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Starting with the definition of the Blockchain — it is sometimes referred to as distributed ledger technology (DLT), which consists of a growing list of records, called blocks on a network, that are securely linked together, unalterable and transparent through the use of cryptographic hashing.
So we can simply define the Blockchain as a shared, immutable ledger used to record various transactions and track assets to build trust.
Since last year, the dapp industry has seen year-over-year growth of over 765%, but despite this surge and growth, the world is yet to see the emergence of hyper-scale, blockchain-based dapps such as an Amazon-like e-commerce website or a decentralized streaming platform with high computing performance to rival Twitch.
If you would like to learn more about exactly what dapps are, you can do so here:
According toDecrypt, about 70% of Ethereum nodes run on centralized services in 2020. dapps often leverage centralized web hosting and cloud providers for their front-end interfaces rather than operating entirely on-chain. This greatly undermines decentralization and makes dapps dependent on cloud corporations, which is completely contrary to the blockchain’s values.
Given social media platforms and digital marketplaces are storage-heavy applications that add a new state to almost every activity, developers creating dapps demand a more efficient approach for on-chain web3 development. On traditional blockchains, network congestion simply causes the network to slow down, resulting in increased transaction costs (aka gas) and delayed block finality.
With all of these challenges, and many more, limiting the future of dapps to small-scale projects or requiring the use of centralized storages, a peculiar layer-1 blockchain known as the Internet computer has been solving this problem with thousands of large-scale dapps already functionally running on their chain, and we’ll be diving deeper into what it is, its major features that…
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