Blockchain technology is shaking things up across the board. Concepts and ideas that were once considered impossible, or at the very least highly unlikely, are now being realised. New applications for blockchain technology are continually being found, but few are more game-changing than dApps.

What Is A DApp?

DApp is an abbreviated form for Decentralised Application and is typically an app that utilises a blockchain.

Ethereum’s decentralised blockchain is currently the the most widely used tool for dApp building — recording an increase in the number of new dApps in 2018 after numerous crowd sales in 2017.

Whereas apps run their backend code on centralised servers, a dApp relies on a decentralised peer-to-peer network to run their open-source software.

DApps share 4 core features;

They must be open-source.

They must be decentralised.

They must be incentivised.

They must work on a consensus medium.

The records of operation are transparent and immutable. All interactions and the code base itself are available to be viewed by the majority of users and the dApp is governed by autonomy.

DApps are incentivised. Users are rewarded with cryptographic tokens in return for engagement and involvement.

And finally dApps work on a consensus mechanism. All decision-making within the dApp is subject to protocol.

DApps — Multiple Benefits, Multiple Uses

As cryptocurrencies and their underlying blockchain technology emerged, they paved the way for dApps.

Security

At a time when security and transparency is at the forefront of everyone’s mind, the safety of the blockchain is appealing.

It seems like every week there is a new data leak or hacking attempt in the news. Do we really know who we are trusting our precious personal information with when we download an app?

DApps can remove the uncertainty. They utilise smart contracts to keep your information safe, secure and protected.

Trust and security are the key benefits of dApps.

Both the back- and front-end codes are visible to users, leaving them secure in the knowledge that there are no backdoors in the code that might allow someone access to steal their funds.

All information is stored on a peer-to-peer network. All essential components are distributed, making it practically impossible and expensive to attack.

The security of dApps means they are being increasingly utilised for identity authentication. DApps exist that allow you to create a private identity wallet. This secure personal information store can then be used to authenticate identity in legal, financial or commercial settings.

Rewards

DApps can also utilise the power of the network. Many dApps are incentivised, giving users coins that increase in value as more people use the dApp. Users are encouraged to engage and interact for a tokenized reward.

As there is no middleman, the relationship is directly between the consumer and the dApp developers. This means things are much quicker and the consumer is given a better deal.

Use Cases

As with apps, there really is no limit to how dApps can be used.

From Vevue, a project that enables users to take 30-second video clips of places around the world to share to 4G Capital, a financial dApp providing instant credit to small business growth in Africa.

So whether you’re looking for a decentralised microblogging service, a Minecraft-like virtual world or crowdfunding, there’s a dApp to suit everyone.

It’s a new and growing field with huge scope for expansion.

MEDIA Protocol And DApps

The core MEDIA Protocol is a smart contract which implements the rewards business model It provides token exchange within the economy and, via ERC20 and third-party exchanges, enables the exchange of tokens with other third-party tokens/Ethereum/fiat currency.

MEDIA Protocol’s own dApp, CryptoCatnip, is proof of concept.

CryptoCatnip is a news aggregator offering regular updates on movements within the crypto-world from a variety of content publishers worldwide. The articles featured within the dApp deal exclusively with cryptocurrency and blockchain content.

Users of the dApp get to enjoy and engage with a wide range of crypto news items and earn MEDIA Tokens as they browse; experiencing MEDIA Protocol firsthand.

This use case demonstrates how dApps can be built using the existing MEDIA protocol framework. Currently in beta stages, CryptoCatnip is already achieving success and good reviews from the MEDIA Protocol community.

It also provides a reference architecture for those building dApps on the platform and bootstrapped engagement inside the ecosystem, promoting adoption and onboarding users.

It is essential to incentivise the creation of dApps by third-parties. Such applications could contain different features, or focus on different topic areas than CryptoCatnip. For example, they may contain more features for content as two-way conversations, different ways of sorting and filtering through content, or may embed aspects of MEDIA Protocol into a broader app.

There is huge potential for the adoption of the MEDIA Protocol framework.

With the world of dApps set to increase exponentially, it’s time to look away from traditional apps and towards the safe, secure future that dApps can offer.

People. Value. Content.

For more information regarding MEDIA Protocol find us on our social channels below:

Website: www.mediaprotocol.org

Facebook: https://www.facebook.com/MEDIAProtocol

Twitter: https://twitter.com/MEDIA_Protocol

LinkedIn: https://www.linkedin.com/company/media-protocol/

Telegram: https://t.me/Media_Protocol_Community and https://t.me/MP_Announcements

Medium: https://medium.com/@mediaprotocolsm

YouTube: https://www.youtube.com/c/MEDIAProtocol