A brief overview on decentralized apps

by Gallactic Technology Gallactic Technology

When we say, DApps, it indicates distributed, resilient, transparent and incentivized apps which has revolutionized the era of technological advancement. Before we move further to describe what DApps are all about, it’s necessary to know about the underlying technology- the blockchain.

What is Blockchain?

Basically, blockchain is a ledger of records organized in blocks, linked together by cryptographic validation. Thanks to block validation system, it enables new transactions being added irreversibly and old transactions are stored for future usage without compromising on the transparency factor. When it comes to the relation between blockchain and DApps, the Open-source software which leverage on the blockchain technology are termed asDapps.

Variety of DApps

These apps can be categorized on the basis of their financial functions such as:

Strictly financial

Few apps are purely financial. In fact, they are designed to tackle varied monetary issues. It enables users to manage money with the support of blockchain technology. Examples of these apps are crypto wallets and sub-currencies.

Semi-financial DApps

There are some of the DApps that will be partly financial. They have some financial elements in them but that is not all. Such apps will actually focus on trading monetary items such as a currency.

Non-financial

Besides financial and semi-financial apps, you might have come across another variety of DApps which are absolutely non-financial in nature. These apps have nothing to do with the monetary terms. But they are used for a number of other things like building a decentralized voting process or developing an entirely distributed government.

Why business entities take interest in DApps?

The decentralized approach has plethora of advantages over conventional architectures such as:

Blockchain users always establish a node that can replicate all the important data for all the nodes which stand in agreement. The best part is that it not only makes application development streamlined but also reduces down the cost involved. As and when the app data is uploaded on a blockchain, it will be decentralized and there will be no compromise on the privacy standard.

Decentralization: A new wave to technological advancement

Users of DApps can easily interact with each other through peer-to-peer protocols. All the operations are performed by users without being worried about paying to a third party or corruption. Thanks to the decentralized approach, it provides plethora of benefits such as security as well as transparency in the transactions. As the data is stored on a decentralized and distributed network, it saves the data against cyber attack.

All in all, DApps have brought a positive change towards technological advancement and blockchain has a vital role to play in this regard.

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