There is one type of application being discussed throughout the financial market. These applications are not owned by anyone, cannot be shut down and have no downtime. These applications are named DApps (Decentralized Apps).
The advent of blockchain and Bitcoin has caused a major disruption to technology and finance. Bringing a wide range of practical applications and great benefits to humanity such as saving 30% of intermediary costs, increasing bank efficiency up to 8-12% and paving the way for Blockchain and Distributed Applications New birth rights such as Ethereum, Omni, SAFE Network …
What is DApp?
Dapp stands for Decentralized Applications, a new type of blockchain application that is changing the way businesses operate.
It is difficult to summarize DApps by definition with only 1-2 lines, in short, if an application does not meet all of these criteria, then it is not DApp:
- Open source – The source code of the application is available to everyone.
- Decentralization – Using encryption technology like blockchain.
- Bonus – The app has electronic money / digital assets for self-sufficiency
- Algorithm / Protocol – Generate tokens and have consensus in place
Red Box developed through Dapp technology
The Decentralization Dapp is 100% open source, so the Red Box is fully automated, and no organization controls the majority of Red Box tokens.
The decentralized application adjusts protocol to the project to meet the proposed improvements and market feedback, but all changes must be decided by the user’s consent.
An application that helps Red Box generate encrypted tokens. This token is required for accessing the application.
Red Box’s data and operational records are stored encrypted in a public, decentralized blockchain to avoid centralization, easily becoming a weakness.
The token generator application for Red Box follows a standard cryptographic algorithm that serves as proof of the value nodes contributing to the Decentralization Dapp.
Benefits of Dapp
Decentralization Dapp helps Red Box become more efficient for developers and users. Application developers also benefit from an immutable reputation system extended using the protocol.
Red Box will be fully decentralized, creating an important foundation for the development of the project. Once the first step is taken, technical progress can be taken to ensure that these projects are 100% resistant to attack, security, and censorship.
The future of Red Box
What we are going through now is only the beginning of a Decentralized Dapp world that will grow in the future.
Even David Johnston, CEO of the DApp Foundation, predicts this in a speech:
“These decentralized applications will one day surpass the world’s largest software corporations in terms of utilities, user base and network pricing due to their superior incentive structure, flexibility, and transparency. their transparency, resilience and dispersion properties ”.
Thereby, we can see the Red Box has walked extremely properly. The project is expected to create a strong financial community, promising to bring investment methods that bring optimal returns for investors.