Anyone keeping up with the latest Web 3.0 trends will notice that dAPPS are beginning to gain traction in the online world, attracting a large number of early adopters.
So what are dAPPS exactly?Decentralized applications are digital applications that run on a blockchain or peer-to-peer (P2P) network of computers. They are open-source, free from the control of a single authority, and allow for the use of cryptocurrency for a variety of opportunities. Their uniqueness is in their decentralization. For example, if someone publishes a message in a dAPP application, no one, including the app creators, can delete the message. This is not the case in centralized apps like Twitter, Facebook, and others.
The use of “smart contracts”dAPPS enable users to engage in transactions directly with one another and not rely on a central authority. As a result, the dAPP user will pay the developer an amount of cryptocurrency to use the program's source code. The source code is known as a “smart contract,” which enables users to complete transactions without revealing personal information.
What are the main benefits of dAPPS?dAPPS enjoy a number of benefits including:
- The safeguarding of user privacy.
- The lack of censorship.
- The flexibility of development.
DrawbacksTheir drawbacks include:
- They are hard to scale.
- They have limited user interface development.
- Their code is difficult to change.
- They are experimental.
dAPPS’ penetrationOver the past few years, dAPPS have been used in the following fields:
- Decentralized finance( DeFi).
- Non-Fungible tokens (NFTs).
- Social networks.
- Crypto exchanges.
Why should businesses care about dAPPS?There are many ways dAPPS can be beneficial to businesses:
- They can be a cheaper alternative to cloud storage.
- They provide good security and identity protection.
- They have a higher transaction speed, which translates to cost reduction.