Decentralized Applications would change Web Apps

While the tech world is using words to promote Cryptocurrency as Bitcoin, Ether, Cardano, Polkadot, Dogecoin and a whole lot of buzz and excitement laid over with almost overloaded exchanges of Crypto currency at the moment.

India is not far behind in this race of coin exchanges. In house exchanges like WazirX, CoinDCX, Zebpay, CoinSwitch Kuber and UnoCoin have been around now for a while and have been consistently improving on investment platforms for local market allowing customers to join in the network of least as 10 Rupees of base investment.

Big Celebrity tech innovators like Elon Musk with their single tweets made the market capable enough to invite new and old investors to join in the DogeCoin. Meme marketing as usual in a trend used quite a lot recently for marketing.

While the tech progression in the direction of crypto have been good, however the new investors have found mixed impressions of the exchange platforms because of the quick spiked changes in the exchange rate.

These sudden drops in recent times have been due to multiple reason, last major being China's grasp on Cryptocurrency banning of miners.

Cryptocurrency as a tech is absolutely fascinating; however the solution to decentralized applications are still limited. One question stayed in place for long is the energy consumption and its impact on environment and climate change. Lot of new solutions to energy consumption has been met with consensus solution like Proof-of-Authority but has been argued to be a centralized network consisting of authorized users.

Another aspect of Cryptocurrency is the base of this technology which is Blockchain.

Blockchain is the source of truth as a chain which cannot be modified and reinforces facts with consensus over the Blockchain P2P network.

Being able to store or reinforce this truth via consensus allows it to create processes that are decentralized over the network. But, this theory of being online as a node in Bitcoin is still not accepted by lot of people as of now. Certainly, there would be hardware upcoming in the market as soon the network and market grows.

Decentralized Applications (DApps) also are labelled as Web3 is also picking as a standalone technology which is not a cryptocurrency based system but shares base technology of Blockchain.

Presence of lot of Social Media platform, be it Twitter, Instagram, Facebook, Snapchat, WhatsApp and even short video driven content based applications like Tiktok has given platform to creators, create their art, content, share thoughts over Social Media easily. Even Youtube has been experimenting with Youtube Shorts as short videos. So much so, that mixed with targeted marketing now creators could directly get monetary benefit to even pursue this as a viable career option. But still factors defining value of a content are vague; which makes usage of these apps limited to lot of users.

Blockchain in the form of NFT (A Non-Fungible Token) allows any content on the Internet to be monetized in itself and have a value of its own. Changing habits and more young generation being on internet makes it possible to have something to exist as a value on internet; whose impact also has been accelerated by Covid-19 making more activity on internet.

These new tech are upcoming and are quickly being experimented with now.

Facebook's Deim, A blockchain based payment system has already been labelled as a digital currency; with now Pontem network in place to carry out transactions. So now any content could possibly be shared with people would be monetized and direct digital purchases can happen in future.

Recently, Twitter has announced their Social Media network project called 'BlueSky'. Twitter has its own share of controversies to Block or Expand thoughts or Opinions based on its own policies. People with followers also gets paid to make tweets.

Being Decentralized would allow tweets to be available in restricted areas of world even if network is restricted if they are part of blockchain network.

Also, any content now could have a value; only those who want to own or view, pay and get that content data as a value to them.

Tiktok recently integrated Audius as music-streaming platform. So, in turn short videos or funny memes created would have a monetary value which could be possibly purchased or re-sold in the marketplace as a digital content.

Upcoming changes are visible and would hit the internet soon. These changes would make WebApps and developer market change too in terms of skills. Marketing of products could also see this change; as digital marketing could sell or re-sell their ads via platforms.

Most importantly, creators if lost their value on a platform would still be able to hold their work and share it on different platform. This should be the case however, big tech giants might not allow this.

So, if you are a content creator for Tiktok, and its gets a banned in your country, you might not have to cry about it 😀. There is a possibility of open-sourced network to allow platform based transitions like this (looking at you Indian Startups).