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Blockchain, cryptocurrency, and DApp development are still the main attention-grabbers for startup and business owners around the world. Even though cryptocurrency is only a blockchain’s byproduct, it is still the leading object of interest among investors and those who want to become one in the near future.
If you haven’t heard about blockchain, DeFi, and cryptocurrencies like Bitcoin, it can be fairly considered a miracle because they seem to be everywhere on the news these days. However, if you do know about them and wonder how to develop DApps and turn them into your own source of income, you may find this article useful and informative.
Very likely, you’ve heard about DApp once or twice at best. But what if we tell you that you’ve somehow dealt with a DApp for a while without even knowing it. How come? Well, Bitcoin is the very first DApp (decentralized application), and you hear about this cryptocurrency a lot.
In case you’re wondering how to make a DApp, OpenGeeksLab will give you basic yet extensive information on building one. Additionally, we’ll show you areas where these applications are best to apply and how to monetize them.
Being a company providing DApp development services, we want to take the liberty of educating you on this fascinating area with great business potential.
DApp development is a relatively young IT area and we have a great chance to witness its growth and transformations, and actively participate in this process. In a nutshell, a decentralized app is similar to the ones you use on your computer, tablet, or smartphone. The only difference is that a regular app is centralized and runs on one single computer, whereas DApp is decentralized, which means it runs on a P2P blockchain network. If you want to decentralize something, it has to be built using blockchain technology.
A blockchain is basically a public distributed ledger of information with all crucial data stored as databases. The distributed ledger mentioned above is layered by cryptographic protection, making data end-to-end encrypted. Unlike regular apps, DApps are built on Ethereum’s blockchain, which makes them superior to the rest.
DApp’s front-end (client-side) code can be written in any programming language, making its back-end (server-side) code run on a P2P network like Ethereum. This network is blockchain-powered; thus, you can use it to build a DApp for your business needs.
Developing DApps has so many benefits to offer. Here are the main advantages and characteristics:
Now you know a bit more about DApp and its benefits; thus, it’s about time to find out how decentralized applications function.
DApps function similarly to regular websites, web, mobile, and desktop apps. The only yet crucial difference between them is hosting, which is hidden from the user’s eye. While regular applications and websites are hosted on cloud-based or local servers, decentralized apps run on a public blockchain, which is a network node. A network node is the connection point that allows switches, routers, together with other network devices to send and receive data between them.
To create a DApp, you need to understand how a blockchain works. A blockchain typically maintains a data-recording open ledger, and comparable or identical copies are managed within the network of nodes. These nodes are computers that run on your software to play the role of compatible nodes. As we know, a blockchain is an identical ledger, so every network node has an infinite number of ledger copies across every network node. The combination of these specific components and processes makes the network immutable.
If there is a compatibility shortage on one ledger, the system will cancel that ledger. This would increase security by reducing the possibility of hacking. All the safety DApp development offers make it highly attractive for a wide range of digital business products. Blockchain mining is executed by the miners who verify the transaction and transmit it to the network to secure it. Mining takes tons of computational and algorithmic work; hence, users reward DApp developers with tokens.
For this reason, users need to have a wallet with blockchain tokens for their DApps. Most DApps are created using the Ethereum blockchain, which makes having ETH tokens a must for users.
The DApp market is in its relative infancy. However, it already has the potential to grow large in the global economy. The popularity is raging bringing in more DApp development services, extending the variety of use cases of decentralized applications.
Here are the promising areas where DApp plays a crucial role in product functioning. These examples may give you an idea of the working DApps models and tokens:
Ethereum DApps are used in almost every popular sector for a valid reason, and if you’re wondering how to make a DApp that brings money, the next section has the information you may find interesting.
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Making money is the natural step when it comes to building DApps. Decentralized app development has so much potential for business establishment.
Now, let’s explore a few ways to monetize your DApp:
Backing DApps with tokens and putting them up for public sale is a must-have for making a profit from it. DApp developers put it on sale whilst crowdfunding. This means that the token holders will profit from your token. Non-fungible tokens perfectly illustrate how it all works.
Another example is the technology company Biconomy, which in 2021 managed to raise $9 million in a private funding round led by DACM and Mechanism Capital (as of today, they say, this platform has raised over $10.5 million). Big brands like Coinbase actively participated in this funding event. However, when jumping into DApp development, you should think through your token’s core functionality before starting crowd sales.
A common way to monetize DApps is by charging transaction fees. This method showed its efficiency for decentralized applications like CryptoKitties. This platform charges players 3.75% as a transaction fee to the game publisher.
This one is a great illustrative example of how you can monetize Ethereum DApps:
A purchases something from B using your service (let’s say, a marketplace).
C% of that amount goes to a service owner (you).
Thus, a seller (B) receives 100-C%.
Make sure you charge users a fair fee in your DApp project; otherwise, someone may plagiarize one of your DApp smart contracts for broadcasting its version with significantly lower fees, or even zero fees.
Traditional apps commonly use freemium models for their product monetization. Freemium means that basic functionality is free but if consumers want to get access to additional as well as advanced features – they’ll have to pay for it. This monetization model can be financially beneficial for any gaming DApp project.
Let’s say that in your DApp game, players have to get some coins, or some good wins, to move to the next level that each time it gets harder. Encourage users to make a purchase by offering them immediate successful task completion instead of spending hours or even days on getting the same result for free. This way, your DApp game users can choose one of two options – free but challenging vs chargeable yet easy.
One of the biggest advantages of custom DApp development is the possibility to monetize your product with a membership program or premium subscription. The idea is similar to the freemium model, except users are charged for having your DApp’s entire functionality on a weekly, monthly, or annual basis.
This monetization model is less popular within the context of building DApps to make money. However, its popularity and efficiency in traditional apps showcases that you should not underestimate in-app advertising. There are so many ad strategies to choose from or come up with an entirely new one. We suggest looking into it at least as an additional way to make money with no effort.
Adding a donation button in your DApp design is also a good option if you consider alternative monetization opportunities or your app’s functionality doesn’t allow you to implement them for some reason. If you know how to build a DApp that is interesting and unique, and especially if it serves a good cause, users will gladly donate their money so that your product can remain on the market as well as get regularly updated.
As you can see, there are many ways to monetize your custom DApp. Of course, making money is of top priority when building a DApp, so let’s move on to the next chapter and find out what you need to create a successful one.
There are various opportunities in the field of blockchain for business. DApps are solutions for digital products with advanced security, transparency, and efficiency. In case you’re wondering how to build a DApp with as few challenges as possible, the steps below will give you a better view of the process.
So, what exactly do you and your team should know to develop a DApp yet avoiding unnecessary efforts?
Before starting your DApp development process, you need to identify problems and challenges. Decide whether you want to replace your application’s centralization as well as third-party dependencies and start over with distributed ledgers.
Whatever the case may be, the first step in DApps creation is to identify the issue and determine whether this application will be able to address it or not.
In case you’re looking for investments, the next step will be defending and validating a DApp’s idea to demonstrate its business potential for getting enough money for your DApp development process. For example, before launching a new concept or product, businesses need to do extensive research and testing that would reveal all crucial weak sides of the future product. After these bottlenecks are highlighted and removed, stakeholders can be confident that their project won’t turn into a failure.
Analyzing and testing your decentralized app business and functional potential is a critical part of blockchain-based DApp development.
Once you finish working on the proof of concept (POC), it’s time to find your perfect DApp development distributed ledger; this is the next stage in achieving your targets. It would be great to make a list of your requirements and search out a blockchain that meets them.
Every blockchain has its specific advantages as well as limitations. Ethereum blockchain is considered the top choice for the DApp development process. In case of using this particular blockchain, users need to buy DApp’s native token to interact with the DApp.
After the DApp development stage is completed, your tech team needs to do the final product testing and check even the minor parts of your DApp on all kinds of bugs, inconsistencies, and other flaws. Only after your tech specialists confirm that the app’s functionality is 100% flawless, your custom decentralized app is ready for launching and entering the market.
If you’re new to the DApp development field, it would save you tons of time, money, and other crucial resources to reach out to the trusted DApp development company and delegate building the entire product.
In addition to discovering how to make a DApp, you need to learn more about tokens because they play a significant part in the DApp creation process.
For example, if DApp developers want to try and build an Ethereum-based app, they will need some of its cryptocurrency called ETH. This platform is the most prominent blockchain for DApp creation. DApps use tokens, and these tokens follow different standards, with the ERC20 standard being the most notable one.
As we mentioned earlier in this article, cryptocurrencies are also DApps. This means, their tokens are generated on Ethereum’s blockchain. If you want to become a DApp owner, it is important for you to learn about tokens and the cost of their creation.
Ethereum tokens can be fairly considered the most fundamental and powerful part of the Ethereum decentralized network. ERC20 is only one of the different token standards.
ERC20 is a standard digital token used for creating various smart contracts and Ethereum’s blockchain-based crypto tokens. The name ERC20 stands for Ethereum Request for Comments, and 20 represents an allotted standard. ERC20 tokens are fungible tokens that can change. They can represent anything from crypto tokens to games, and they have endless use cases.
The cost of token development is not that easy to calculate precisely, because its price always depends on many factors. This can be:
These are the main factors that constitute ERC20 token development cost. When it comes to your custom token creation total cost, only a DApp development company can give you a clear answer. You only need to give them your requirements, some additional information on the future project, and wait for a few days until they do all the calculations.
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Let’s take a closer look at a few decentralized app development cost factors.
These are the key factors defining your DApp development cost. However, when you start collaborating with a professional development team, they will offer you the best option available.
The main reason to choose a DApp over a traditional application is its enhanced security solutions.
The Harris Poll surveyed 2,066 U.S. adults on behalf of CSI on June 10-14, 2021. The results showed that 85 percent of respondents were concerned about cybersecurity as it directly pertains to their personal data. Their previous similar analysis revealed that 92 percent of respondents expressed the very same concerns. Thus, it fully explains why DApps development that guarantees data and transactions security for DApp owners and users is an on-demand trend.
The OpenGeeksLab team has a proven track record in creating custom DApps from scratch for various industries. For over six years, we actively create high-quality custom solutions for startups and businesses of all sizes in EdTech, transportation and logistics, entertainment, media, healthcare, and many other fields.
If you’re looking for reliable DApp development experts who care about their own work quality and client’s business wellbeing, then you’ve opened the right article and came to the right DApp development company. Just reach out to us and tell us your requirements so that we can help you turn your idea into a successful business reality. We encourage you to benefit from all our blockchain expertise and skills.
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