Create Your Own Dapps On Tezos Blockchain Network
What is Tezos Blockchain Network?
Tezos is a popular open-source blockchain network where assets and decentralized applications can be built by developers easily. It is safeguarded by institutional-grade smart contracts. It also has a native cryptocurrency named XTZ priced at $2.31.
It uses the delegated proof of stake consensus mechanism (DPoS) where stakeholders take part in the creation of new blocks to obtain rewards. DPoS uses less computation power and is highly energy efficient while validating transactions executed by the users of the platform. The stakeholders will be rewarded by the DPoS protocol for lending their support to the stability and the security of the network.
Understanding the Significance of Dapps
- It is a computer-based application or a software program that works in a decentralized network.
- The users witness greater security, more trust, and higher transparency by utilizing DApps.
- It is immutable as all the data of the users are stored in a decentralized ledger that cannot be modified or tampered by anyone.
- It includes eye-catching features like reward programs and loyalty programs to captivate a larger user base that will enhance business growth.
Some of the Existing Decentralized Application on Tezos Network
VIAZ is a DApp on Tezos platform that aims to eliminate the lenders and borrowers of crypto and fiat currencies. It is a decentralized peer to peer funding platform. VIAZ tokens will be available for the borrowers as collateral when they apply for a loan. They can use these tokens to get a discount on service fees, airdrops, and get access to profit-sharing rights. Users can utilize VIAZ to maximize the value of their crypto assets, reduce their tax liability, and earn rich rewards by eliminating the role of middlemen.
Envited is a DApp for promoting autonomous driving. They have partnered with some heavyweight car makers such as Audi, BMW, Daimler, and Porsche. The Tezos blockchain network has been specifically chosen for automotive use-case building and for the virtual validation of the ecosystem.
Werenode is an electric vehicle charging solution built on the Tezos blockchain network and has teamed up with the likes of Renault, Nissan, and Mitsubishi. They are planning to launch a utility token named Werecoin that can be used by the people to charge their cars in exchange for the leading fiat currencies. It also makes use of a method known as P2P charging where private electric vehicle chargers that are not being used can be shared with others and money can be made for lending the infrastructure.
Tezsure is a personalized insurance solution for users and can also be utilized for availing community insurance without the involvement of any third party. It makes use of smart contracts, artificial intelligence, and machine learning. It utilizes a decentralized oracle network for fair pricing.
Equisafe is creating a comprehensive digital investment banking infrastructure in the form of a decentralized application on Tezos Network. It manages the entire corporate lifecycle for startups and private companies. Properties can be completely digitized on Equisafe’s platform and shares of real estate properties can be purchased easily in a peer to peer market by the investors.
The Unique Aspects Provided While Building Dapps on Tezos Blockchain Network
- Tezos for DApp development makes use of the concept of on-chain governance, removing the need for any hard forks in the system. Each user who holds a stake in Tezos can vote for the future performance in the network. They can suggest some changes in the code, which would be validated by the developers of the Tezos network. Better governance mechanisms are ensured through an initial election process.
- The network can be upgraded easily as it uses 100% decentralization.
- The network automatically evolves by itself as the business requirements change due to its self-amending nature. This reduces the costs involved in the upgradation of the protocol. It also assists in the seamless implementation of future innovations.
Supreme security measures are taken in Tezos for DApp development to eliminate unethical individuals and malicious activities from the blockchain network.
- The smart contracts that form the backbone of the operations of a Dapp on Tezos network are thoroughly audited and tested, boosting the credibility of the Tezos network.
- It can also be integrated with smart contracts coded in the Solidity programming language.
- All the smart contracts are formally verified to evaluate the correctness of the code and eliminate any bugs or errors from them. This removes most of the vulnerabilities of the platform easily.
- The transaction processing speed of Tezos is faster than Ethereum that uses a Proof of Work consensus mechanism. This is the biggest benefit of decentralized application development on Tezos blockchain network.
Process Involved in Decentralized Application Development on Tezos Blockchain Network
- Code the smart contract completely from scratch by using a low-level, stack-based programming language called Michelson.
- Once the coding has been completed, deploy the smart contract on the Tezos blockchain network.
- Truffle can also be utilized to compile and deploy the smart contract.
- React.js can be used for the frontend framework. It directly syncs with the storage level of the smart contract.
- Build an intuitive website to interact successfully with the Tezos smart contracts.
- Have a minimum balance of XTZ crypto tokens.
- Use TezBridge that acts as an effective connector between Tezos and DApps. It connects the user’s wallet with the DApp and is used to approve transactions quickly. TezBridge works on both desktop and mobile devices.
- TezBridge is capable of key generation, key import, local signing, and remote signing.
- Try to send a transaction after you have initialized the wallet.
- The transaction will be verified immediately and processed by the smart contract.
- The DApp will either display a confirmation message if the transaction is successful or an error message if it has failed.
- Download all the necessary primary and advanced tools.
- Utilize Taquito for easy interaction with the blockchain network and smart contracts. It is highly resistant to data manipulation.
- Establish all the required APIs.
- Once the DApp has been built, test it rigorously.
- Monitor the growth of the DApp continuously post its official launch.
Hence, avail Tezos DApp Development Services to have a bright future in the growing crypto industry. It is backed by a strong foundation with great interoperability and scalability leading to heavy mass adoption in the market. Hence, this is the right time to create DApps on Tezos to benefit from the favourable conditions.
Blockchain App Factory is a reputed Tezos DApp development company in the industry. Our main services are Tezos consulting, smart contract development, token wallet, wallet integration, and DApp development.