Web 3.0 will bring the Internet into a new era of intelligence, and the blockchain industry is, even more, looking forward to the arrival of web3.0 because decentralized applications (DAPPs) will be more widely accepted and adequately used. In the era of web3.0, DAPPs with mainstream appeal built in the encrypted world will have an impact on APPs in the era of web2.0.
FUNGRAM believes that Web3 will become the next revolutionary platform in the future and millions of DAPPs will enter the market, replacing the Web 2.0 monopoly. We also believe that DAPPS will adapt to the market and give rise to a killer application justifying decentralized applications.
The web’s client-server architecture puts absolute control in the hands of the person running the server (usually the application developer or SaaS provider), which leads to widespread centralization and negatively affects users and developers.
The shortcomings of the traditional centralized industry are specifically manifested through: a. Unreliability: centralized services can be shut down any time; b. Restriction: users are locked on a proprietary platform with limited freedom of choice; c. Extractability: developers using centralized infrastructure engaged in rent-seeking behavior, put individuals at a disadvantage.
Encryption technology is a good solution to combat these shortcomings. A decentralized infrastructure can create a stable foundation for software. We can use blockchain, P2P networks, and service protocols to directly transact and regain control instead of handing over control to a company. We will thus be able to expand the connection between internet users, so that individuals have greater flexibility, opportunities, and choices in their work and life.
FUNGRAM aims to become the gateway to the world of DAPP and to create a decentralized blockchain application navigation and search platform that is simple, smart, and practical. We will establish a limitless DAPP system where FUNGRAM partners, blockchain technology communities, and development enthusiasts can publish DAPPs and smart contracts that they have developed.
Full-stack decentralization allows applications to respond to business failures and rent-seeking behavior while bringing unprecedented interoperability. Both users and developers know without a doubt that the software they invest time and money in will not disappear into thin air.
To realize the vision of a fully decentralized application (DAPP), FUNGRAM has carried out a key paradigm shift, from a business model of paying for the continuous storage, computing, and other services required for the normal operation of the application, to the user directly making payments online to the decentralized service provider.
At present, most “decentralized” applications only adopt this model at the bottom of the stack (i.e., blockchain), where users need to pay to modify the application state, while the rest of the stack is still operated by centralization businesses, and is subject to arbitrary failures and rent-seeking problems.
FUNGRAM’s main innovation for end-users is to enable them to pay to query the decentralization network of indexers instead of interacting with subsidized centralized APIs. This is achieved by running a query engine on their computer (browser plug-in or built-in DAPP).
The query engine ensures that users can safely query large amounts of data stored on FUNGRAM, without having to conduct calculations and data storage themselves. Furthermore, the query engine also acts as a transaction engine, determining the indexer to be selected and the amount of payment to be made based on frequently used DAPPs or user preferences.
To provide a good user experience, the query engine will automatically sign micro-payment transactions on behalf of the user, instead of prompting for signatures for every transaction. We are collaborating with multiple state channels based on Ethereum to ensure that their wallets and functions meet the needs of the number-of-use-based pricing protocol (such as FUNGRAM). We also provide a gateway that enables DAPPs to subsidize user queries.
The purpose of the querying market is similar to that of the traditional cloud-based service applications, i.e., effectively provide required data through a front end application running on the user’s device. The main difference is that the traditional API is operated by a certain economic entity, and users have no say; while FUNGRAM’s query market is composed of a network of decentralized indexers that compete with each other to provide users with the best service at the lowest cost.
FUNGRAM is committed to creating borderless, distributed, interconnected applications entirely driven by public infrastructure, and to ultimately become the value center of the blockchain distributed business ecosystem through indexers and query engines connecting massive data, applications, and end-users.
