained in the field of I.T, putting it at the service of your projects, following you from the opening stage up to the post-development assistance.
Our passion at Hyperlink InfoSystem leads us day after day to continually update ourselves on the "tools of the trade" to explore new horizons.
What DApp Is Used For
The DApp uses the main advantages of the blockchain: transparency, reliability and data immutability. According to Dapp.com, more than 2,700 decentralized applications have been released as of early July 2019. About half of them are supported by developers, and more than 150 thousand users access the DApp every day, making more than 2 million transactions.
Few areas where DApps are most promising:
Transparency is a decisive factor for online auctions, and the use of DApp allows you to ensure that bids remain unchanged and strictly record the time when they were made, thus eliminating the possibility of any manipulation. Therefore, online auctions are a promising segment for decentralized applications.
An example of dApp application in the field of auctions is the Auctionity platform. It works with non-fungible (unique) tokens (NFT), allowing you to create auctions and bid in real time. The decentralized application guarantees the payment and delivery of lots.
Prediction markets are stock exchanges where the objects of trade are not goods or financial instruments, but the results of various events: from sports games to elections.
The idea of prediction markets is based on the fact that the exchange price of a given outcome reflects its probability. Prediction markets are reminiscent of operations with futures contracts, where the price of an object in the future is also something of a prediction.
The prediction market concept is used by a number of bookmakers. Unlike centralized services, decentralized sites allow any user to create their own prediction market, and not just vote on events offered by the site itself.
Another area of application for DApps is user identification, which is becoming increasingly important as the offers of remote services are expanding. Decentralized applications will provide secure and reliable storage of user data. You can provide user identification by email with DApp.
Gaming And Gambling
One of the main problems in the online gaming segment is the lack of transparency. With DApps, you can provide complete transparency of rates and secure storage of user funds.
This explains the growing popularity of gaming decentralized applications. At the beginning of July 2019, DApps from the gaming and gambling categories occupied the first six places in the ranking of the most popular decentralized applications.