Decentralized App (DApp)
The advantages of the decentralized application (DApp) as LYOWALLET include:
- Protection of user privacy
- Lack of censorship
- Flexibility for development.
DApps can run on a P2P network or on a blockchain network. DApps use smart contracts to complete the transaction between two anonymous parties without the need to rely on a central authority. With decentralized apps, users don't have to submit their personal information to use the feature provided by the app.
No entity can control a decentralized platform or app. This means that they cannot be censored (as can happen in some countries) and the users can be sure that no one but them aware of their activity within the app.
An example can help. LYOTRADE is the exchange of our ecosystem and is centralized. A way to understand easily if an app or a platform is centralized or decentralized, is the verification of the identity: if the KYC is requested, it is certainly centralized. In LYOTRADE, in fact, identity verification is required for individuals (KYC) and companies (KYB) who open an account. This information is shared with the platform administration, who will also see the activity. The platform will know wallets amounts and users trading activity. Sharing information has the advantage that users receive assistance when needed: if a user has doubts about the status of a transaction, or cannot access their account, they can contact LYOTRADE support. The team checks the account and solves the issue.
On the contrary, in LYOWALLET as well as on any decentralized application and platform, the user alone is the owner and responsible for their information and activities, and no one else besides them can view them. Then, the customer service could not help in keys recovery or transactions management.
A benefit of decentralized app, aside of total privacy, is that in LYOWALLET are no maximum limits on transaction volumes. If, for example, there are verification levels on LYOTRADE that allow user to access higher limits of funds, in LYOWALLET people can store and trade them without limits on the funds.