The emergence of Dapps

A new model for building successful and massively scalable applications is emerging. Bitcoin led the way with its open-source, peer-to-peer nature, cryptographically-stored records (block chain), and limited number of tokens that power the use of its features. In the last year dozens of applications are adopting the Bitcoin model in order to succeed. Ethereum, Omni and the SAFE Network are just a few of those “decentralized applications” that use a variety of methods to operate. Some use their own block chain (Ethereum), some use existing blockchains and issue their own tokens (Omni Layer), and others operate at two layers above an existing block chain and issue their own tokens (SAFE Network).

This paper describes why decentralized applications have the potential to be immensely successful, how the different types of decentralized applications can be classified, and introduces terminology that aims to be accurate and helpful to the community. Finally, this paper postulates that these decentralized applications will some day surpass the world’s largest software corporations in utility, user-base, and network valuation due to their superior incentivization structure, flexibility, transparency, resiliency, and distributed nature.

Definition of a Dapp

For an application to be considered a Dapp (pronounced Dee-app, similar to Email) it must meet the following criteria:
- The application must be completely open-source, it must operate autonomously, and with no entity controlling the majority of its tokens. The application may adapt its protocol in response to proposed improvements and market feedback but all changes must be decided by consensus of its users.
- The application's data and records of operation must be cryptographically stored in a public, decentralized blockchain in order to avoid any central points of failure.
- The application must use a cryptographic token (bitcoin or a token native to its system) which is necessary for access to the application and any contribution of value from (miners / farmers) should be rewarded in the application’s tokens.
- The application must generate tokens according to a standard crytptographic algorithm acting as a proof of the value nodes are contributing to the application (Bitcoin uses the Proof of Work Algorithm).

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Read more:
https://github.com/DavidJohnstonCEO/DecentralizedApplications

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