The final tally of dApp usage is finally in for 2018. This is a monumental landmark for the blockchain technology and its impact on the world stage as this is the first full year that user engagement with this fledgling technology can be measured.
Dapp.com reported that nearly 1.5 million users engaged with dApps and that number can only be expected to grow as terms like Bitcoin, crypto currency, decentralization and blockchain step out of the realm of the unknown and become part of our everyday household conversations.
The 2018 report showcases that “gaming” is the biggest channel on dApp platforms with betting not far behind that. For privacy reasons, it seems they choose to stack casino games in with regular mobile and online games to make one hazy larger category.
However, the EOS ecosystem, one of the largest public blockchains, reported that online gambling accounts for 97% of their 2018 transactions. The TRON blockchain, an active but smaller ecosystem, reported that they saw 98% of their transactions in 2018 coming from the gambling sector, across hundreds of apps.
TRON is a player to watch as they have committed to investing a total of $2 billion into their program with $100 million of that earmarked for the further development of TronArcade, their dApp marketplace.
These results are in large part thanks to gamblers enjoying the privacy and value that Bitcoin offers, in addition to the fact that dApps themselves are safe and secure thanks to Provably Fair Gaming. Now blockchain users have the benefit of the crypto currency, an app environment on the blockchain, and gamblers in particular enjoy PFG!
WHAT ARE DAPPS?
In its simplest form, dApp is short for decentralized application. These are any form of application which is not hosted by a single entity but rather are hosted across a series of servers. These servers are located across the globe and no single such server contains the full product.
The concept of dApps is not a new one. The earliest examples of dApps are programs like BitTorrent and Tor which all ran on Peer to Peer (P2P) networks. In the example of a P2P network, the “peers” in question are servers and home computers linked to allow fluid and speedy data transfers.
BENEFITS OF DAPPS
Decentralised applications hold the same benefits for users that we see with crypto currencies. The primaries of these being their aversion to governmental interference, greater user anonymity and protection of individual’s privacy, and of course, secure and cost effective transactions.
The use of smart contracts and cryptographic tokens as the means of ensuring the security, authentication and execution of the promise of the application offers users peace of mind that they will be able to securely and effortlessly engage the services the app offers.
Given the nature of Blockchain and how it allows for user interactions to generate value on the chain itself has meant the increased number of dApps are able to reward their users with value in the form of crypto currency. These so-called Bit Faucets offer users Satoshis in return for completing predetermined actions.
Finally, online gamblers have found a safety net in Bitcoin Gambling in the form for Provable Fair Gambling. This is exclusive to Blockchain-based gambling sites and allows both the casinos and the players to check the outcome of any bet. This creates a sense of security for the user and demands fair play from the provider!
DAPPS AND THE BLOCKCHAIN
As discussed, not all dApps reside on the blockchain as most torrent sites still run on simple P2P networks. However, the creation of blockchain technology, and for gamblers the introduction of Provably Fair Gambling, has seen a surge in decentralized applications that are able to run gambling, trading and other financially motivated activities where security and anonymity are important – not just the simple sharing of content of P2P networks.
The current dApps are in fact blockchain enabled websites. The base construction in terms of HTML and CSS is the same, but rather than linking to a single domain host, the website connects to the Blockchain where the entirety of the site now lives in a decentralised safe haven.
4 KEYATTRIBUTES OF A BLOCKCHAIN DAPP
Given that there are dApps which predate the creation of Blockchain, what defines a Blockchain dApp, and allows it to gain the benefits discussed above?
Blockchain dApps all have the following 4 key attributes in common:
The code for the application has to be open-source. The blockchain and its technologies are about disrupting the power of gatekeepers and nothing does this more effectively than giving everyone access to the base code.
Decentralised applications connect to the blockchain via smart contracts. These connections prove and action the requirements of the dApp without the need for human intervention thereby removing human error and the chance of manipulation.
All data pertaining to the application is stored on the Blockchain itself. The application is now not held hostage by any single user and there is no chance of a critical failure due to a single point of failure.
The application must use cryptographic tokens for any push-pull interactions on the application such as user verification, transaction validation, secure data transferral, message authentication and more. These tokens are purely generated through cryptographic algorithms and reside on the Blockchain.
It is also widely accepted that dApss can be separated into three categories:
Type 1 dApps are those which function on their own Blockchain. An example of this type of dApp would be Bitcoin which runs exclusively on its Blockchain.
Type 2 are applications which utilize the data of a Type 1 application, however, access it via the use of tokens and APIs. These applications do not “own” the Blockchain but can participate in or draw on its outputs. An example of this would be the Bitcoin Omni Layer.
Type 3 dApps use the same access points, tokens and APIs, of a Type 2 application.
Given the secure, speedy and financially viable nature of Blockchain-enabled decentralised applications, it is safe to say that this is a space where we will see massive expansion in 2019. Be sure to keep your eye on this space as we bring you more insights into the amazing world of Bitcoin gambling and blockchain technology.
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