Recent years have seen an explosion of development in the cryptocurrency space. Two of the most popular areas of these technological innovations have been:
dApp development – Decentralised Applications, called dApps for short, are digital applications and programs that exist and run on blockchain or peer to peer networks. Their decentralised nature means that they are outside of the control of a single point of authority.
Crypto Coin Development – The massive rise of virtual currency systems has seen increasing numbers of coin and token development aiming to become the next Bitcoin.
Many new coins are essentially forks of existing prewritten code. For example, Dogecoin is a fork of Litecoin.
Due to the open-source nature of many crypto projects, there is no limit to the amount of cryptocurrency that can be produced.
There are up to 15 different languages to consider when developing a cryptocurrency project.
Each language has its own unique attributes that can suit individual programmers.
Three of the most popular languages include:
Solidity is an object orientated programming language mainly used in the development of smart contracts and therefore extremely popular with Ethereum developers.
Haskell is a general purpose, statically typed, functional programming language featuring type inference and lazy evaluation. Programs in Haskell are written as mathematical functions and therefore are mainly used in research and academia.
More recently, we are seeing the development of key software frameworks to streamline the creation of dApps and other crypto software. Here are a couple of examples:
Moralis provides a managed backend for private blockchain projects.Moralis automatically sync database balances and with services that span creating wallets, watching smart contract events and build indices.Over 35,000 blockchain projects currently use Moralis software and APIs to build and scale dApps with low cost and low complexity.
Binance is the world’s largest cryptocurrency exchange by volume.Binance has recently launched a $1 billion growth fund in order to accelerate the adoption of digital assets and blockchain technology.Developers can make use of Binance’s APIs to streamline their development.
As the cryptocurrency eco-system expands, we can see a growing list of ways in which dApps can be used in commercial life.
Two of the most popular and established applications are:
Decentralised Exchanges (DEX) : Decentralised Exchanges are a variety of cryptocurrency exchanges which allow for peer to peer crypto transactions to take place without a central authority thus reducing latency and fees.
Typical third party entities such as banks or stockbrokers are substituted by a blockchain or a distributed ledger.
Decentralised Finance : Decentralised Finance, called DeFi for short, is the term used for a variety of blockchain based financial products which use Smart Contracts in the place of brokerages, exchanges or banks.
Most DeFi dApps are built on Ethereum and at time of press the Total Value Locked in DeFi is $208 billion.