Dapps - Distributed Applications
Applications and functionality that exists entirely as a smart-contract (or group of contracts), on a blockchain are generally referred to as Dapps (Distributed/Decentralized Applications). Some Dapps are simple, and are able to execute one function, while others are more complex and used for various purposes. The U.CASH network is developing and releasing multiple Dapps that will work with, and independently from services accessible from this site.
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What is a Dapp?
A decentralized application (Dapp, dApp or DApp) is an application run by many users on a decentralized network with trustless protocols. They are designed to avoid any single point of failure by operating on a blockchain secured by Proof-of-Work (PoW) or Proof-of-Stake (PoS) mining and are typically immutable and resistant to change in function once deployed.
The definition of a decentralized application is still in development and under debate. The term originates from the Decentralized Application Corporation and decentralized autonomous organizations.
Typical definitions include the following attributes:
The code is open-source and autonomously managed
Records and data are stored using blockchain, providing trustless interaction and avoiding any single point of failure
Use cryptographic tokens as a medium of exchange, to reward users validating transactions, locking value or providing services on the network, etc.
Tokens generated through a cryptographic algorithm
There are three types of decentralized applications:
Type I decentralized applications that have their own block chain, such as Bitcoin.
Type II decentralized applications that use the blockchain of a type I but are protocols and have tokens that are necessary for their function like the Bitcoin Omni Layer or Blockstream Liquid.
Type III decentralized applications that use the protocol of a type II and are additionally protocols that have tokens necessary for their function, such as the SAFE Network that uses the Omni Protocol to issue safecoins.
Decentralized applications may run on top of other cryptographic systems such as Ethereum or EOS. Decentralized applications use Smart Contracts to connect to a blockchain, where the backend of the Dapp runs on a decentralized P2P network.
There are multiple types of dapps
Dapps that function and are operational for a limited time (or until a bounty runs out). These could be bounty smart-contracts, or smart-contracts created on the fly for certain capabilities.
Forever operational dapps are just that, operational forever. That means they will serve some sort of function from the day they are released. These are sometimes deprecated for usage by an upgraded dapp that is later released..
Functionality based dapps provide some capabilities which will be used from time to time for various requirements in the U.CASH network or outside. They are usually not applicable to the every day user.
uCollateral is a dapp that lets people receive bounties for providing UCASH collateral to the smart contract.
The collateral provided will be used as a signal of long-term support for the UCASH ecosystem. 3rd party providers will use this information towards issuance of digital currency liquidity to vetted UCASH converters globally.
ETHxEOS is a protocol to enable cross-chain token swapping between the Ethereum (ETH) and EOS blockchains.
ETH (ERC20) --> ETHxEOS --> EOS (tokens)
The goal of this protocol is to provide a standard for app developers, organizations, and users to move their tokens and apps between chains enabling greater decentralization, redundancy and usage.
The Fiatcoin Converter dapp allows exchanging between different stable coins of the Ethereum (ETH) network.
USDT (ERC20) --> uFIAT --> TUSD
The goal of this dapp is to provide the entire ecosystem including developers, organizations and individuals with the ability to convert between various stable coins in a distributed manner.
Dapps are being developed and released to provide an avenue to decentralize various aspects of the existing financial system.
Dapps for exchange of value and information across various blockchains adds additional decentralization, redundancy and users.
Dapps that incentivize users and organizations globally to participate in growing the ecosystem with various objectives and use cases.
Want to get involved with developing Dapps for the U.CASH network? Check out our Github