What is DApp?
DApp is a blockchain-based decentralized application. Unlike traditional applications based on iOS or Andoid, DApp connects users directly with developers without requiring a middleman to operate and manage the code or user data. Building a DApp does require permission. Once developed, no organization can change the preset platform rules, and all participating users’ actions are made public and transparent, ensuring the fairness of the application. Decentralized applications are being used more and more broadly in the blockchain world. Games such as Crypto Kitty and Fomo3D are all DApps that were once popular.
The blockchain infrastructure of Ethereum and EOS support the execution and interaction with smart contracts through EVM module, allowing blockchain application developers to develop directly on the Ethereum platform. That’s why it is also known as smart contract platform. Although YOYOW does not have EVM modules, you can develop some interesting DApps as well, because of the design of Graphene infrastructure. Now let’s briefly talk about it.
DApps on YOYOW
1.The Memo feature enables amazing DApps.
The underlying blockchain infrastructure of Graphene allows memos to be attached to the transactions. How to understand this? Detail oriented users may find that when you make a deposit on the exchange, for BTC and ETH, the exchange would give you an address. That address is for a specific user, and each user’s deposit address is different. However for Graphene projects such as YOYOW or EOS, the exchange provides a same deposit account number for everyone. How do they know which user made the deposit? Well, the exchange would give each person a different number and asks them to indicate this number in the memo so that they can differentiate. Actually, YOYOW can do some interesting things with this memo feature.
Private Chatting
In the settings of the YOYOW blockchain, memos are not made public. Basically, only the transaction records can be found on the YOYOW blockchain explorer, but the memo information is hidden. This means only the two people involved in the transaction can see the messages, and therefore YOYOW can have a private chatting feature. This allows everyone to speak freely on the YOYOW network without being monitored.
Private Storage
Private storage feature can also be achieved based on the memo feature. For instance, you can make a transfer to yourself and include the information you would like to store in the memo. That information would be stored in the YOYOW network forever, and the transaction storing the information can be easily searched on the blockchain explorer.
Password Tool
The memo feature can be a password management tool. You can store all your other passwords by using the memo feature, and all you need to remember is the private key of your YOYOW account. Also, because the YOYOW network is decentralized, you don’t need to worry about the safety of your password. How convenient!
2.DApps Related to Issuing Digital Assets
The release of YOYOW “FanXing” enabled the token issuance related features. It included token creation, token issuance, token transfer, transaction details and token destruction, etc. Not only this, YOYOW also came up with features such as token lock-up, dividend and token ratio exchange. Token lock-up feature is a tool used when issuing assets, locking up a certain percentage of token, and released when certain conditions are met. Based on the lock-up feature, YOYOW has also developed a dividend feature, used for rewarding dividends to people with contribution. Besides this, the YOYOW network will develop a token ratio exchange feature in order to increase the liquidity for assets issued on YOYOW. For example, if Alice issued a token named DPOS and Bob issued a token named Graphene, and if they are both willing to trade with each other, then they can exchange their tokens based on a certain ratio.
3.Putting Content on the Blockchain
For YOYOW, putting content on the blockchain is something we can do and must do. The temper-proof nature of blockchain has an advantage on copyright protection. Besides, YOYOW positions itself in the content sector, which makes this feature extremely important to YOYOW. What needs to be clarified is that putting content on the blockchain does not mean putting the original content on the blockchain, but after hashing the content, the hash value is put on the blockchain. Steem, a project developed by BM, is similar to YOYOW, but it puts all the content on the blockchain after hashing. YOYOW is different from Steem. In order to ensure regulatory compliance and quality of the content, YOYOW lets each platform decide whether or not to put their content on the blockchain after filtering.
Telegram (English): https://t.me/HelloYOYOW
Telegram (中文): https://t.me/YOYOWChinese
Twitter: https://twitter.com/InfoYoyow
YOYOW Official Website: https://yoyow.org/en.html