• Latest
inside the blockchain developers’ mind: how to build the next big social dapp

Inside the blockchain developers’ mind: How to build the next big social DApp

Januar 30, 2022
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Ethereum

Inside the blockchain developers’ mind: How to build the next big social DApp

coinnewsdaily by coinnewsdaily
Januar 30, 2022
in Ethereum, Tech
0
inside the blockchain developers’ mind: how to build the next big social dapp
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

People use social apps all the time, but even though there is a lot of talk about „next-generation“ blockchains, none of those social apps are decentralized.
Let’s look at two blockchains as examples: Ethereum and Steem.

Ethereum has more developers than any other general-purpose blockchain, but none of them have been able to make a social app that people use.
When Steem was popular, it was one of the most popular blockchains in the world. This made it one of the most popular social DApps in the world, with a market value of about $2 billion.

Related articles

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Mai 25, 2022
Central African Republic to launch official crypto hub ‘Sango’

Central African Republic to launch official crypto hub ‘Sango’

Mai 24, 2022
all-time high

Steem was able to grow very quickly and get a lot of people to use it, but it didn’t get the same level of support from developers as Ethereum did, and so it didn’t live up to its potential.
A lesson about making both DApps and blockchains can be learned from this.

Ethereum: A general purpose blockchain

If you wanted to make a new DApp without having to change the code of an existing blockchain like Bitcoin, you could only use Ethereum, which is a new blockchain.

If someone wanted to build a blockchain for an application, like a social network, they didn’t have to start from scratch. They could just write the code they needed, then put that code into a „smart contract,“ which is a type of „blockchain.““
This would let the developer take advantage of all the hard work that has already been done by the Ethereum blockchain developers and work on their own application.

applications

Making it possible for developers to upload code to the blockchain opened up a world of possibilities, including the possibility of uploading code that eats up all the network resources and makes it useless.
Some kind of limit had to be put on this „limitlessness.“
Vitalik Buterin came up with „gas,“ which is a way to charge a fee to run code on a blockchain that isn’t controlled by anyone (Ethereum).

Blockchain fees

For a decade, the fee-based design of Ethereum was a great idea. Most general-purpose blockchains for the next decade used some kind of gas, and almost all of them used some kind of gas.

The best thing about Ethereum is that it gave programmers access to a „Turing complete“ programming language that can be used to write anything.
The great thing about gas is that it put a limit on what developers could do with that language.
Because there is a big difference between unlimited and limited, there haven’t been many popular social DApps on Ethereum yet.

Fee-less blockchains

The people who made Steem took a very different approach than the people who made Ethereum.
They built a very simple blockchain called Graphene that they could easily turn into a specific social blockchain (an „application-specific blockchain“), which is what they did.

In addition to social features, the Steem developers tried out a way to control network use that was very different from gas.
It was free.

When Steem first came out, many people thought it was a scam because it didn’t charge for „bandwidth.“
They thought that because Bitcoin and Ethereum charged fees, a blockchain without fees was going to fail.

Because of social features and letting people trade for free, Steem quickly became one of the most valuable blockchains in the world, as well as the most popular one in the world…
But, in the end, it didn’t really compete with Ethereum.

Smart contracts rule

To many people’s surprise, the reason why Steem was never able to compete with Ethereum was not because of its fee-free model, which the core developers kept improving over the years and which is still in use to this day.

A simple reason why Steem didn’t beat Ethereum: Graphene didn’t have smart contracts.
Graphene made it easier to start blockchains with certain features, but it was not easy to change or add new features. Ethereum, on the other hand, allows any developer to upload any code they want, whenever they want.

From this point of view, the answer is clear.
If we could combine the fee-free system developed for Steem with the flexibility of a blockchain with smart contracts like Ethereum, we could give developers the best of both worlds. They could make free apps that they can add new features to whenever they want.
Right?

 

Tags: all-time highapplicationsBitcoinBlockchainblockchain technologyBlockchainsButerinCEOCointelegraphcontractsDappDecentralizationDeFiEthereumEveryfeegasGeneralinInvestmentLotmainnetmodelnetworkNotOtherpossibilitiesSaidScamsocial networkTeamTechnologythe WorldTradingUseVVitalik ButerinWhatYouTube
Share76Tweet47
Previous Post

Cyber vigilante hunts down DeFi scammers running away with $25M rug pull

Next Post

Clever NFT traders exploit crypto’s unregulated landscape by wash trading on LooksRare

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable
Tech

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Mai 25, 2022
Central African Republic to launch official crypto hub ‘Sango’
Tech

Central African Republic to launch official crypto hub ‘Sango’

Mai 24, 2022
Top 3 cryptocurrencies that are faring the best in the 2022 bear market
Alt Coin

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

Mai 24, 2022
Core Ethereum developer details changes to expect after the Merge
Ethereum

Core Ethereum developer details changes to expect after the Merge

Mai 24, 2022
South Korean police request exchanges freeze LFG related funds
Tech

South Korean police request exchanges freeze LFG related funds

Mai 24, 2022
fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher
Ethereum

fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

Mai 23, 2022
Load More
Next Post
clever nft traders exploit crypto’s unregulated landscape by wash trading on looksrare

Clever NFT traders exploit crypto’s unregulated landscape by wash trading on LooksRare

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev