The barrier to entry for new ventures is now exceedingly high. Projects must employ Ethereum-based smart contracts, which may be costly, with gas prices exceeding the entire operation cost. To make matters worse, petrol prices may vary greatly from one week to the next. This implies that a DeFi business established on the Ethereum main net will have to cope with varying running expenses from day to day, making budgeting and planning for the future almost difficult.
CRD intends to alter this by lowering the barrier to entry for new dApps (Decentralized Applications). CRD has devised a solution on the Ethereum mainnet to solve transactions at a more steady pace and with reduced costs.
So, how are they going to do this? When feasible, CRD will begin by settling locally. They will also group external transactions into "packages" rather than individual transactions, significantly reducing total expenses. CRD's approach is also forward-thinking, ensuring that dApps are legally compliant. As bitcoin rules tighten, the hurdles to entry for new dApps will continue to rise. Though this is a problem, previous frauds such as the $SQUID coin have shown the need for industry regulation. CRD does this with a plug-and-play solution that enables users to become and stay KYC compliant. This cutting-edge technology will allow new dApps to resist and benefit from the impending crypto regulatory onslaught.
How Can CRD Help dApps?
To function, all dApps need open communication with blockchains. Without this connection, dApps cannot access information or conduct transactions on the blockchain on which they run. This connectivity is maintained through nodes, but underlying costs and difficulties make it exceedingly difficult for new dApps to thrive. With their CRD node, CRD hopes to address this by guaranteeing fees and transactions aren't a huge impediment for new dApps in the market.
The CRD nodes compliant architecture provides onchain and offchain transactional and data interoperability and is blockchain agnostic, which means the solutions may be applied to other underlying blockchain technologies. With this method, new dApps will be able to overcome the issue of excessive fees, enabling their project to get off the ground regardless of the blockchain on which it is built.
Legal requirements are another application. CRD's plug-and-play solution will enable prospective dApps to comply with all existing and future KYC rules across blockchains. Decentralized protocols would access offchain data like credit scores, transactional data, and proof of assets associated with a single wallet address. It would also imply that after completing their KYC once, individuals will have access to all decentralized protocols without repeating the process.
What Does This Mean for dApps' Future?
Following the events of 2021, it's safe to conclude that dApps and DeFi will most likely be the future of our systems. We do, however, have a long way to go. Presently, new dApps are finding it tough to get into the market. This implies that only founders with sufficient finances will survive at the outset of a business. It also leaves the market vulnerable to monopolization, with a few corporations controlling everything (much like Bitcoin in the current crypto market).
Aside from that, there is the question of regulation. Although nodes are an excellent mechanism for blockchains to access data, they provide no protection to consumers. With rules growing more stringent throughout the globe, new dApps will need to become compliant to flourish. DApps that do not comply will most likely fail in the long term.
As the dApp industry expands, a plethora of technological advancements will follow. With each advancement, we see the dApp world's limits pushed to new heights, with revolutionary technology transforming the way we engage across DeFi. As dApps become the new standard over the next decade, many of these new technologies will probably become a significant part of our everyday lives, making it simpler for dApps to be accepted on a large scale.
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