£0.00
Decentralized Applications (DApps): Chartering new Avenues
It is evident how much the internet impacts our daily life today. It allows us to buy, sell, send, receive and communicate in milliseconds. Apps like WhatsApp, Facebook, Twitter, and Instagram etc. are all centralized apps with a single entity on the back-end server. But, centralized applications do have a few drawbacks and limitations. They are hack-able, less transparent, limited scalability, single point failure, and lack of bandwidth etc.
These are some reasons why companies are opting for decentralized applications. But what are DApps?
Decentralized Applications (DApps)
DApps are contemporary applications whose evolution is attributed to blockchain technology. Decentralized applications work on P2P networks rather than a single computer. These applications can’t be authorized or controlled by a single user or computer.
But what is their use specifically? Well, to fully understand their role and advantages over centralized software applications, we need to identify the differences between these two.
DApp Criteria
For any application to be labeled ‘decentralized’, it has to meet a set of conditions. For starters, any application will only certify a DApp, if it owns an open source. This means that the application’s source code must be publicly accessible to all. It must use blockchain-like cryptographic solutions. It should also have crypto tokens for sustainability. It must produce tokens along with a unified consensus working mechanism.
However, all DApps, don’t need to necessarily operate on blockchain networks. There are many blockchain apps such as Popcorn Time, Bit Torrent and BitMessage etc. that don’t operate on blockchains but rather, on a P2P network. The key thing to understand here is that blockchain is an unambiguous type of P2P network. We previously established that all decentralized applications must have an open source and be available, they also have an unlimited amount of individuals on both sides of the marketplace.
Decentralized Applications Categories
Whenever people talk about cryptocurrencies, they always inquire what a decentralized application exactly is. DApps are classified into three main categories:
- Type I DApps: Type I DApps have a blockchain their own. Bitcoin is a prime Example of that.
- Type II DApps: These are protocols which need tokens to function. Omni Protocol is one of the most renowned Type II DApp.
- Type III DApps: Type III DApps use protocols of the Type II DApps. SafeCoin uses Type II protocols to issue SafeCoins.
Working Mechanism of Decentralized Applications
The working of decentralized applications relies on the execution of all the requirements that differentiate them from other apps. These are platforms with an open-source software application implemented on decentralized blockchains. For a detailed overview, do give this article about DApps a thorough read.
Final Words
Decentralization has seen a boom in the last few decades. Credited to this flourishing milieu, DApps are a promising technology, one that will surpass many of the world’s most crucial centralized apps. Their network assessment, user base, and potential energy will answer the question of what exactly is a decentralized application.
Amon Bitcoin Debit Card Review
The main problem that cryptocurrencies are facing in the path to be used by the majority as day to day currency is conversion in real time of tokens to normal money. It is a real dream for users to be able to pay with their tokens in daily transactions since it will liquify their token funds and make them more practically usable. Presenting Amon – an AI protocol powered crypto debit card exchange platform that makes all the mentioned before possible.
What tokens does Amon support?
Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, and Lumens are a few of the tokens that the app presents to cardholders. Nevertheless, in the preliminary beta variation that is being tested, users will have the ability to use it for Bitcoin, Litecoin, and Ethereum purchases. It’s essential to keep in mind that Amon’s own coin is called AMN.
AI-powered crypto card
Cardholders will be able to use and instantly transfer their funds in almost all of popular tokens like: BTC, ETH, LTC, BCH, EOS, AMN, and XLM. At the time technology is very new and it is being tested on major tokens like Bitcoin, Litecoin and Ethereum so for test period payment can be made only by those coins. Also it is important to mention that AMN is token created by same company managing Amon Card and industry is waiting to see much more featured coin.
Payments in real time
Real time payment feature makes possible to exchange users coins on best rate since it will instantly update information on coin value and will provide value calculation in real time. So the user who is paying on market with their crypto card may be sure that their exchange rates are converted in their best interest.
The Amon wallet
Amon has it is own crypto wallet, where users can make transactions using Visa or Mastercard since all transactions are secured and hack-proof. Also Amons payments are supported by the cyber security architecture of the SABSA.
What are the fees with Amon?
Amon earns similarly to other platforms and generates profit from commission fees, so their card and delivery is absolutely free for users. And if users will prefer to use AMN coins there are even more bonuses like decreased commission rate also a 0.5% cashback in AMN if monthly spending exceeds 100 coins.
What is Bittrex?
Bittrex is one of the leading cryptocurrency exchanges in the world, and it has a tremendous trading volume.
As of now, Bittrex has the largest 24-hour trading volume right after Bitfinex and Bithumb.
Bittrex is well known for its high level of security. There are several cases where many popular cryptocurrency exchanges were hacked, but the Almighty Bittrex has never suffered such.
That is never a coincidence because ever since Bittrex was launched in 2014, the CEO Bill Shihara has always been keen on creating one of the most secure trading platforms in the world, and that is the main key to the high level of security you find in Bittrex today.
It would interest you to know that Shihara has spent several years in building security for the Blackberry operating system and the Amazon platform, and it would be an understatement to say the CEO himself is well versed in security.
Another thing that distinguishes Bittrex from others is the speed at which verifications and withdrawals can be made. Trade fees are furthermore capped at 0.25%, making it a very affordable option for traders.
Finally, Bittrex also has a huge variety of altcoins and tokens listed on its platform.
How to start trading on Bittrex
Bittrex only accepts Bitcoin or Ether tokens, it doesn’t accept deposits made with fiat money, meaning that you must have some Bitcoin or Ether tokens to get started.
There are some other exchanges that allow for money deposits, so contact them, or better still purchase some BTC tokens using the Local Bitcoin.
Sign up for Bittrex
Upon doing that, you can proceed to the official Bittrex website and create an account with them. The registration process will require your name, email, and enable two-factor authentication. So get prepared.
Verify your identity
The next step after signing up is to verify your identity. You can do this by providing Bittrex with some of your personal details and a copy of your ID.
Why should you verify your account? This is an extra security measure by Bittrex to prevent your account from abuse. Unverified accounts are limited, as they can only withdraw 3 BTC/day, unlike verified accounts that can withdraw 100 BTC/day.
How to deposit money on Bittrex
Making a deposit on Bittrex is quite easy. Just log in to your account click on ‘Wallets’ in the upper right-hand corner, and find the appropriate wallet (ie. BTC or ETH).
Click on the green arrow next to the wallet and generate a new address. Send the coins to the address, and they’ll be credited in a jiffy.
Choosing a market on Bittrex
Since you now have an account and tokens to trade with, choosing a market is the next thing.
You have three markets to choose from, and they include Bitcoin, Ethereum, and USDT. Go to the Bitcoin market if you deposited Bitcoin.
Creating orders on Bittrex
Finished choosing a market? It’s time to place an order! You have a variety of options to make, such as the number of units (tokens) you want to buy, the price you intend paying per unit, and whether or not you want to create a Limit or Conditional order.
With limited orders, you will only buy the selected token if it’s equal to or lower than the price you intended paying for it.
Conditional orders are specifically designed for more advanced users and are only integrated into the order book once certain conditions are met.
Happy trading!
Platform Review – Bits Blockchain
Bits Blockchain – Despite being very new exchange platform that was founded in 2017, Chinese Bits Blockchain attracted big user base all over the globe providing trade and transaction services. Also even if it is Chine based platform it welcomes all investors including investors from United States, so it may become you final destination if you are searching for platform to trade.
What is Bits Blockchain?
Platform is founded not in mainland China but in Macau where regulations differ, so it allows to platform to grow fast an enter top 30 exchange platforms on daily trading volume in such short time. It gained its users by accepting both coin and normal money trade, platform accepts USD and EUR making it much easier for people who are just starting trading.
What can you trade on Bits Blockchain?
Platform has its own token called ATM Coin, this token was created by managing company of Bits Blockchain. The estimated overall cash value of ATM will reach 2.3 billion USD if prices of tokens will rise to the 10 USD limit. Except its own token, platform also allows trading of many popular coins like Bitcoin and Ethereum and some altcoins like Ripple, Litecoin and Dogecoin.
How safe is Bits Blockchain?
Security is always the main point when subject is money transactions and even most advanced cryptocurrency platforms can nit guaranty you funds will be secure due to rising hacker attacks. So safety of users wallet is always up to them, users should consider to take all necessary steps to secure their accounts and play by rules of their exchange platforms. To create account on Bits Blockchain only email is needed however platform provides three step validation, which makes it more safer tham any two step verified platforms. Exchange platform provides a cryptowallet service so it is in users interest to use those multistep authentications.Bits Blockchain uses SSL approved website and its security rated by Mozila as D- which is average among exchanges and enough to be considered trustworthy, reliable and dependable.
What are the fees on Bits Blockchain?
As always in choosing trading platform to sell or buy cryptocurrencies the commission fees are one of the most important criteria to think about. The trade commission is charged on both seller and buyer on same rate of 0.5%, it involves both coin to coin and coin to money trade. Users of this platform should considers its benefits and compare it with other platforms since charges are higher that market average of 0.25%. On the other hand Bits Blockchain offers much attractive withdrawal rates of 0.005 ETH, 0.004 BTC, 1 percent ATMC and it is considered lower that market average and makes platform better compared to other exchanges.
How safe is Bits Blockchain?
TSecurity is always the main point when subject is money transactions and even most advanced cryptocurrency platforms can nit guaranty you funds will be secure due to rising hacker attacks. So safety of users wallet is always up to them, users should consider to take all necessary steps to secure their accounts and play by rules of their exchange platforms. To create account on Bits Blockchain only email is needed however platform provides three step validation, which makes it more safer tham any two step verified platforms. Exchange platform provides a cryptowallet service so it is in users interest to use those multistep authentications.Bits Blockchain uses SSL approved website and its security rated by Mozila as D- which is average among exchanges and enough to be considered trustworthy, reliable and dependable.