{"id":37114,"date":"2021-09-04T20:01:59","date_gmt":"2021-09-04T14:31:59","guid":{"rendered":"https:\/\/www.wikitechy.com\/technology\/?p=37114"},"modified":"2021-09-04T20:09:29","modified_gmt":"2021-09-04T14:39:29","slug":"what-is-the-point-of-decentralized-apps","status":"publish","type":"post","link":"https:\/\/www.wikitechy.com\/technology\/what-is-the-point-of-decentralized-apps\/","title":{"rendered":"What is the Point of Decentralized Apps ?"},"content":{"rendered":"

Probably the first time that most people heard of blockchain technology was with the advent of bitcoin and cryptocurrencies. Bitcoin itself has gone through some dramatic events with the valuation beginning at a minuscule $0.0008 before rising to a high of $63,729.5.<\/span><\/p>\n

Anyone who had invested just $100 in 2010 and sold eleven years later when that incredible amount was reached could have made hundreds of millions of dollars. Now blockchain technology is being used in what is fast becoming a new phenomenon, NFTs.<\/span><\/p>\n

Non-fungible tokens are taking up inches in newspaper columns all over the world, as cynics and fans alike revel in the latest news. <\/span>Just recently a CryptoPunk NFT sold for $11.8 million<\/span><\/a> at Sotheby\u2019s. That auction houses steeped in history such as Sotheby\u2019s are involved in these deals shows how mainstream blockchain is becoming.<\/span><\/p>\n

One other use of blockchain technology that is emerging, is the use of decentralized applications. dApps as they are also known, are said to have many advantages for businesses, but do they really, and are they necessary, or just another technology fad?\u00a0<\/span><\/p>\n

What are decentralized apps?<\/span><\/h2>\n

The first thing to ask is what on earth are dApps? If you are unsure then you aren\u2019t the only one. Decentralized apps might not be strictly new, but they aren\u2019t commonplace either.<\/span><\/p>\n

A standard application, like the type you might download from the Google Play Store, will have a centralized network or server. The app connects to that server and sends and receives data backward and forward. A dApp would have its backend code stored on a decentralized blockchain, Ethereum.<\/span><\/p>\n

The design of dApps means that there is no single point of failure, and just as bitcoin mining rewards individuals for their processor power, dApps would provide tokens to their users.\u00a0<\/span><\/p>\n

What are the benefits of dApps?<\/span><\/h2>\n

There are many benefits to blockchain technology<\/span><\/a>, including transparency and anonymity. When it comes to dApps, there are potentially many advantages to their use.<\/span><\/p>\n

Some of the benefits of dApps are as follows:<\/span><\/p>\n