One of the greatest advantages that blockchain brings to the table is decentralization. Decentralization refers to a state or situation in which there is no single point of authority that controls the entire system.
Although the blockchain technology is more than a decade old, it has managed to claim its rightful accolades of awesomeness only in recent times. Blockchain was confined more to Bitcoin and cryptocurrencies at large, and people failed to recognize the potential it had in revolutionizing a lot of outdated processes through decentralization.
However, in these days, decentralization has become so much of attribute that people are using blockchain to build applications revolving around it, rightly called dApps.
What is DApp?
As the name suggests, the dApp is a decentralized application that runs on a network of computers and there is no single administrator who has complete control over the entire application. Although dApps and blockchain do not always have a congruence, it is only in the context of the blockchain that dApps have gotten their attention. Peer-to-peer platforms like BitTorrent are good examples of decentralized applications that do not require blockchain.
There are a few features that are common to all dApps.
They are decentralized. The application stores its records on a public network and not on a single server.
They are open source. The code that governs this application has to be made available to the public for examination. The developer can keep supporting the code and update the software constantly. However, it does not give the developer any authority over the application. Any change that happens to the application has to be approved by the network.
Specific to the blockchain, using a cryptographic token is also essential. The tokens serve as keys or credentials to access the application and they are given out to members in exchange for their contribution in developing the application. The tokens essentially need to be generated by the dApp.
The number of dApps that are being developed is on a constant increase year after year. It went up from around 20 at the beginning of 2017 to as high as 2500 by the end of the third quarter of 2018. What is the reason for this increase? Let us look at the advantages that dApps bring!
It is the’ in the dApps that make them innately resistant to hacking attacks. The information stored on a blockchain cannot be altered or deleted unless and until the change is approved by all the nodes.
Traditional applications rely heavily on a single authority that has right over the platform to make the final decision on all the issues. This puts the application at the risk of influence and censorship. dApps connect users without any intermediaries and the risk of middlemen is completely negated. This brings complete independence for the users!
All the members of the network have equal authority over the application and all the changes required the participation of a majority of the users. This creates a high degree of transparency and an equivalent magnitude of trust as well!
Building a DApp
With so many advantages, and with the inhibition regarding blockchain slowly breaking away, the demand for developing blockchain dApps is on a steady increase.
Given the market situations, now is the perfect time for you to build your dApp. There are different stages in building your dApp.
- Publishing a white paper that details your dApp and the goals and intentions that you have in building one. This stage might also include a working prototype.
- Launching the sale of the initial tokens.
- Launching your ICO.
- Using the collected funds to completely develop and deploy your dApp.
Finding Ways to Develop Your DApp
It’s quite natural that you will want your dApp to be developed in the most efficient and cost-effective way possible. Blockchain developers are in high demand right now and have grown to be one of the most lucrative skills. Therefore, choosing the remuneration model on which you will be working to develop your dApp makes a big difference in terms of both time and money.
You could consider hiring dApp developers, but the market is, sadly, crowded with a lot of mediocre talent. If you are planning to build a single application, hiring a team of talented blockchain developers can become an expensive affair, as you might not have tasks for the team after your development is done.
Freelancers, on the other hand, might not be able to provide support, safely assuming that they do not abandon the project midway.
Even before developing your dApp, it would be a good idea to have a basic understanding of the technical side. dApps are mostly developed on the Ethereum blockchain. While the EOS blockchain is slowly catching up, it hasn’t yet reached the big numbers that Ethereum has achieved. Ethereum predominantly uses solidity, a language that was created by its called developers while EOS mostly uses C++ and other WebAssembly languages.
Finding Your DApp Development Company
Companies like Blockchain App Factory could precisely fit your requirement of developing dApps. The stringent recruitment processes of the company and the unwritten commitment towards excellence ensure that only the best blockchain developers form the team that you will be working with. With the vast experience of blockchain development and the exposure to the market, our team is available for a discussion to converse regarding the details of your project, your plan and the feasibility of your dApp. All you need to do is get in touch with our team and we will take the conversation… And the project forward!