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Why do enterprises need to switch to Blockchain-Based DApps?

Why do enterprises need to switch to Blockchain-Based DApps?

2018 has been an interesting year for blockchain technology. Despite the “hash wars” raging and sharp decline of cryptocurrencies prices, the interest showed by enterprises in this innovative technology has been growing.

One space in the blockchain sphere that has been highly productive is the Decentralized applications or more popularly known as DApps. Unlike the traditional App, the decentralized Apps connect the users and App publishers without any intermediaries. While the DApps ecosystem is yet to mature, an aggressive adoption is being witnessed by enterprises.

Ethereum is the leading Blockchain development platform with 2551 DApp having 12.09K daily active users. Let us explore the advantage that are driving users and enterprises towards DApps:

Immunity towards hacks

A traditional app has a centralized architecture in contrast to the DApps. For the hackers, it is easy to interrupt the hosting service and attack the traditional App architecture. It has a single point of failure leaving these Apps susceptible to attacks.

For the DApps the backend is the blockchain network. In order to attack the backend, the hacker needs to attack all the hosting nodes which is practically impossible. As an enterprise, if you create your own DApps, it brings forward an impenetrable yet transparent App.

Open Source Apps

As DApps are driven by blockchain, they do not have a centralized authority to govern the developments. It allows the network participants or offers a platform for Blockchain developers to keep track of whatever is changing. A change or upgrade of the blockchain on which DApps are built happens only with a consensus-driven mechanism. So a DApp in an open source App in a true sense.

Incentivizing the users

DApps operate over a peer-to-peer model, where nodes connect to each other directly. All nodes get incentivized for driving transactions based on the consensus mechanism. This garners DApps more active users and infrastructure security as all the validators work towards strengthening the operations of the App.

Transparency

Since, DApps allow transparency, the enterprises are able to maintain data transparency across multiple teams or departments. Again, because DApps are not owned by a single team or department, more trust is built among the users that their data will not be manipulated.

To wrap

DApps are undoubtedly the better version of the traditional enterprise Apps. The advancement of blockchain based DApps in the enterprise sphere is a natural transition as DApps are a self-sustaining asset. Currently, the DApps are ruling the Finance category with 92.27K transactions per month. The figures may not seem impressive for now but the early mover’s advantage is guaranteed. We at Sofocle develop market-ready blockchain solutions for enterprises who want to bid goodbye to the obsolete solutions.

Published at Thu, 28 Mar 2019 11:18:15 +0000

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Charlie Shrem: ‘It’s Not About The Technology Anymore, It’s About Power’

bitcoin entrepreneur Charlie Shrem shared his views on the scaling debate, stating that “it’s not about technology anymore, it’s about power.”

Shrem: ‘It’s About Power’

Charlie Shrem, bitcoin entrepreneur and co-founder of Intellysis, was present in today’s episode of the  Double Down show, dubbed “Does Block Size Matter?” with the usual hosts Max Keiser and Stacy Herbert.

Hard Fork Wars

During the show, Shrem expressed his thoughts regarding the current state of the scaling debate or as Herbert called it, “the Great Blocksize War of 2017.”

Shrem stated:

In reality, it’s not a technical argument anymore. Everyone on both sides of the table say that SegWit is the best technology that we have.

According to Shrem, the scaling debate is no longer about the most viable technology or solution that can be used to scale bitcoin. Instead, the scaling debate has become a power struggle between two development teams, Bitcoin Unlimited and Bitcoin Core.

“The other side of the debate, which is bitcoin Unlimited, they agree that SegWit is a great technology,” he continued. “But to them it’s not about technology anymore, it’s about power.”

Shrem went on to say:

They want to remove [bitcoin Core’s] ability to work on bitcoin and instead have a closed-membership small group of four to five developers, who they think are the best for the job, run bitcoin going forward.

A Test for bitcoin

However, there is a silver lining in this development, which Shrem considers it as an “extremely bullish situation for bitcoin.” The current block size “drama” is showcasing bitcoin’s ability to resist a malicious attack on the network.

He noted:

Here you have a group of bad actors who are trying to overtake the bitcoin network and essentially fork all of bitcoin and force all bitcoin users to be able to use their developers and their codebase and their everything and it’s not a group of miners that’s preventing this.

Shrem sees the current hash power signaling as a “glorified poll” when it comes to hard fork given that nodes are the ones that validate blocks and they can discard the ones from the hard-forked chain at will, meaning that miners don’t have nearly as much power as they think they do.

This can be observed the UASF proposal, which would bypass the miners completely and leave it up to the nodes to force SegWit into activation.

However, it may not come down to a UASF, as mining pools like F2Pool are beginning to move to SegWit driven by demand from individual users that contribute hashrate to the pool.

Champagne Problem

Not all is gloomy for bitcoin, however. Amidst all the tension and drama, one must also look at the bright side, which is the reason we’re having this heated debate at all: Bitcoin is growing at an exponential rate.

This is, as Shrem puts it, a “champagne problem,” one that gives us as much to celebrate as it gives us to fight about. 

Bitcoin 2016

“It’s a good problem to have. bitcoin has grown really quickly. We never expected this to happen so quickly, to be honest. We’re getting towards what they call a ‘champagne problem,’ how do you scale?” he said.

This means that not only is bitcoin working as intended, but there is also an urgent need for such a currency in the world. Now, it’s only a matter of making sure that bitcoin can become that currency and still maintain its decentralized and immutable characteristics.

Shrem concluded:

There has always been research and conversations on scaling over the past three years but, to be honest, we didn’t think we’d see this exponential growth in bitcoin and now it’s time to have that conversation.

Do you agree? Is the scaling debate actually about power and control? Share below!

Images courtesy of Shutterstock, alchetron.com, coin.dance

The post Charlie Shrem: ‘It’s Not About The Technology Anymore, It’s About Power’ appeared first on Bitcoinist.com.

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