The XX Factor – Women Building Women in Business
Author: Jason Dookeran
If you’ve been on the road at any streetlight in Trinidad and Tobago, chances are you’ve run into the nutsmen. These guys spend a lot of their time serving as the snack providers for much of us stuck in traffic. Hot, Salt, and Fresh never tasted so good. But what can a nutsman teach you about decentralized finance or apps (or dapps)? For that, we have to look at what dapps are and how they’re different to normal apps. 😁
Apps and D Apps
An app is that thing you have on your cell phone that allows you to order food or pay bills with the tap of a button. Dapps are similar, except they don’t give your data to a big corporation. Now, if yuh not chupid, you will see where ah going with this. Instead of giving your data to Facebook or Google, what if you could sell it or rent it out to whoever wanted it? That gives you the power to decide who has your data🤯.
Coming back to Mr. Nutsman, let’s envision him as an app. You want a set of salt nuts, but all he has are honey-roasted. Now, he could tell you, “Well, breds, me en have none inno.” If he were an app, he’d hit you with an error message because he can’t access what you want. Instead of that, he could just hail out his pardner to drop off some salt for him to pass on to you. Decentralized apps work much the same way. If one route to get data is blocked, they source it from a redundant storage location. The difference is, no one owns that data. Without the dapp, no one can decrypt the data to read it. If you want to learn a bit more about coding dapps, Block Geeks has a good primer.
This explanation breaks it down into the simplest of terms, but there’s much more to learn about decentralization and finance. In the next article, we’ll look at how decentralized finance can make a difference to your personal financial goals.
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