Decentralized applications, referred to as dApps, are emerging as an appealing alternative to traditional social media platforms for developers and influencers alike. A dApp is an application that runs on a network of nodes (computers) that are powered by a decentralized blockchain database, instead of by a conventional central database.
For developers, dApps offer many advantages. No permission is necessary to build a dApp, and there is no central entity, person or group of persons that can alter the rules of the program. Changes to the dApp must be approved by a consensus of users in the decentralized database. DApps differ from applications built on traditional platforms like android and iOS in that they connect users and developers directly. There is no intermediary hosting or managing of the code and user data.
The transparency that makes dApps such a boon for developers offers similar benefits to content creators. There is safety in numbers, and the requirement of consensus approval that makes the blockchain such a democratic environment provides security to creators by removing much of the danger of hacking, identity theft and other types of fraud.
DApps are a groundbreaking technology that allow the social media influencers who use them and the developers who create them to have more control over their own creations. Ahead is a crash course on dApps and some insights about what else they can do for you and your business.
DApps Made Simple
DApps are open-sourced applications that run on top of a decentralized blockchain technology, Ethereum being the most noteworthy. Because they are stored on a decentralized database, dApps allow for far greater transparency in transactions than conventional applications. They are fairly new on the scene and still evolving, but they usually meet the following standards:
- They are open source, so they are autonomously governed, and all changes must be decided by all users in the decentralized database.
- Transactions are stored on an immutable, decentralized public blockchain.
- DApps award cryptographic tokens to incentivize validators of the blockchain.
- Tokens are created by cryptographic algorithms, for example, a Proof of Work (PoW).
How DApps Can Make Your Online Life Easier
Originally, the idea behind the development of blockchain technology and decentralized applications was to provide a democratic and collaborative environment for conducting business and exchanging information. DApps can help social media influencers with this by providing an ecosystem that allows more direct contact between fans and influencers, influencer networks, and social media platforms.
Influencers are largely focused on creating content for their fans, leaving them with few resources to devote to meaningfully expanding and maintaining these connections. Blockchain technology enables influencers to partner with developers and form mutually beneficial alliances through the creation of dedicated apps, enhancing interactions between content creators and their fans.
In addition to nurturing connections, it is important to consider the fact that content creators need to generate income. In a conventional environment, influencers are confined to the use of traditional apps like Twitter or Instagram to connect with their followers. Sponsored content is a means for creating income that many social media influencers have turned to, however this approach often makes content—and the influencer posting it—seem inauthentic, frustrating fans and causing them to disengage. Specialized dApps that are tailored to the specific requirements of each influencer eliminate the need to use sponsored content for income by cutting out intermediaries like selling platforms, so that influencers can connect firsthand with their communities. Profits can then go right into the hands of content creators and developers. Both influencers and developers benefit from this system since they partner directly with each other. Influencers don’t need to fund the development of the dApp up front and developers can be paid per blockchain transaction for the life of the dApp.
DApps That Let You Be You
DApps afford a transparency that allows content creators to offer performance-based services to fans, such as private coaching sessions or one-on-one classes. Smart contracts make it possible to enter into these kinds of agreements with infinitely more trust and safety than in a traditional social media environment, giving influencers more freedom to monetize their talents. They can establish their own online shops, where they can sell products from brands that they have partnered with, as well as personalized services. A dependable ecosystem like this one also creates more opportunities to establish solid relationships with companies, which then opens up more avenues for influencers to create income.
There are a myriad of early innovators that are adding valuable options for businesses and individuals throughout various industries. BOOSTO.io is a marketplace for dApps that empowers influencers to create their own online “store” filled with dedicated dApps that suit their unique needs as creators, enabling them to interact with followers in more meaningful ways. Hosho helps dApp users implementing multiple smart contracts to streamline and stay secure through a robust auditing process, and companies like Fueled are solely dedicated to helping businesses build the perfect dApp.
Offerings like these transfer power away from conventional social media platforms and digital distribution services and into the hands of content creators, which is more beneficial for content creators, developers, and their communities.