Cryptionary

Decentralized Application

DApp, Smart Contract

1. concept

A Decentralized Application (DApp) is a software application that runs on a distributed computing system, most commonly a blockchain. Unlike traditional applications, which run on centralized servers, DApps leverage the decentralized and trustless nature of blockchain technology to provide services that do not require a central authority or intermediary.

1.1

For instance, a DApp could be a decentralized exchange (DEX) that allows users to trade cryptocurrencies directly with each other, without the need for an intermediary like a centralized exchange.

2. platform

Ethereum is the most widely used platform for building and deploying DApps. It provides a Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. DApps on Ethereum are often built using smart contracts, self-executing contracts with the terms of the agreement directly written into code.

2.1

CryptoKitties is a popular DApp on Ethereum that allows users to purchase, collect, breed, and sell virtual cats. Each cat is unique and represented as a non-fungible token (NFT) on the Ethereum blockchain.

3. consensus

DApps follow the consensus protocol of the blockchain they are built on. This means that any changes to the state of the DApp, such as transactions or updates, must be agreed upon by the network according to the rules of the consensus protocol.

3.1

In a DApp built on Ethereum, if a user wants to update the state of a smart contract, they must submit a transaction that is then validated and processed by the network. This transaction must be included in a block and confirmed by the network according to Ethereum's Proof of Work consensus protocol.

4. other platforms

While Ethereum is the most popular platform for DApps, there are other blockchain platforms that support DApps, including Binance Smart Chain (BSC), Polkadot, Cardano, and Solana. Each of these platforms has its own unique features and advantages, and the choice of platform can depend on the specific requirements of the DApp.

4.1

PancakeSwap is a DApp built on Binance Smart Chain that provides a decentralized platform for swapping BEP-20 tokens. It is similar to Uniswap on Ethereum, but with lower transaction fees due to BSC's lower gas prices.

* All terms and definitions may update as the Cryptionary improves.

All terms

Bitcoin Cash Bearish Bit Bitconnect Block Block Height Block Reward Blockchain Bitcoin Buy The Dip Bullish Burn Buy High Sell Low Buy Low Sell High CashFusion CashShuffle Circulating Supply Confirmations Consensus Canonical Transaction Ordering Decentralized Application Dead Cat Bounce Death Spiral DeFi Decentralized Exchange Diamond Hands Mining Difficulty Dollar Cost Averaging Double Spend Dump Dust ERC-20 Token ERC-721 Token Ethereum Ethash Ethereum Virtual Machine Cryptocurrency Exchange Faucet Fiat Currency Flippening