How can blockchains provide an infrastructure for decentralized apps and cryptocurrency together?
- peeranha Peeranha
My peeranha account comes with a wallet, and it's not clear to me how a decentralized app can be tied to a cryptocurrency. How can blockchains be used for those two roles simultaneously?
Peeranha is decentralized application built on Telos blockchain. In other words, the core of Peeranha is implemented in smart-contracts that live on Telos blockchain.
Any action in Peeranha application (for example, post question or post answer) creates a transaction on Telos blockchain. Telos blockchain, unlike Bitcoin for example, is account based. It requires an account on blockchain in order to submit any transaction. Only someone who owns private keys for an account can submit actions (transactions) on behave of that account.
PEER token itself is a smart-contract as well. It is a program that stores balances of accounts, provides standard actions (e.g. transfer token) and defines other logic of the token, as emission and rewards distribution.
For Telos blockchain action to transfer PEER token and action to post question are simply actions on some smart-contracts. Cryptocurrency PEER does not exist of the blockchain protocol level. Even TLOS token iself is smart-contract.