PhoenixDAO is a revolutionary decentralized, transparent and open-source blockchain project that offers various products enabling it to become a complete DeFi enabled ecosystem. PhoenixDAO operates keeping in mind the basic principle of decentralization and ensures no single entity will ever gain control over the ecosystem.
PhoenixDAO currently offers three DeFi powered products that make the platform a strong competitor and is the reason for its instant popularity. The three products are:
- Phoenix DAO
- Staking dApp
- Events dApp
All of these products are built using advanced technology and ensure complete security and great rewards. However, set to launch later this year is their dApp store which is going to be a game changer for the ecosystem, a hub for all things PhoenixDAO and more!
PhoenixDAO dApp Store
PhoenixDAO dApp store is the blockchain version of the popular Google Play Store and Apple’s App Store. Unlike these stores, the dApp store is a decentralized platform that ensures scalability and security. It is an open-source platform built on a blockchain with the scope of future advancements proposed by the community and developers.
Here are few important features of the dApp Store:
PHNX Token
PHNX Token is the lifeline of the entire PhoenixDAO ecosystem and plays an integral part in the dApp store. The apps on the dApp store will be either free or paid, initially PHNX will be the only supported currency however, in later versions new assets will be supported. To ensure maximum utility for PHNX each transaction will incur a small fee and benefits will be offered when using PHNX.
On-Boarding Process
Like any traditional app store, users must first register on the dApp store by following a few steps. Having a MetaMask wallet is a necessity to use the store. The dApp store has a cutting-edge code Web3 library that can automatically detect the presence of the wallet. If no wallet is detected, the user will be redirected to install the wallet.
User Wallet and Transactions
MetaMask is used to make most of the transactions and actions. Whenever a user transaction or stamps data on the chain, such as installing a dApp or removing it, the MetaMask wallet will pop to confirm the actions. This mechanism will ensure safety and avoid unintended actions. Also, all the transactions are stored in the wallet for future use. The team will also look to improve this experience over time.
Architecture Scalability
PhoenixDAO is a scalable platform, and the dApp store operates with the same functionality. The dApp store is built using a modular code, a hosting environment that can automatically adapt to the change in traffic and adjust the functionalities. The dApp store is a work in process and will be optimized for the best experience.
The Code Platform
The dApp store is built on a popular JavaScript framework called ReactJS. It powers the platform by using selected web3 and Ethereum libraries to open the store to future third-party integrations.
Open Source Code
dApp store is an open-source project that any developer can examine and contribute to. A developer can even fork the repository to create a unique version of the store.
Developer Tools
The dApp store is fitted with a set of developer tools and resources to help them build future dApps. It is a beginner-friendly platform that also accommodates the requirements of a seasoned developer.
The dApp store is a powerful product by the PhoenixDAO ecosystem that will help the building of future products in the PhoenixDAO ecosystem. It is also responsible for generating a significant part of the revenue required to make PhoenixDAO self-reliable.
For more information about the project, visit https://phoenixdao.io/. Also, follow their Twitter and Telegram for all the recent updates.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
