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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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#Bitcoin

Can Bitcoin be Traced?

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Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

To track the person who received the bitcoin, the address owner must be aware of it.

However, governments do not want bitcoin owners to be unknown, and they are trying to regulate bitcoin in a way that can be monitored.

It’s nothing new since people have been doing blockchain analysis and bitcoin tracking since bitcoin was used to exchange stuff on the internet.

 

Is Bitcoin Anonymous?

As Bitcoin has become more popular and some criminal activity has been disclosed on the Bitcoin network, many people have wondered whether their Bitcoin transactions are anonymous or whether there are some essential complexities that they should be aware of.

Bitcoin tumblers allow many different users to put their cryptocurrency in a “bucket” and then return the same bitcoin value to each user, but with bitcoins put into a bucket by other users.

Bitcoin is not entirely untraceable, but it is a common misunderstanding, as Bitcoin is well known for masking user identity.

 

Users who rely on bitcoin exchanges ( such as Bitfinex, Binance or Kraken ) to exchange money for bitcoin must disclose their personal information to such an account.

However, governments are beginning to introduce new rules that could force an anonymous Bitcoin exchange to verify the identity of a new user before allowing them to purchase Bitcoin with fiat currency.

Create multiple addresses so that bitcoin can be randomly distributed, making blockchain analysis more difficult and anonymous.

 

Bitcoin is often presented as an untraceable payment method that facilitates illegal activities by allowing criminals to make and receive payments without being monitored.

There are many ways in which the identity of a person can be exposed to bitcoin transactions.

 

Now you have your bitcoin clean; you don’t want to waste all the hard work of using it in a trackable transaction.

As such, if you can pay with bitcoin and rely on the trader not to keep any PII records, the purchase may be anonymous.

If you prefer to spend your bitcoin on other cryptocurrencies or cash, the easiest thing to do would be to go to the exchange.

Portfolios, currency exchanges, mixing companies, and P2P sites have all been used to cheat bitcoin users.

Keep in mind that bitcoin is still the most widely accepted cryptocurrency.

 

Bitcoin is the only virtual currency with enough people who want to buy it to become moldy.

Cybercriminals use the creation and monitoring of Bitcoin portfolios, which can be done automatically, helping them find out which victims have paid.

Bitcoin transactions are public and contain all the information we need to track ransom payments, provided that we know which wallets to look at.

In most cases, payment tracking is not as easy as cybercriminals move bitcoins through multiple wallets to avoid payment tracking.

 

So, if you’re still thinking about using Bitcoin for your transaction gateway, be careful that you can track it as well.

Most users use online bitcoin exchanges to exchange bitcoins for real currency, such as bitpay, coinbase, localbitcoins, etc.

As the number of pro traders is slightly lower in online markets, it is easy to look at the bitcoin transaction by going to their bitcoin address.

 

Oaktar can be used to collect much more than the information needed to identify and link someone to specific Bitcoin addresses and transactions and can do so without relying on cryptocurrencies.

As alarming as oaktar and its activities, no new information has recently emerged to indicate that the NSA has expanded its Bitcoin monitoring efforts to other cryptocurrencies.

These protocols include CoinJoin, Dark Wallet, bestmixer, io, sharecoin, and coinwap, all of which also offer Bitcoin and other cryptocurrencies the possibility of anonymizing their transactions.

In the meantime, the more direct and intrusive methods of the NSA are also based on the fact that crypto users unconsciously compromise their internet connections, which could not be expected to monitor all cryptocurrency transactions in mass.

 

Bitcoin, the Internet currency loved by computer scientists, libertarians and criminals, is no longer vulnerable.

But Bitcoin ‘anonymity is also a powerful tool for criminal financing: virtual money can keep shady transactions secret.

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#Blockchain

Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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#Blockchain

JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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