DAPP is a decentralized application running on the backend code of peer-to-peer network where this application is deployed. Often DAPP can have its own written interface, but all the functionality and capabilities of the application are based on the capabilities of the peer-to-peer network. The main feature of this type of application is the lack of a central server, due to which users and applications interact directly.
Why are such applications needed, and who uses them? First of all, this is a great opportunity for developers who want to make a truly decentralized project, but do not have the time and money to develop their own blockchain. It's no secret that the difficulty in creating your own blockchain project is quite high, especially when it comes to a fully functioning network without serious vulnerabilities.
The main advantages of such applications:
- Payment processing does not require a third-party financial operator. In a decentralized network, transactions between users are performed directly and in cryptocurrency.
- There is no need for registration or subscription due to the use of public and private keys for accessing data.
- Open source and public registry make sure the platform is transparent and easy to use.
What is the problem of decentralized applications? Modern DAPPs are often built on the Ethereum platform. The situation with the blockchain game Crypto Kitties, when the transaction fee reached $ 20 with a huge load on the network, became a signal that the Ethereum blockchain could not cope with millions of DAPP users. And although the developers from the team of Vitalik Buterin claim that they are working on the scalability problem in the network of their cryptocurrency, this problem remains common for the entire industry.
It turns out that the ecosystems for launching DAPP faced one common problem - the lack of scalability and the growth of fees. In the case of Bitcoin, this is even more serious, since the developers of the cryptocurrency had a limit on the size of one block - 1 megabyte. And, over time, the creation of each new block becomes more and more laborious and costly. An additional security risk is the possibility of “51% Attacks”, when more than 51 percent of the hashrate will be in the hands of one person or organization, with the further possibility of changing or deleting transactions. Another problem with decentralized platforms is poor DEX compatibility.
The only alternative to the classic DAPP, built on Ethereum or Bitcoin blockchain, can be a unique blockchain, devoid of childhood diseases of the first crypto on the same network, without compromising transaction processing speed. One of these is the project — Libonomy, whose main advantage is the integration of artificial intelligence into the work of the blockchain.
Libonomy developers initially set themselves the task of creating a fully decentralized blockchain platform, with high TPS and low commission, which will not be constantly increasing. The uniqueness of the platform is to increase the size of the network without slowing down its operation. This opportunity is realized through the use of computing power of nodes in the network. Accordingly, the addition of more powerful nodes increases the overall TPS.
An even more important feature is the working AI, which can select currencies, and capable of supporting the work of thousands of applications and millions of users and adjust the ideal block size at a particular time. And although the base speed is 6000 TPS, the combination of the solutions described above can significantly increase the throughput rate. From this we can conclude that a scalable network, which is able to change the block size and increase its throughput depending on the load, is devoid of at least two serious drawbacks: the growth of fees and problems with the speed of payment processing. Another significant advantage of Libonomy platform can be considered interoperability – other blockchains will be interlinked with Libonomy allowing free communication between them.
Libonomy also differs by the principles of consensus algorithm in the network, which is error-free as it uses an AI engine. AI will be able to analyze and provide information if any of the nodes are not working correctly. As for security, the developers have created an Exploit Finding pool, which constantly attacks the network in search of vulnerabilities. The algorithm is self-learning, and each of its next attacks is more serious and thoughtful than the previous one. Thanks to such a unique network testing system, Libonomy will be ready for all kinds of attacks before they even happen.
A decentralized, safe and well-designed platform for creating DAPPs, which is constantly being improved and remains relevant, thanks to the work of artificial intelligence - this is how Libonomy can be described. Fredrik Johansson, the idea author of Libonomy, and his co-founders Richard Haverinen and Therese Berglund are very proud of what they have achieved so far, but want to highlight that decentralized applications are just a part of the whole Libonomy platform - there is much more to come.
Blockchain industry never stands still, new projects have been addressing the problems of their predecessors for many years.Perhaps the Libonomy blockchain ecosystem will be able to become the first of its kind full-fledged DAPP platform, which will be ready for the appointment - to work with tens of thousands of applications and millions of users.