WHAT IS DAPPS?
Decentralized applications are built with blockchain technology and work on the principle of trustless interaction. The project uses cryptographic tokens to govern its operations. This means that users on a decentralized application do not have to trust any third parties in order to use the application or its services.
DAP is Decentralized Application. It's a type of software that has no centralized controlling authority. Instead, many people all over the world maintain and validate the system collectively.
This means that:
Decentralized applications are fast, lightweight, inexpensive and easy to code. Since there is no centralized controlling authority, there is no single point of failure. The applications use blockchain and peer-to-peer technology for security. There is also a high degree of transparency, as all transactions are publicly available for examination.
The most popular decentralized applications use the Ethereum platform, which has direct support for Solidity, a Turing-complete high-level language for writing smart contracts.
The DAPPs have a totally decentralized structure that is based on open source software, with the application being built in a user-friendly way.
In this way, DAPPS are valuable tools for building applications that are fast, secure and which can be created and maintained by anyone.
DAPP Use Cases
There are numerous DAPP use cases, but I would like to focus on three that are easy to understand.
To sell goods or services with the use of cryptocurrencies provided by the platform for which there is no need for an intermediary service provider. And since this transaction is not done through a third party, there are not any commissions charged whatsoever. This significantly reduces expenses for all parties involved in this type of transaction, and it’s very convenient.
Merging the purchase of goods and services with the use of cryptocurrencies on an international scale with zero fees. For example, the use of a platform that has payment for goods and services in local currencies, but also in cryptocurrencies on a global scale. This can be very useful to purchase goods or services abroad, or to pay for them in a foreign currency when they are cheaper than domestic ones.
To buy or sell cryptocurrencies using fiat currencies that are not available in a digital form (such as the US dollar or the euro) and to make direct payments without the need for intermediaries such as banks or payment companies.
I believe that these use cases could be used as a model for other countries, and particularly in Africa, where there is not enough capital and access to financial services is difficult.
The future of cryptocurrency will allow people to combine cryptocurrency with national currencies without conversion fees. This is something that is practically impossible to achieve today. People don't have to decide between one or the other. They can just use both.
Cryptocurrencies are currently far more decentralized than any national currency is today and they allow you to make payments without having to go through a bank or a payment service provider (PSP). Cryptocurrency and fiat money will work side by side in the future because they each have their own strengths, but first we must create a digital central bank for cryptocurrencies.
DAPP future
The future of the internet and its decentralized applications (Dapps) is not an ambiguous or unknown subject. There are a variety of experts, like Ethereum co-founder Vitalik Buterin, who claim that this shift will be inevitable. According to Buterin, the internet will progress through three distinct stages, and decentralized applications will become so prevalent in the third stage, that it will render the internet as we know it today obsolete. The future is about Decentralization. DEX(Decentralized Exchange), DAO(Decentralized Autonomous Organization) and DAPP(decentralized Applications) are going to be future.
Study this stuff to be early!!!
