Defi (Decentralized Finance) DApp -DBANK using Motoko and DIFINITY's Internet Computer
Web 3.0 is the third generation of internet services for websites and applications that will focus on using a machine-based understanding of data to provide a data-driven and Semantic Web. The ultimate goal of Web 3.0 is to create more intelligent, connected and open websites.
If the trend of change is traced from Web 1.0, a static information provider where people read websites but rarely interacted with them, to Web 2.0, an interactive and social web enabling collaboration between users, then it can be assumed that Web 3.0 will change both how websites are made and how people interact with them.
The Internet Computer is a decentralized cloud computing platform that will host secure software and a new breed of open internet services. It uses a strong cryptographic consensus protocol to safely replicate computations over a peer-to-peer network of (potentially untrusted) compute nodes, possibly overlayed with many virtual subnetworks (sometimes called shards).
The Internet Computer is the fastest and most scalable general-purpose blockchain. It extends the Internet with computation: dapps (smart contracts) can run 100% on the Internet Computer as it can serve web contents directly into browsers. Moreover, end-users can seamlessly and securely interact with dapps on the Internet Computer. In particular, users in general do not need any tokens to use a dapp nor is it necessary for anyone to download blockchain state to verify correctness of transactions because of the Internet Computer’s groundbreaking chain key cryptography.
With 80-90% of ICP locked in neurons, and the rest being bought at any price and burned to fuel the usage of popular dapps, ICP's price could easily exceed bitcoin's! Bitcoin's price is based on it being a "store-of-value".
The Motoko programming language is a new, modern and type safe language for developers who want to build the next generation of distributed applications to run on the Internet Computer blockchain network. Motoko is specifically designed to support the unique features of the Internet Computer and to provide a familiar yet robust programming environment. As a new language, Motoko is constantly evolving with support for new features and other improvements.
DBANK (Decentralized Finance App) is an ICP project, that gives users the ability to deposit or withdraw their money from the DBANk with compounding interest.
Author ✍️: Damini Pandey