Juniper Research Sees Significant Expansion Of Blockchain Technology-based Dapps Deployment
The United Kingdom-based Juniper Research thinks that there would be a significant expansion in the blockchain technology-based dapps deployment in the upcoming year. The forecasting head, Windsor Holden, thinks that before the current year ends, users of regular Android and iPhone could download a dapp on their smartphone. This would deal with not only identity verification but also track the provenance or food of the product during the supply chain. The new age technology is touted as the most disruptive one in the current decade after iPhone about a decade ago.
The forecasting head indicated that there would not be much of a difference between the existing and the planned app ecosystem. Also, the consumer is not likely to see anything of the blockchain at all. For the consumers, it would be one more app. The research comes in the wake of diverse opinion about how the blockchain technology would move forward or where the technology is heading. In Telegram and Reddit, there were debates on the technology and the future of it.
Though over 1,500 dapps were created on the network of ethereum, the use case is limited for most of them. Currently, there are five most popular dapps. This included CryptoKitties, ForkDelta, and Idex and all of them are focused towards digital coin trading. Without the open software platform, ethereum, dapps would not exist as developers create them on its platform only. As a result, the second biggest digital coin is termed as a decentralized computer much like bitcoin being represented as a decentralized bank, Forbes reported.
Holden disclosed that CryptoKitties enable the user not only to collect but also breed digital cats. As a result, some of them have gone for even $100,000. Other than the asset-trading subject, blockchain is also used for few other games like Twitter clone known as Peepeth. He indicated that user could use Peepeth service only if they have some amount of Ether to pay up nominal token fractions for every peep.
This apart, users should also be required to use a plugin such as Cipher or Toshi or Metamask to gain access to dapps from the browser. Significantly, the layout of Peepeth is much like that of Twitter, and only the logo differs. Currently, there are 1,600 users for Peepeth and its creator Bevan Barton indicated that native mobile apps would be launched soon.
Challenges for Dapps
Barton said, “It will be as accessible to mainstream users as Web 2.0 services in the coming months. The goal is to completely abstract the blockchain, so users are just dealing with another app.”
As far as the challenges for dapps, there is a restricted number of transactions per second with the existing underlying network. The biggest challenge is to figure out as to how to take the blockchain technology ahead to ensure that millions of people use it. There is also a threat of compromising the principles of decentralization when attempts are made to scale the technology. There is also the possibility that giants could hijack any interesting project much like what happened on the internet where Google, Facebook, and Amazon have hijacked key business part.