Decentralized: All records of the application’s operation has to be stored on a public and decentralized blockchain to avoid the pitfalls of centralization.
Open source: It should be governed by the autonomy and all the changes must be decided by the consensus or a majority of its users. This code base should be available for scrutiny.
Protocol: The application community must agree on a cryptographic algorithm to show proof of value. For example, bitcoin uses proof of work and ethereum is currently using proof of work with plans for a hybrid PoW/PoS (Proof of Stake) in the future.
If we adhere to the above definition, the first Dapp was in fact bitcoin itself. Bitcoin is an implemented blockchain solution which arose from problems revolving around centralization and censorship. Bitcoin is a self sustaining public ledger which allows efficient transactions without intermediaries and centralized authorities.
Cryptocurrencies and bitcoin are based on a technology called blockchain. Bl
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