Recently, Coinbase announced through tweets that it has stopped NFT transfers from IOS applications, and Apple has blocked the release of its latest application (unless NFT transfers are disabled). With 30% transaction fees, Coinbase clearly doesn't want to be taken advantage of

Image credit: Twitter @CoinbaseWallet

To clarify, first of all, Apple’s system does not support encrypted payments, while Coinbase’s NFT transactions use cryptocurrencies. If Apple supports Coinbase’s NFT transaction function, it will not receive subsequent benefits and data collection, and will control its business Uncertainty arises, because future industry regulation and investment and complaint risks will be borne by Apple. Under uncertain factors and policies, Apple adopts a method of charging high fees to ensure that it maximizes commercial benefits.

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Apple Store Policy on NFTs

Image credit: Apple Developer

"Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided those apps do not contain buttons, external Links or other calls to action that lead customers to purchase mechanisms other than in-app purchases."

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Traditional APP and decentralized DAPP

The traditional APP mainly refers to the software installed on the smart phone, which improves the insufficiency and personalization of the original system. It is the main means to make the mobile phone improve its functions and provide users with a richer experience. The operation of mobile phone software requires a corresponding mobile phone system. Commonly used mobile phone systems in the market: Apple's iOS, Google's Android (Android) system, Huawei's (Hongmeng) system, Symbian platform and Microsoft platform.

Image source: Internet

With the improvement of mobile Internet infrastructure and the stability and speed of the network, the popularity of smartphones has far exceeded that of fixed PCs. People are increasingly relying on mobile app software in communication, social, entertainment and other activities.

DApp is the abbreviation of (Decentralized Application), literally translated into Chinese as a decentralized application, and can also be understood as a distributed application. DApp is based on the blockchain and mainly appears on distributed platforms or networks such as Ethereum and EOS. It does not rely on any central server and achieves the purpose of decentralization.

Different from traditional APPs, DApps emphasize decentralization and must run on distributed operating systems instead of traditional platforms such as iOS and Android. Although it does not rely on any central node, DApp cannot do without smart contracts. It can also be said that relying on the constraints of smart contracts, DApp does not need to obey any centralized server or node to achieve autonomy. In addition, DApp must also be stored securely to ensure privacy.

In layman's terms, DAPP is to the blockchain, just like APP is to IOS and Android. That is: DAPP = front end + smart contract. The front-end can be written in any language, as long as it can fully display the user interface and call the code of the back-end. Here, the smart contract is the bridge connecting the DAPP and the database, which is equivalent to the API connector in the traditional Internet APP

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Advantage:

Advantage:

• The best user experience, convenient interaction design and gorgeous user interface

• Multiple functions and strong performance, whether it is a comprehensive display of brands and products or online transactions, the mobile mall, marketing promotion and interactive communication functions are complete and powerful

• Accurate matching of visits and needs, forming direct and accurate services between users and brands.

• Strong scalability, customization, upgrade, fast docking with third-party software such as ERP, AO, and small programs

• High security, fast update iteration, own technical advantages and team operation, more investment in development speed and security performance to form efficiency

shortcoming:

• The development cycle is long, the cost is high, and a professional team and operation are required

• Active collection of user information and data may easily lead to information leakage and asset loss

• Information asymmetry, users passively accept brand release resources, and the accuracy cannot be determined

• The unequal rights and interests of members and ordinary users make assets and benefits skewed, and too many settings by developers raise the threshold and capital investment

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Advantage:

Advantage:

• DAPP runs on the blockchain network, and through the decentralized operation of network nodes, the stability and security of the network are guaranteed

• Data encryption is stored on the blockchain, and property rights transactions and transfers are carried out on the chain without third-party bearers in the middle

• All data and transaction records on the chain are open and transparent, and everyone can query and track

• The code of DAPP is open source and can be viewed and audited to prevent the possibility of doing evil

• DAPP executes smart contracts, which automatically execute commands on DAPP. The deployment and content of smart contracts are determined and executed through the resolution of the majority to ensure fairness and correctness.

shortcoming:

• The experience is not good, the entry threshold is high, and certain encryption knowledge and wallet address are required

• The transaction speed of the blockchain network cannot be compared with the existing platform applications, resulting in transaction lag, transaction costs increase and the transaction faces the risk of failure

• The immutability of the blockchain also makes it difficult for developers to update and improve the performance of DAPP, and it is difficult to modify if errors are found or attacked.

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After understanding the advantages and disadvantages, what can DAPP be used for?

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1. Decentralized Finance (DeFi)

Traditional finance relies on financial institutions to act as middlemen. With DApps, everyone can use financial services without any central authority and have full control over their assets. DeFi DApps offer instant transaction settlement, virtually no credit checks, and allow digital assets to be used as collateral. Users can have greater flexibility in the DApp lending market.

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2. On-chain games (GameFi)

Unlike traditional video games, in most gaming DApps, players have full control over their in-game assets, as well as the opportunity to monetize these items outside of the game.

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3. Art entertainment (NFT)

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Image credit: Yield

By introducing community-focused decision-making mechanisms, DApps enable users to play a greater role in the governance of online organizations. With the help of smart contracts, users who hold the governance tokens of a specific blockchain project can create proposals for the community to vote on and anonymously vote on other people's proposals.

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5. Knowledge Sharing (Library)

The collection and evil of personal information by traditional websites may cause troubles for creators, uploading and sharing are easily restricted, resource storage is facing loss and the result of closing the network, and the desire for permanent and safe decentralized DAPPs that do not require personal information is growing. Urgently, knowledge sharing needs a decentralized control, freedom and permanent security bearer.

in conclusion

in conclusion

The blockage of Coinbase’s encrypted business also reflects the current plight of DAPP development and application: DAPP does not have a safe and reliable operating system to carry real user download needs, and DAPP currently lacks the development and management talents of the underlying blockchain, resulting in flawed transactions on the chain It has never been cracked, and a large number of service objects are concentrated in Defi and GameFI, which cannot cover the actual needs of the public. The high threshold of experience makes people unable to arouse interest for a while. The profit model on DAPP is mostly speculative commercial actions, which may easily lead to asset instability. Stability, which is easy to create a bad impression of fraud for the following user groups.

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"Statement: According to the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions" issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any business and investment behavior. Readers are requested to strictly abide by the laws of the region Regulations, do not participate in any illegal financial behavior』

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