Blockstack Creates New Decentralized Blockchain Application Mining and Rewards Compensation Method
The history of the internet, commonly referred to as the wide area network began with the development of automated computers. Software programmers, like Robert E Kahn, are credited for coming up with a framework known as the Internet protocol suite (TCP/IP), HTTP and SMTP.
This has in a great way changed how businesses and companies interact with the internet. In the earlier years, most of the protocols were not very flexible to interact with and a lot of information provided on the web was free.
Development of the apps
It was not until the digital revolution that software architects began making money from the internet. Businesses have discovered developing an app is definitely the right business strategy and the easiest way to make money. An app defined as a computer-generated program designed to run on smart electronic gadgets like phones and tablets.
The introduction of Apps brought in a new whole concept on how software creators can make money. It has also created a platform on which they could associate with their clients and thus expanding their prospects as well.
As the apps continue becoming more complex, it has opened doors for the software creators to adapt in various ways. As things progress, the clients endorse the information gathered and sell to promoters. Promoters, on the other hand, use this information to come up with commercials dependent on their market niche.
Although this was viewed as a good starting point, something quite significant needed to be done. The whole system was centralized. This kind of an integrated system where software architects share their proceeds with other players.
In the recent past, software developers are embracing decentralization. These kind give the developers full authority to the Income earned from the apps. Proceeds are not shared with the linkages. They are, therefore, able to provide the exact content their target market requires.
In the digital world of cryptos, software creators are decentralizing the apps and earning income from them. With the origination of blockchain, the world is gearing up to the introduction of web 2.0.
Blockstack, the face of the future web
According to www.Blockstack.org, Blockstack is depicted as a new web design that allows the software developers to have total control over their essential rights, uniqueness, and proprietorship of data, confidentiality, and security.
Blockstack is essentially created for decentralized applications. It utilizes the lower piles of the conventional internet and consequently gives the most forthright approach to assemble decentralized crypto-based applications.
It gives an exhaustive procedure that is generally controlled by stacks blockchain and kept by many software creators.
The fact that Blockstack provides important devices to the software engineers, means that decentralization will allow for more storage, verification, and identity.
By visiting the Blockstack program, clients normally run these applications and give express authorization to their information.
The data shared by the clients is encoded and stored in their gadgets, therefore, allowing some privacy. The intermediaries, passwords and large data storage servers are done away with.
Blockstack not only provides an environment which gives clients power over their essential rights but also it helps the software designers with required capital through a platform known as App mining. It’s a reserve fund where they can also earn bonuses and prizes.
Application mining process
Blockstack group came up with a framework of app mining. It not only helps software creators earn some capital, but also urges the app engineers to make use of their platform.
Together with other interested companies, Blockstack is able to compensate system creators for coming up with a system that benefits the industry as a whole. An app that is widely accepted will generate more income for the developers.
- The software programmers come up with the app
- They then submit the proposal to one of the Blockstack assessors for an evaluation.
- If accepted, the app is placed on the Blockstack platform.
- Data is gathered and depending on the number of votes, the apps will be classified depending on their suitability.
As per the organization, proceeds from the pilot project will be realized not earlier than 1st December 2018. A total of $ 100K is expected to earn every month and will be paid in bitcoins.
The best-positioned app will garner 20% of the whole amount earned. The second will garner 20% of the balance. And this procedure will go on up to the lowest ranking app.
Blockstack PC is expected to be the distributing company until where the whole process is fully decentralized and distributions become automated.
Important players in App mining
Application mining consists of different players and elements to make it a success.
- Block auth app: This is a login option for the App. The system creators additionally require this app as an alternative. Clients are issued with unique code words and names. That guarantees privacy.
- APP.Co: Blockstack PBC is the main regulator behind App.co Votes accumulated by Blockstack PBC for the applications are regulated through App.co.App.co is expected to assist with the distribution of income when the process starts.
- App reviewers: These are also known as Democracy Earth Foundation. Their role is spelled out during the classification of the apps. They receive the apps from the software developers and evaluate them while ranking them.
The Democracy Earth Foundation, a US CA 501(c)(3) nonprofit, came into existence in 2015 with offices in San Francisco and New York. It’s not a profit-making venture as its main goal is to create a foundation for decentralization.
Its main aim is to come up with tools that will regulate the internet space. Thus creating an environment where basic principles of accountability and transparency are strictly adhered to.
The voting framework is free from any external interference and democracy is firmly upheld. It uses a system of equality to rank the apps and ensures the ranks are unquestionable.
The system of funding the apps is a better way of motivating the app developers in coming up with apps that meet their client’s needs. Therefore the future is decentralization.