DApps or Decentralised Applications : Here is All You Need to Know
Since Bitcoin made blockchain technology popular in 2009, many applications have been developed on the blockchain. From NFTs to DeFi, the blockchain space has been expanding in recent years. One of the driving forces for its expansion is a revolutionary technology called DApps.
What are DApps?
DApps means decentralised applications. DApps are electronic or digital applications hosted on the blockchain network. They are removed from the control of a single organisation. Many times, decentralised applications are created for a specific purpose. These purposes could range from finance to gaming. The DApp network is distributed across numerous computers, making it difficult for a single authority to influence it.
Benefits of DApps
The benefits of DApps are numerous, and these benefits have contributed to its popularity among users. Some of such benefits are:
One of the major benefits of decentralised apps is that there are few usage restrictions. Users rarely have to turn in their personal information to use the services provided by DApps. Also, transactions are carried out through smart contracts. This means that transactions are automatically concluded when both parties fulfil their obligations. This ensures that there is a high level of trust within the DApp ecosystem.
Lack of Censorship
For users that desire a platform where their actions are not controlled or determined by a single authority, DApps are the best bet. Because DApps are removed from a single point of control, users are hardly censored or removed from the network. This is why some developers have started to create decentralised social media platforms as an alternative to conventional social media networks. On these platforms, users are jointly in control. This means that they can freely air their opinions without the fear of censorship from a single authority.
The creation of DApps is easier for developers. Due to the presence of blockchain platforms like Ethereum, developers can decide to create a platform for any industry and simply deploy it on the blockchain. This removes the cost of infrastructure.
Disadvantages of DApps
Difficult to Make Code Changes
Because decentralised applications are hosted on the blockchain network, it is usually difficult to make changes to codes written into the application. In addition, blockchain technology is ordinarily immutable. This means that any information stored on the blockchain cannot be removed or edited. Thus, it may prove difficult to make changes even where such changes are needed due to security issues.
Prone to Faults
DApps are a recent invention. As such, they are still at an experimental stage. During this process, many faults can arise with DApp networks. For example, there are risks that the network may become overloaded due to congestion. Alternatively, hackers may exploit certain weaknesses within the smart contract protocols.
In the coming years, more technologies will be released. As a crypto investor or enthusiast, you need to keep up with the trends and identify which of these technologies will be beneficial to you in the long term.