DApps

Before going into this topic fully, please note that thanks to advances in technology, applications that many of us use every day have been developed, such as Facebook, Twitter, and Instagram for example. These social networks are centralized applications, because they are not autonomous, that is, they depend on a central entity that controls information and has access to it, which means that somehow we have no privacy in the data stored on them. They are also managed by an administrator who can change this data.

However, there are other apps which are decentralized, which means they work independently, there is no central entity that controls them and they are closely related to blockchain technology, these are dApps.

DApps are advanced programs anchored to blockchain technology that enables transactions under a P2P, (peer-to-peer) system. This operation is transparent because it uses open source where the user has access to the data but it cannot be manipulated. They are secure because they have encryption that protects them from the risk of manipulation.

Every user can participate actively, because the information does not depend on any single authority or institution.

Safe because it guarantees data cannot be manipulated.

Transactions are executed in full transparency, the user has access to view this information. They work through smart contracts, the information of which is in the public domain.

The users themselves control their accounts and assets.

DApps work using smart contracts and P2P premise. Smart contracts work as a kind of accounting book, where every transaction that has been made is recorded. It does not require human intervention as registration is done automatically and digitally.

The fact that dApps don't require human assistance reduces operating costs because they don't require a number of people to perform transactions, and not only that, they avoid red tape that includes a lot of steps that make the process late.

With the use of dApps in blockchain technology, these operations are carried out online, which helps to send and receive money as quickly as possible, without wasting time, based on transparency and security.

Although operating fees are generated based on the type of dApps and cryptocurrencies used, they are always more profitable than centralized applications working through conventional contracts.

• As a simple example of how it works, the process of using a smart contract consists of once we send money via dApps along with blockchain technology, the transaction is validated Thanks to the use of blockchain system and then, it is registered in the accounting ledger , in this particular case study, smart contracts.

• With a fast completion process it doesn't take a long time, we only wait approximately two minutes and the whole process is complete.

• Using P2P, users can make transactions between them, using dApps in blockchain system. This mode of operation has the advantage of being unscathed in terms of operating delays when managed by a single authority, in addition to the relatively high cost of operating costs, something that is often the case in centralized applications.