Decentralized Applications and Smart Contracts
Same principles that strive blockchain technology as a whole can be used for decentralized applications (dApps) as well. These are computer programs that anyone with proper skills can develop and that are not governed by a central authority. Different dApps perform differently, but none of them need a middle man to operate – they connect directly from one to another. The DAPP browser will be available when the main-net is launched so community can build their own dApps on Libonomy.
There are multiple different ways that these apps can be used – cross-border payment systems, healthcare industry, digital identity, secure data storage like patents or shareholders information, tokenization and many more.
Libonomy’s application layer will enable the community to utilize the Libonomy in running their own created decentralized applications. One of the most popular decentralized applications are smart contracts.
Smart contract is a computer protocol intended to digitally facilitate, verify or enforce the negotiation of exchanging money, property, shares or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. In other words it’s a complex, digital version of a vending machine.
The virtual machine will enable the smart contract development on Libonomy blockchain. At the start, the first standard of Libonomy smart contract will be launched, later it will be optimized and improved.