A Reader-friendly and an Easy-to-understand Guide to dApps2nd February 2019
One of the main functions of Crypterium wallet will be granting access to dApps for our users, from gambling and gaming apps like CryptoKitties to fully decentralized exchanges (dex) like IDEX.
In some weird way, dApps is like your first day in the United States — you have freedom, democracy, and opportunity to create. And while the US reference is a subject for a whole political debate on FoxNews, dApps truly can revolutionize the way apps, in particular, and the Internet, in general, works. This revolution can be to benefit of the regular users rather than big corporations, and we, at Crypterium, want to participate in the popularization of dApps. But what exactly they stand for?
What is the purpose of dApps?
Decentralized applications (dApps) are applications that run on a P2P network of computers. They are a type of software program designed to exist online in a way that is not controlled by any entity.
Every day, most of us share some sort of data online, but the truth is that we have no control over it. To some, it is a problem and a serious one. Online we are exposed to the increased cases of the personal data leak, identity theft and dangers to become a victim of a scam or a hack attack. These problems that needs solving, and the likes Ethereum and EOS, attempt to do it via the blockchain tech. The goal is to create something like a “decentralized app store” where anyone will have a right to publish their ready-made decentralized apps (dApps).
These apps, unlike modern Airbnb or Amazon, won’t require a middleman to manage user’s data or to function. DApps will be able to connect users and app providers/developers directly.
What are must-haves for dApps?
First of all, apps must be fully open-source. It must work only autonomously, and no entity can control the majority of tokens. Only the consensus of the users can decide on any changes and/or improvements.
Second of all, all data and records of operations must be stored cryptographically and in public, decentralized blockchain. This is done in order to avoid any central points of failure.
Additionally, dApp can use only a cryptographic token. It can be Bitcoin, Ethereum or token native to app’s own system. The token must be a prerequisite for accessing the application and a form of reward inside it.
What Crypterium and dApps have in common?
So why are we talking about dApps? The answer is simple: Crypterium is aiming for dApps integration which can provide a wider functionality and a better user experience for our mobile app. And Crypterium mobile app will act as an access point to the dApps with an opportunity of automatic user’s wallet connection.
If we get back to the controversial reference to the freedom in the US at the beginning of an article, Crypterium would have a role of an American embassy in your country that grants you a green card.
Crypterium’s relation with dApps can be characterized mainly by 2 strong words: potential and value. We will make sure that access to the dApps will be simplified and comfortable for common users. Besides, It will be possible to create our own dApps and easily integrate it in Crypterium mobile app. That means limitless expansion of functionality for our community members.
What are some examples of dApps?
There are several kinds of dApps, the most popular ones are related to exchanges, games, gambling and collectables. Top-50 dApps have about 100 000 active users in a month at current market state. Examples include IDEX, CryptoKitties, Hold’em Poker King and Epic Dragons. Some of them like CryptoKitties enjoyed an enormous popularity, whole ethereum network was down for some time because of the hype over it.
IDEX is a one of working decentralized exchanges, dex’s make absolute security of cryptocurrency exchange between participants possible. The exchange process is anonymous and is controlled by the participants themselves. Hold’em Poker King is an example of online gaming, which gives users the right to interact with each other without 3rd party influence, while Epic Dragons is a gaming app about battles between “fierce dragons” combined with secure blockchain verification and investment simulation.
These examples say just a little about the massive potential dApps can have. DApps have evolved with exceptional features as they provide their users with the ability to invest in their development. Observing their popularity and use-cases, it can be established that in the near future, dApps for multiple purposes such as payments, storage, cloud computing, etc. can surpass the currently available traditional applications.
Imagine a fully decentralized Internet where you are free to create, buy, sell and exchange on your own terms and without 3rd parties. More than that, some apps focus on the voting system and decentralizing government. DApps can innovate and make better all aspects of our life from education to shopping. Crypterium wants in and wants you in as well.
CCrypterium is one of the most promising fintech companies, according to KPMG and H2Ventures. We are building a mobile app that meets the banking needs of the digital assets era.
Our goal is clear: with Crypterium, whatever you can do with traditional money you will able to do with digital assets. This idea is supported, among others, by the co-founder of TechCrunch Keith Teare and over 400,000 registered users, and the number is growing every day.
The team is led by former General Manager of Visa Central & Eastern Europe Steven Parker, and C-level executives from global financial institutions, like Renaissance Insurance, London Derivatives Exchange, American Express etc.
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A Reader-friendly and an Easy-to-understand Guide to dApps was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.