DAPPS Explained | What Are Dapps | Decentralized Applications Explained

DAPPS Explained | What Are Dapps | Decentralized Applications Explained

Decentralized Applications, Also Known As Daps, Are A New Type Of Technology That Can Make Use Of Blockchain.

Imagine If Driverless Cars Could Refuel And Engage In Ride-Sharing Schemes Without Human Oversight. Imagine If Residents Could Trade Energy Generated Through Solar Panels Automatically Amongst Each Other. Imagine If We Could Seamlessly Authenticate Medical Supplies Sent Abroad For Aid Relief. Imagine A Platform Where Users Can Reward Content Curators For Their Creative Contributions. Imagine If We Had Enhanced Verification For Democratic Elections. Imagine A World Where Information Is Not Held In The Hands Of Private Companies. Imagine Services Which The General Public Can Control, Not Private Parties. This World Is Made Possible With Data That Is Essentially Software You Can Manage With Your Community. This Means That When You Use It, You're Not Handling Personal Data Over To A Faceless Company Who May Misuse It. In The World Of Cryptocurrency, You Can Use Adapt To Execute A Number Of Smart Contracts So That People Around You With Data Can Lend Or Sell The Data To You. The DAP Would Be The Interface You Would Use To Ask And Pay For Your Data. A DAP Exists As A Decentralized Network Run By Users With No Central Control Or Single Point Of Failure. This Means They Are Open Source And The Whole Community Is Open To Contribute. As Such, There Needs To Be Consensus. For Example, Imagine Wikipedia Where All The Contributors Have To Agree On Whether Freddie Mercury Was From India Or Not, Or Whether A Caesar Salad Was Invented In 1924 Or In Ancient Rome.

Although Theorem Is Often Mistakenly Described As A Cryptocurrency, It Is Actually A Platform For Building Gaps Amongst Other Things, With A Native Token Called Ether That Works Autonomously Once Launched. Users Vote On Any Changes To The Software Using A Consensus Mechanism. They Provide The Computing Power Necessary To Keep The Network Running And Receive Tokens Native To That Platform As Compensation. So How Do Daps Compare To Smart Contracts? Will They Work Hand In Hand? Adapt Uses Smart Contracts To Run. Think Of A Smart Contract Like A Sentence. DAP Is Like A Story. The Depth Verses In The Depth Of Meaning The Sentence Makes Sense On Its Own But Work Stronger When It's Part Of A Story. They Work Hand In Hand.

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💡 TOPICS IN THIS VIDEO 💡 DAPPS, Decentralized Applications

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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

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⏰Timestamps⏰ 00:00 Intro 00:14 What are Dapps 02:22 Outro ... https://www.youtube.com/watch?v=2ZErGLx5uvU