Frequently Asked Questions
Your Queries - Answered.
Following are the most frequently asked questions.
Web3 is a future, decentralised form of the internet, where users become owners. Rather than using free apps and platforms that collect user data, as in the current phase of Web2, users in the future Web3 phase will be able to participate in the creation, operation, and governance of the protocols themselves.
Web3 is the next major phase in the evolution of the internet. Much like the foundation of cryptocurrency, and helped along by IoT ecosystems, the onset of the metaverse, and the rise of non-fungible tokens (NFTs), this new internet phase will be based upon decentralisation, openness, and greater utilisation for individual users.
This contrasts from the current Web2, which is dominated by large, centralised players that capture most of the internet’s monetary value.
While Web3 is still in its infancy stage, it is likely to impact the investment community and broader economy in the years ahead.
Blockchain is a distributed digital ledger that stores data of any kind. The most common use of blockchain today is as the backbone of cryptocurrencies, like Bitcoin or Ethereum.
When people buy, sell or spend cryptocurrency, their transactions are recorded on a blockchain. This data is then permanently recorded in the decentralized ledger. However, blockchain technology can be harnessed and applied to anything which stores data.
A decentralized application (dApp) is a distributed open-source software application that runs on a peer-to-peer (P2P) blockchain network rather than a single computer.
DApps are similar to other software applications supported on a website or mobile device, but P2P supported. The app is free from the control of a single authority. A dApp is developed to create various applications for decentralized finance, web browsing, gaming and social media.
DApps are both stored and executed on a blockchain system. The app is validated using cryptographic tokens, which are needed to access the application. DApps are similar to conventional apps, using the same front-end code to render a web page. But dApps back-end code is different, as it runs on a decentralized P2P network. It is what makes dApps free from the control of a single authority.
While centralized servers and databases support traditional applications, a dApp is supported by a smart contract that is stored on a blockchain. Smart contracts enforce rules defined in the code and mediate transactions. Since a smart contract consists of the back-end only and is often just a small part of the whole dApp, creating a decentralized app on a smart contract system requires combining several smart contracts and employing third-party systems for the front-end.
Decentralized applications provide the following benefits:
• Fault tolerance: As long as a single node in the network is still working, a decentralized network will stay available, although its performance may be severely downgraded. Because there is no centralized network, a hacker would not likely be able to attack enough network of nodes to take down a dApp.
• Data integrity: Data stored on a blockchain is immutable and secure because blockchain consensus algorithms ensure data stored in the blockchain is resistant to change.
• Flexible platform: The blockchain is flexible enough to enable the quick development of dApps for different industries.
• User privacy: Users do not need to submit their personal information to dApps to use any app-specific functionality.
Since the inherited nature of the blockchain is decentralized, its activities are often encrypted and anonymous. If not regulated correctly, this poses security challenges to law enforcement agencies. Further, application latency is hugely slow compared to legacy solutions in the current form.
Imagine a company / corporation / organisation in the current world order, These companies are an entity in itself and could be constituted in different manners depending upon their country but they all work towards a purpose which could be anything ranging from earning maximum profits to social cause.
Different individuals can become a part of these legacy organisations by taking up a stock or a share, And these organisations are governed by a board of nominated directors or trustees.
These nominated directors or trustees are the primary decision makers for the organisations and are responsible to steer this organisation in the right direction.
A DAO, or “Decentralised Autonomous Organization,” is a block-chain driven community-led entity with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited.
The concept of a DAO is to promote oversight and management of an entity similar to a corporation. However, the key to a DAO is the lack of central authority; the collective group of leaders and participants act as the governing body.
In simple words, DAO is similar to legacy organization / corporation but it liven on the block-chain and is also fully transparent and member driven.
NFTs are tokens that we can use to represent ownership of unique items. They are unique, provably scarce, tradeable, and usable across multiple applications. Just like physical goods, you can do whatever you want with them!
They let us tokenize things like art, collectibles, and even real estate. They can only have one official owner at a time, and the blockchain secures them – no one can modify the record of ownership or copy/paste a new NFT into existence.
The trading volume of NFTs crossed $23Billion in 2021 and is still in a continuous upward trend, and the NFT market is still not matured. It shows that there is ample opportunity in this space, and lots of NFT creators and traders will enter this space in 2022, especially with tighter regulations on cryptocurrencies; the focus is shifting from cryptocurrencies to NFTs.
Though prices of NFTs are speculative, thorough research and analysis of its creator, the project uses, and previous success of the project creator plays a very important role. The analysis of NFT markets is the same as any financial market, but the volatility is high.
RDAPPS are DAPPS with sense of responsibility and accountability similar to legacy apps.
Monk Protocol owns & look after the development of the Monk protocol products and services and in then distributes sales and operating licenses of these products and services and services to third parties for a royalty.
In this way, The Monk Protocol always stays focused on the continuous evolvement of its RDAPPS and the exyended eco-system.
Monk Protocol is Governed by Its DAO & DAO Members.
Any one who owns 1 % of the Total supply of the Monk Token automatically becomes a DAO Member of The Monk Protocol.