Crypto Glossary

Posted on September 13, 2021 in
Glossary

Decentralized applications (Dapps)

Dapps are applications that run on a secure blockchain system. Their records are kept in a decentralised system where transactions are kept in an imaginary vault, protecting them from the potential dangers and uncertainty of the mediators in a centralised landscape.

Dapps

Very much like the well-known term of Decentralised Finance (Defi), Decentralised Apps (Dapps) operates on a blockchain system. Thanks to the wonders of blockchain, Dapp records are kept secured through decentralised computing systems of cryptocurrencies, the likes of  Ethereum or Bitcoin. So why are Dapps gaining more traction in the crypto trading scene? Well, here are a few reasons that make them popular among cryptocurrency enthusiasts.

Decentralised Nature

Encrypted technologies and blockchains are used to keep a record of everything from these decentralised applications, thus keeping large amounts of information and transactions in an imaginary secure vault. This self-governing model of Dapps protects them from the potential dangers and uncertainty of the mediators in a centralised landscape 

Open Source: 

Just like other free social media websites such as Facebook, Instagram or Twitter, Dapps are available to everyone for the sum of, well, nothing. And since they make their core app source code public, they are bound to gain lots of attention and lots of curious heads. 

Algorithm:

Valuable cryptocurrency tokens can be generated through a common protocol that the majority of the users in the system concur with. It is a feature of decentralised applications that serve as verification of the system’s value of cryptocurrencies.

Incentives: 

Referrals and validations are often rewarded through valuable cryptocurrency tokens or other sorts of digital properties. Once again, thanks to the decentralised nature of blockchain.

Dapps in real life

General sites on the internet such as Facebook, Google, Twitter, to name a few, are regulated, operated, and monitored by an organisation or organisations. It gives them full power to do anything with the web app. While there are billions of users in this world, there is only one organisation that controls things from the backend.

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