How to launch a dApp?
Whether you want to build a marketplace, a wallet, or a crypto exchange, most of the web3 products are dApps. A decentralized app is an autonomous application running on a blockchain, built on 4 main characteristics.
First, dApps are fully decentralized: any record is stored on a blockchain to ensure no central authority can control it. Mobula’s entire aggregator process is fully decentralized, from data collection (directly integrated on-chain) to emission (similarly integrated on-chain via a smart contract, allowing any user of an EVM-compatible blockchain to retrieve data such as the URL of the website of a project bound to a crypto-asset simply from the address of the assets’ smart-contract).
As an entrepreneur, once you’ll have worked on the front end and the features of your dApp, the first step will be to build your smart contract. Then, it must be open-source and accessible to any user, the code base is made available for everyone using a GitHub for instance.
The core of dApps is based on rewards for people helping the dApp to run correctly: at Mobula, this is propelled by the DAO, any user taking part in the validation of data is rewarded with $MOBL according to its time investment and the quality of his or commitment. To launch your project, you’ll have to choose a blockchain to support your product and create your own governance token. Our token, powered by the BNB Chain, on Polygon, and on Avalanche, rewards DAO members for their work and enables redistributing the profit generated to holders by staking pools. But it’s also a governance tool, for the last feature of any dApp: the protocol!
The last piece of the puzzle is protocols, ie cryptographic algorithms to demonstrate the proof of work of the app. This is a major milestone during the development of your project. As a reminder, Mobula is a cross-chain protocol providing meta-data about crypto-assets in a decentralized way, based on the communication between blockchain layers.
First, we have aggregation, starting with data collection in 2 different ways. Either, a user processing request made from a form accessible via smart contract to provide meta-data for a token. Or the meta-protocol DAO automatically tracks and submits new crypto-assets from a list of aggregators (CoinMarketCap for example).
Data-processing is the second phase, ensured by the DAO and community members. And thanks to this protocol, Mobula is currently the fastest data processor, 26x faster than CoinMarketCap for example. The final phase of the Protocol is probably the most technical: broadcasting data is ensured by a smart contract, written in Solidity and deployed on the majority of EVM-compatible blockchains.
So here’s why dApps are so interesting: in summary, our Protocol allows us to collect data directly on-chain through smart contracts (which ensures a down-time of 0% and a possible integration by on-chain or even off-chain protocols), then process them thanks to a hermetic and meritocratic DAO (which ensures transparent and decentralized processing of the data), and finally to distribute them directly on-chain thanks to a smart-contract linked to IPFS.
The choice of your blockchain is really important for web3 entrepreneurship. Type 1 dApps like Bitcoin have their own blockchain, like other alternative cryptocurrencies. Type 2 is composed of apps leveraging type 1 decentralized applications, with protocols and tokens on top of other chains. StaySAFU is one of those, $SAFU tokens that was created to support features of the scanner, functioning on the BSC. And so one for type 3 dApps which use the protocols of type 2 applications like Mobula, aggregating data from underlying networks, based on Polygon because of cheaper transaction fees.
For entrepreneurs, dApps are a significant shift from traditional apps, their entire life cycle relies on decentralization. Unlike traditional apps that have a centralized controlling authority, dApps run on a decentralized blockchain, and the data once written on the chain cannot be changed or erased. Since a smart contract cannot be changed once it is launched, it is important to ensure that it is bug-free. That’s why audits and security are so important for entrepreneurs and we decided on Safetin, our auditing security label to make sure smart contracts work fine, through logical analysis, testing, and proposing fixes and optimizations to your code.