Decentralized applications are digital programs and software that are hosted on a peer to peer platform or a public blockchain. These are applications whose user interface/frontend is normal or what we are used to but the backend is not controlled by one specific entity like the founding company but is rather open to the public, not stored in one server but on the blockchain network and any transaction is visible to the public freely. Therefore cannot be hacked unless a massive percentage of that network is invaded simultaneously which is quite impossible in a well established system but I am not ruling out the possibility of network compromise.
A blockchain is a ledger of records which is decentralized, irreversible, transparent and resilient. Thus data stored is immutable, secure and tamper proof. A public blockchain is open source, incentivized for validators of transactions and has a protocol; either proof of work or proof of stake.
Dapps are different from other applications in that the frontend may be built on the common programming languages like python, java, C, C++ and the like but the backend is built on specific blockchain languages for development of smart contracts such as solidity for ethereum-based applications. The backend is all the difference and is based on a concept called smart contracts. A smart contract is a code that runs specific operations and interacts with other code; it is a store of independent executable code.
Take for instance an application like Instagram which is a product of Facebook company. Any transaction or account activity on Instagram is verified and regulated by Facebook employees who can delete content, deactivate accounts and reactivate them at their wish with no public record of such actions. With smart contracts such control of accounts and content on the platform is public and therefore the middle man is effectively replaced by code. How is it practical you may ask. If an account is hacked a public record will be available for everyone to see who executed those commands. Your data no longer resides in the hands of one centralized authority which can determine its fate but rather in storage nodes across the network.
You are probably wondering if your data is visible by everyone on the network. Don’t freak out yet. What will be visible is only a record of transactions and account activity. No specifics are involved because everything is stored in a node and the nodes form blocks these blocks are what are visible in the ledger as a string of numbers and letters. So your specific details are not visible on the ledger.
Such a platform is very secure as changes such as deletion of content can only be made possible if one acquires control of 51% of the network. However with maybe one million users in a network, hacking through 5 hundred thousand and one computers to gain that access is quite difficult. The security is further enhanced by the larger number of people monitoring it and an attack could more easily noticed by one million people rather than even 20 IT specialists.
That is a short version of what dapps are.
WHY DAPPS THEN?
The world is shifting from centralized forms of governance to decentralized forms. People are gradually demanding full control of their lives in every aspect. Trust in central authorities is slowly declining and no matter how trustworthy you claim to be or market your brand as, people will always have their doubts. Blockchains are trustless. they do not need to prove their trust as they do not work on a trust basis. Blockchain therefore is the future, a platform by the people, of the people and for the people. This is the modern freedom defined as the old. Somehow we are back to stone age when everything was by consensus. Are you tired of having to wait for ages for a problem to be resolved or an account issue to be rectified, well in dapps, some of these issues will not even be there while many more will be rectified by the code itself. You can troublesoot by yourself and know what is wrong with whatever it is you want.
Blockchains are currently mostly seen in cryptocurrencies as the pioneer of such was bitcoin. Many more cryptocurrencies have followed in place. We can all truly attest to the growth of individual coins and the entire market by the total value locked in the crypto space now. Cryptocurrencies are being adopted globally and even being incorporated in the financial systems. While there is still a lot of space for growth of blockchain in crypto industry, quite a lot of space has also been covered.
Finance is not the only sector involved. Other sectors are also picking up the pace such as gambling industry, gaming and several other specific utility services. These all result in major changes and transparency in the spaces involved. One such major player in the future is going to be social media and internet provision service.
Are you not tired of having to deal with a lot of ads on your trusted browser?... check out brave browser who are providing ads free internet and for the few they show, you get a portion of the commission inform of tokens. Various social media companies have been charged with collecting private user information and some even selling the data to companies such as Amazon and Google for their own personal interests. Imagine your own experience being used against you, some positively others not so very. All of this is unlikely to happen with decentralized applications as no one person would have access to your account. This has even indirectly affected people as there are people who earn a living on such platforms e.g by affiliate marketing. What happens if the platforms are banned like tiktok in India? They suffer for something that isn’t even their fault.
Here are the sectors I think would be top adopters of blockchains and dapps in the near future:
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