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Justin Bieber is getting a feel for his new surroundings, tearing up the streets of his new neighborhood on his skateboard. The Biebs busted out his deck for a Friday afternoon skate sesh and kickflipped his way…
This article about the Dapp Revolution was written by Heidi Yu. Heidi is a serial entrepreneur, influencer, marketing evangelist, and AI enthusiast. Heidi founded Boosto.io, a decentralized app store that returns power to creators and makers.
If you can dream it, a decentralized application can do it. According to a report from UK market intelligence firm Juniper Research, there will be “a significant expansion” in the implementation of blockchain-based DApps within the next year. The adoption is happening fast, and it behooves us all to familiarize ourselves with this revolutionary technology.
Windsor Holden of Juniper predicted in Forbes earlier this year that users should be able to download dApps to their Androids or iPhones by the end of the year. So what are dApps and how do they work?
Blockchain Technology and Dapps, in a Nutshell
In order to gain an understanding of Dapps, it is first necessary to have some knowledge about blockchain technology, the technology that underlies decentralized applications. If you aren’t already an authority on the actual crypto backbone, here’s a lightning fast crash course.
The blockchain is simply an immutable ledger of records that is organized into “blocks” stored on a decentralized network of computers instead of in one location like on a conventional centralized database. Strategist and blockchain specialist William Mougayar explains this using Google Docs as a comparison: “With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.”
This type of system beats the traditional method of sending records back and forth, allowing only one person to view and edit the record at any given time. At first glance this may seem like a security risk, but most of us trust the blockchain because of its unmatched level of safety and security. In a blockchain-based system, there is a copy of the database on each computer in the decentralized network, and each transaction processed must be validated by every single computer in this database, or the transaction cannot be completed. Once a transaction is completed, the record of it can never be destroyed or altered.
Blockchain Applications and Dapp Features
If we think of blockchain technology as comparable to an operating system, then decentralized applications are like the software that runs on that operating system. And so, keeping this analogy in mind, Dapps are essentially applications that run on top of a decentralized blockchain database.
Dapps generally possess several common features. First, they must be open-source, which means that any changes to a Dapp are decided by a consensus of all of the users in the database. Second, they are decentralized, which means they are stored on easily accessible public blockchains. The third distinctive feature of a Dapp is that it should generate cryptographic tokens to incentivize validators of the blockchain. The last common distinguishing characteristic of a Dapp is that tokens are generated via a cryptographic algorithm, like a Proof of Work (PoW) in order to show proof of value.
The whitepaper for Ethereum, the granddaddy of blockchain platforms, designates three types of Dapps; the first is a basic money exchanging Dapp, the second involves a currency but adds at least one more function on top of this like a gaming capability, for example, and the third is for voting.
What Can Dapps Do for Me?
For our purposes, let’s consider the second type of Dapp described in the Ethereum whitepaper, the kind that has a currency but performs other functions as well. This is the type of Dapp that will likely prove the most useful to average business folks who will drive the mass adoption of blockchain technology, due to its potential to provide everyday utility and convenience.
The original impulse behind the development of the world wide web was similar to that behind the development of blockchain technology, which was to provide a democratized and collaborative ecosystem for exchanging information and conducting business. This is a dream that has been long since been co-opted by large corporations like Google and Amazon. The advent of blockchain technology and Dapp’s represents the wholesale revival of this dream.
How Dapp Can Democratize Human Interaction
To illustrate how Dapps could help promote the democratization of business and human interaction, suppose that you are the owner of a small clothing business, and you would like to hire people to make patterns and sew. You would also like to set up an online shop for your clothing line, and maybe even livestream fashion shows. Selling your goods through your online shop, doing your own bookkeeping, and livestreaming your line to customers through your Dapp frees you from the burden of having to turn over a hefty portion of your profits to middlemen, like the typical selling platforms. This returns the power to small businesses and individual entrepreneurs allows anyone who dreams of working for him or herself to do so, without the worry of daunting overheads and payments to third parties.
There are literally dozens and dozens of companies coming online that embrace the power of decentralization and Dapps. Examples include Boosto, a Dapp store for social media influencers, and Vultur Social, a decentralized crowdfunding platform. Within a short period of time, anything you find in the centralized app store will be available via the blockchain. The revolution has begun.
The Return of the Family Dinner
The social impact of blockchain technology could be as far-reaching as its effects in the business world. More and more people rely on IoT (Internet of Things) technologies, which allow us to monitor our homes remotely and do things like switch appliances and alarms on or off with the aid of our smartphones. It’s not hard to imagine how much lost family and personal time could be restored to us as these technologies advance.
Envision making dinner while still at the office, using a meal service-driven refrigeration and cooking unit that you control from a decentralized blockchain app. Each part of the dinner, from the pasta to the vegetables could be cooked optimally in its own compartment according to your specialized instructions and ready as soon as you get home. Everyone meets at home after work, or chess club or lacrosse practice with dinner all ready to be served, leaving more time for families to relax and reconnect.
As we become more reliant on IoT technologies, it is important to make them as secure and dependable as possible. The drawback of these devices is that they rely on central databases that are vulnerable to hacking and data loss. The more safe and reliable these systems become, the more we will be able to implement them in our daily lives. With blockchain technology, running all of your IoT devices becomes secure, resistant to hacking and utterly dependable.
Dapps could also transform other aspects of daily life, like promising trustworthy online interactions with friends you haven’t met yet. A dating Dapp would largely eliminate the problem of “catfishing” so prevalent in the online world, since the trustworthy environment of the blockchain makes it very difficult to pretend to be someone you’re not. These days we meet as many if not more people online than we do in person. This added transparency allows us to do so with greater confidence, restoring some of our lost ability to truly connect as fellow humans.
Within systems of governance from school boards to executive branches, potential leaks and security breaches can become a thing of the past. The use of blockchain-based email and other systems will secure communications and facilitate the enforcement of checks and balances, holding decision makers accountable.
There are almost as many ways that this technology could transform lives as there are people to drive its evolution and eventual adoption. Dapps are appealing because they are adaptable to individual needs, and they level the playing field between up and comers and those that are already large and in charge.
Do you think Dapps will revolutionize the world? Is the technology viable and ready? How many Dapp platforms are scams?
Images courtesy of Shutterstock
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
The post The Dapp Revolution: Rebuilding Society Through Decentralization appeared first on Bitcoin News.
Melania Trump said Wednesday that she “will never forget” her visit to a former slave holding facility on Ghana’s coast. She called it “very emotional” and “really something that people should see and experience.” The first lady spent nearly an hour on a guided tour of the 17th-century castle, which…
Draconian legislation in a series of supposedly liberal democracies is encroaching on the rights of travelers. New Zealand is the latest nation to pass laws granting customs agents unprecedented investigatory powers including the right to force travelers to disclose their passwords or face a $ 5,000 fine. The news has understandably been greeted with alarm by bitcoiners who have particular reason to prize their privacy.
New Zealand Presages the Shape of Border Surveillance to Come
Travelers passing through customs are particularly vulnerable to state intrusion into their personal lives. Airports occupy a sort of netherworld in which the normal laws protecting citizens are relaxed under the guise of protecting national security. While preventing terrorists and other dangerous criminals from gaining entry is a justifiable reason for profiling and potentially searching new arrivals, it’s also used as a dragnet exercise. From cypherpunks to activists, anyone deemed vaguely anti-government – despite presenting no physical threat to the state – are prone to being hauled up for interrogation. Laptop inspected. Cell phone scrutinized. And now, password demanded.
New Zealand’s national security measures are not usually mentioned in the same breath as those of more oppressive regimes such as the US. Its latest customs law has placed the Antipodean territory firmly in the limelight, however, and had bitcoiners vowing never to return. Travelers who refuse to produce the password to their electronic devices upon request could be handed a $ 5,000 fine. The Customs and Excise Act 2018 effectively authorizes “digital strip searches”. While some caveats have been introduced – the search will supposedly be limited to data stored on the device and not to connected cloud accounts – it is nevertheless a cause for concern.
Concerned Cryptocurrency Holders Vow to Take Preventative Measures
The number of travelers who are forced to reveal their passwords by NZ officials is relatively low; 540 devices were searched in 2017. There are fears however that the new Customs and Excise Act will lead to an increase in searches and set a dangerous precedent that could be emulated by the other Five Eyes nations, completed by Australia, Canada, the UK and the US. The quintet are parties to a multilateral signals intelligence agreement. In effect, this means that the US could use New Zealand as a conduit for sweeping up intelligence on a target passing through customs. Thus, despite its diminutive size, the ramifications of New Zealand’s new law are potentially huge.
“As border controls become more draconian in conducting digital strip searches it will become more important to protect your data by leaving it “at home” and downloading it later via a tool such as @syncthing,” urged Jameson Lopp. Andreas Antonopoulos was even blunter, tweeting: “It was nice visiting New Zealand twice. Pity I won’t be going back… In today’s society this kind of orwellian bullshit is unacceptable.”
News.Bitcoin.com has previously published guides on protecting your privacy and concealing your affinity for cryptocurrency when traveling abroad to avoid scrutiny. While owning cryptocurrency is not illegal, it may be enough to invite an enhanced search. Should customs agents subsequently uncover a digital wallet holding a large amount of crypto, law-abiding travelers could find themselves facing some tough questions under the assumption of “Guilty until proven innocent”.
What are your thoughts on New Zealand’s new “digital strip search” law? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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The post Draconian Digital Search Laws Threaten Bitcoiners Passing Through Customs appeared first on Bitcoin News.
Brett Kavanaugh just played his virgin card to defend himself against multiple accusations of sexual assault … saying he never had sex — or anything close to it — through his high school years and many years after. In a clip from Kavanaugh’s Fox…
See something out in the world that you want to buy? Now you can just Snap it up.
Santa Monica’s Snap Inc. announced a partnership with Amazon on Monday that will enable users to point their smartphone cameras at a pair of shoes, the barcode on the bottom of a shampoo bottle, or any other object…
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NantWorks, the Culver City company controlled by Los Angeles Times owner Dr. Patrick Soon-Shiong, has purchased a minority stake in Daybreak, the San Diego game developer behind multiplayer online franchises including “EverQuest,” “Star Wars Galaxies” and “H1Z1.”
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Labor Day is a celebration of American workers … so let’s take a moment to applaud Robert Ri’chard for working hard to sculpt his hot bod. Robert was feeling extra Patriotic as he busted out the red, white and blue trunks and American…
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With the growing interest by investors in getting on board with cryptocurrency, often the most effective and popular tokens sell out quickly leaving many disappointed in the lack of access to these top tokens, or even if tokens are only offered on private sale to which the investor has no access. That would mean they had lost out.
Vertex has created an aftermarket for sold out tokens where investors would have access to these tokens at pre-sale prices.
How does Vertex open re-open the doors for Investors?
The first step taken by the well-experienced Vertex team, which consists of private equity and venture capital investors, will put each ICO they deem to be the best, through a 6-step vetting process. This includes gathering all available information on the ICO in question. The data then is, and the ICO in questions team’s claims are tested for validity, there will be personal interaction with the team members, and stringent due diligence will be followed into the financial strength of the ICO.
Once the ICO’s have been vetted and produced stellar outcomes the team will invest not less than $ 500 000 in the ICO. This will immediately give the ICO a boosted status and reputation.
The tokens that are bought at preferential rates will be sold to the Vertex community investors at the pre-sale price. In other words, re-opening the door to investors to gain access to the very best ICO’s available.
Advantages of the Vertex Aftermarket to Investors
Often investors, especially those that are new to the marketplace are trepidatious of this new school platform for various reasons
Firstly they are not sure firstly of when is the right time to invest. With regard to both the token sale process and with regard to the financial climate generally.
Secondly, they may not know where to access coins. Often they are bombarded by ‘brokers’ who at the end of the day often turn out to be scammers. Often new investors hear these stories, and it makes for a negative intimation.
Thirdly, which ICO to choose? There are so many out there, and not all are going to be a success.
Vertex has not only taken the guesswork out of the equation but also supplied a sense of security through the team of professional investment guru’s, a stringent vetting process and a narrowing down of the ICO options to only the best ones. Further to this, new investors will have access to a large community of like-minded individuals to turn to for advice and input.
Vertex looks set to become the benchmark for the best ICO’s on offer and investors that join their community will be assured of not only having access to tokens they would never have been able to access as an individual, but they will also be buying successful tokens that they can invest in with peace of mind. Essentially becoming a one-stop shop for all investors alike.
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