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What is a decentralized application? Top 3 decentralized applications.

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Let's discuss what a decentralized application is and the different types of decentralized applications. We also present the list of the top 3 dapps.

After the evolution of blockchain and cryptocurrency, we often get to know about the words like decentralized and decentralized applications. People are often confused about them and have doubts like what is a decentralized application and what are their types.

In this article, we will discuss what is a decentralized application. We will also discuss different types of decentralized applications. Further, we will also mention the top 3 decentralized applications.

 

What is a decentralized application?

In simple words, a decentralized application is an application that runs on a distributed computing system. It is also known as dApp. A decentralized application, instead of running on a single system, runs on a peer to peer network of the system. They have been existing since the innovation of peer to peer networks. These applications don’t require middleware to control them. Anyone can connect to anyone in the network directly. They are open source and are not owned by an individual. Further, they also don’t suffer from the problem of central point failure problem.

Dapps are extremely used in blockchain technology. In distributed ledger technologies, usually known as Ethereum Blockchain technology, these decentralized applications are also called ‘smart contracts’.

 

Types of decentralized applications?

The decentralized apps have been broadly classified on the basis of their uses. The decentralized applications are basically of three types:

 

a) The decentralized apps which are involved in managing the money:

These are the decentralized application who mainly focusses on the management of money. They provide the facility to connect with any other user in the distributed network and send/receive the money from them. For connecting to a user in the P2P network, one needs to exchange a token, ‘ether’ to the other user. These applications are basically ‘money apps’.

 

b) The decentralized apps involved in money as well as other information:

These kinds of application involved other information also apart from money. For example, let say there is an application for vegetable sellers which automatically pays them if the rate of the vegetable is less than the invested amount by them. These decentralized applications depend on money as well as the day to day information outside the network too. Mostly, these kinds of applications are ‘insurance’ type applications.

 

c) The other decentralized applications:

Those dApps which don’t classify into the above two categories are classified into this category. These applications are dedicated to decentralized autonomous organizations. Usually, they are used for voting and governance systems. These applications can be used to form a leaderless organization where every function of the organization like a person’s voting, releasing funds etc are decided by the program of the app itself.

 

Top 3 Decentralized applications:

There is a huge list of decentralized applications today. Every application tends to provide extra features to users in order to beat their respective competitors. There are several factors to go for a specific decentralized application such as security, privacy, the field of use, reliability etc. Here we are going to discuss the top 3 decentralized applications :

 

a) Blockonix:

Blockonix is one of the best-decentralized applications today having the best User Experience. This cryptocurrency exchange is located in Malta and has its headquarters in Birkirkara city of the country. Blocknix works for 24*7 throughout the week. This application was established in the year 2018.  The exchange runs on the Ethereum Blockchain and there are salient features which make it one of the top decentralized application today.

 

b) IDEX:

Idex is one of the fastest and user-friendly decentralized application. This application has separated the trading machine from the execution which makes it so fast. You can easily trade continuously on this application without worrying about the waiting time for the mining of transactions. This application takes care of various factors like the security of transactions, handling of all funds, ensuring that the fund’s transaction is synchronized etc.  This application uses the Ethereum blockchain technology and provides the best user experience to all its users.

 

c) ForkDelta:

ForkDelta is again, one of the top-quality decentralized application. It is the forked version application of decentralized exchange EtherDelta. It has gained popularity at a very fast pace. It acts as an open source application an provide a secure platform to its users. Using this decentralized application, one can easily exchange the ethereum token with another user on this application. The user interface is very simple and friendly. Transactions like deposits and withdrawal are very reliable and synchronized. The high-qualified development team of this application is always keen to provide the best user experience.

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#Blockchain

Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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#Blockchain

HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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#Blockchain

World’s biggest Blockchain ETF on London Stock Exchange

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The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

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