What is a DApp (Decentralized App)?

  • DApps are Open Source: Anybody can access the source code since it’s available to the public to verify, use, copy, or alter.
  • Decentralized: DApps are not under the jurisdiction of a single person or authority for they operate on blockchain networks that are managed and maintained by multiple users or nodes.
  • Cryptographically Secure: All the data in a cryptography-protected app is maintained in a public blockchain, which means the absence of a single point of failure, that is a centralized server.

Why are DApps Important?

DApp Pros

  • User privacy: DApps do not need users to reveal real identities to build or interact with them. Information about users is maintained in a shared database over which no authority has control. Only the user can decode the information.
  • Costs: DApps can be more cost-effective since they operate without the need for a middleman to benefit from transactions.
  • Content guidelines: DApps cannot be censored by a central authority. The ability to submit transactions, build DApps, and read data from the blockchain cannot be restricted. As a result, users are responsible for any legal or regulatory ramifications associated with the material they post or consume.

DApp Cons

  • Difficult to maintain: Once a DApp code has been put on a blockchain, it cannot be removed or modified, making it difficult for developers to make updates or correct issues.
  • Difficult KYC process: Verifying client identities is difficult since users are not required to disclose genuine identities to deploy or engage with DApps.
  • Network Congestion: Current DApp networks can handle 10–15 transactions per second due to network congestion. When a single DApp consumes too many computing resources, the network as a whole becomes overloaded.

DApp Prospects

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