Tag: Versus

Decentralized Versus Centralized Apps: Differences, How to, & Resources

If you want to build an app for your business, you face a dilemma. 

Should you opt for a traditional centralized app, or turn to a decentralized platform? More importantly, what is the difference between the two and why does it mean for your business? 

There’s no straightforward answer to this question; it really depends on your goals and what you need the app to do. 

I’ll walk you through the differences between both app types so you can decide how to move forward with your marketing and development goals.

What Is a Centralized App?

Centralized apps are operated and owned by a single company, and they run off a single server, or cluster of servers. 

How it works is simple: Someone downloads a copy of the app, and the app works by sending and receiving information from this server. 

In other words, the app won’t work unless it’s in contact with this server. If the centralized server crashes, the app stops working across user devices until the problem is fixed.   

Examples of centralized apps include:

  • Facebook
  • Twitter 
  • Instagram
  • WhatsApp
  • Netflix

What Is a Decentralized App?

A decentralized app, or “dApp,” runs on a blockchain network. Rather than downloading an app, the user pays the developer a certain amount of cryptocurrency to download a “smart contract,” or source code. 

The code generates a whole new copy of the app on the user’s device, which creates a new “block” in the chain.    

Here are some examples of decentralized apps:

  • BitTorrent
  • CryptoKitties
  • Rarible
  • Audius
  • MetaMask

Pros and Cons of Centralized Apps

Centralized apps have a few distinct advantages over dApps. As the developer, you retain full control over the app and how it’s used. Centralized apps can generally handle higher traffic volumes. 

What’s more, it’s much easier to update a centralized app since the update is sent automatically to the user’s device.   

All that said, there are some downsides. If there’s a system error, no one can use the app until the problem is resolved, which might inconvenience your customers. Additionally, you might incur higher cybersecurity costs because you need to protect the main server.  

Pros and Cons of Decentralized Apps

Decentralized apps definitely have their advantages, depending on what you need from your app. 

First, as there’s no single server, users won’t lose access to the app if your server goes down. Second, since there’s no centralized storage, user data won’t be compromised if there’s a data breach or hacking attempt. 

From a marketing perspective, this could incentivize people to choose dApps over centralized apps.    

Still, dApps come with a few drawbacks.

Your target audience is smaller, since cryptocurrency and blockchain aren’t “mainstream” technologies yet. What’s more, as dApp transactions are often slower and more expensive than centralized transactions, so you might find it hard to draw people to your dApp in the short term. 

Finally, since there’s no centralized rollout, it’s much harder to fix bugs or update the software across user devices.          

Should You Create a Centralized or Decentralized App?

Only you can answer this question. However, there are two points to consider when weighing your options. 

  • How far do you want to expand your app? Decentralized apps are an emerging market with over 70 million users worldwide, but far more users download centralized apps. 
  • How much control do you want to retain? You can control how people use a centralized app, not a dApp. Depending on your target audience and business goals (e.g., if you’re all about erasing censorship), this might not be a priority.  

Don’t rush the decision. Spend time thinking through your options and what your company and customers need in the short and long term. If you need some extra help with your decision-making, check out my consulting services.  

Resources for Centralized Apps

There’s a ton of great information out there around how to build a centralized app, but it’s hard to know which ones actually work. Here are my five top app building resources to get you started: 

  • Builder.ai: Quickly design and create a centralized app without coding knowledge. Simply decide what type of app you want to build, choose your design, and get going.   
  • Android Developers: This developer page contains resources to help you learn the basics of Android app development, from creating your first centralized app to launching on Google Play. 
  • Appy Pie: If you plan on building an iPad app, Appy Pie can walk you through the process. From restaurant apps to chat bots, Appy Pie has the tools you need to develop your first app. 
  • Code With Chris: Want to build a centralized app, but don’t know where to start? Check out this guide. It breaks the entire process down into simple, manageable steps. 
  • Lifewire: This guide brings together some of the most helpful iPhone and iPad app development tools to help you get started. If you’re looking for Appy Pie alternatives, check out this guide. 

Resources for Decentralized Apps

Ready to dive into building your first decentralized app? Read these resources before you get started.

  • 101 Blockchains: If you’re confused by dApp development, 101 Blockchains has a detailed user guide you’ll want to read. It’s designed for beginners, and it makes decentralized app development less daunting.
  • Ethereum: For dApp developers building on Ethereum, check out this website. You’ll find a whole range of tutorials and guides to walk you through decentralized app building, and a developer community for even more help. 
  • Solidity: If you want to build on Ethereum, you need to learn Solidity, a coding language. The website itself has some helpful resources to learn the code and understand how to apply it effectively in dApp development. 
  • Medium: Need help understanding smart contracts? This Medium page brings together some useful courses for learning about smart contracts and dApp creation. 
  • Dapp University: If you’re struggling to make sense of blockchain, Ethereum, or any other part of dApp development, check out this tutorial from Dapp University. From generating code to Ethereum deployment, this full-length guide has you covered. 

How to Build a Centralized App

If you’ve settled on a centralized app for your business, here’s a rundown of the basic steps to create your own. 

1. Choose Your Launch Platform

First, decide if you’re building an app for Android or iOS. The process is similar for both, but you need to settle on a platform at the outset. Remember, you can always expand later.

2. Get a Wireframe

A wireframe mockup is just a sketch or skeleton outline of your app. You can use tools like Adobe XD to help with wireframe design. Here’s an example of what it looks like if you’re building a wireframe on Adobe XD:

Decentralized Apps Adobe XD for Wireframe

Once you’ve got a mockup, do some user mapping. All you’re doing is mapping what different actions users will take on the app, such as creating an account, making payment, etc. and what screens they’ll pass through to get there.  

3. Test the Framework

Next, get some user feedback on your wireframe and proposed mapping. Is your mockup clunky and disorganized, or is it user-friendly with a clear flow from one screen to the next? Do the colors and text stand out, or is it boring and unengaging? 

Reflect on feedback and make changes where appropriate.   

4. Design a Prototype

Once you’ve got a wireframe and a user map, you can design a fully-fledged prototype. You can either use your existing wireframe building tool for this, or check out other tools like Justinmind. 

If you use Adobe XD for the wireframe, you can import it straight into Justinmind:

Decentralized Apps - Create Prototype for App Justinmind

You can also include A/B testing as part of your prototyping, if this works for you.    

5. Choose Your App Builder

Now it’s time to actually build your app. If you don’t know how to code, either hire a freelance app designer, consult an agency, or download your own mobile app building tool. 

6. Run Final Tests

Before you go live, share your app with your marketing team, colleagues, and even friends and family. Does it work as it should, or have you identified a few bugs? By running final tests, you can make tweaks before the app launches in the real world. 

7. Prepare for Launch

Prepare your listing on your chosen app store. You’ll need things like a privacy policy, terms and conditions, and a name for your app. 

8. Release Your App

Create an account on your chosen app store. Complete your app listing using the details you figured out earlier, add some screen captures to show how your app works, and go live. 

How to Build a Decentralized App

For those new to dApp development, the easiest way to get started is by building on Ethereum, so that’s what we’ll work through.     

  1. Install a Node Package Manager and Git

    First, you need to install what’s called a Node Package Manager. This will allow you to create the open-source codes and files you need to set up a dApp.
    You’ll also need Git, which helps you save and track changes you make to your dApp.

  2. Choose Your Stack

    The stack is essentially the Ethereum framework you’ll use to build your dApp. There are a few to choose from, depending on your experience level and development needs. The easiest stack, or development framework, to start with is Truffle. 

  3. Install Truffle

    Next, we need to install Truffle. Open your Node Package Manager and type “npm install truffle -g” to do this:Decentralized Apps - How to Install Truffle Code

  4.  Open Ganache

    Once you’ve installed and launched Truffle, it’s time to start writing your smart contracts, or the codes containing your various dApp commands. On Ethereum, the easiest tool to use for this is Ganache, which is part of the Truffle suite.

    Whenever you create a new code, you need to pay a certain amount of “gas,” or cryptocurrency, to the “miners” who process blockchain transactions. The more complex your coding, the more you pay, so keep codes simple where possible. Ethereum has tutorials to help with this.Decentralized Apps - How to Write Smart Contracts

  5. Complete Your Front-End Development

    Next, you’ll need your user interface, or UI. You can create this in JavaScript, and again, be sure to check the Ethereum resources if you need more help writing the UI codes, or check out the code templates over at GitHub.

  6. Test Your Smart Contracts

    Don’t launch your dApp until it’s tested. Once you launch your codes, you can’t change them, so use the Truffle suite to run some preliminary tests first. The simplest command to run is “$ truffle test,” but just be sure you’re running the right testing environment first. 

  7. Launch the App

    Chances are, you made an Initial Coin Offering (IPO) to get your dApp off the ground, so there’s already some buzz generated around your project before it’s ready to launch. However, you still need to dedicate resources to marketing if you want to draw new users, so consider putting a strategy in place before you launch. 

Centralized and Decentralized Apps FAQs

How does blockchain relate to centralized and decentralized apps?

Blockchain powers decentralized apps. Blockchain takes the control away from a centralized system and gives more power to users to innovate and enjoy the content. 

What is a centralized network example?

An app that resides on a single server or group of servers. To work, the app must be connected to the server. Twitter is an example of a centralized network.    

What are dApps?

dApps, or decentralized apps, run on distributed networks rather than central servers. They have their own currency, so if users want to access premium features, they need to use cryptocurrency.  

How do I monetize decentralized apps?

You can run a token launch, include a subscription element, offer a premium membership tier, or include in-app advertisements. The strategies are similar to how you monetize centralized apps. 

Decentralized Versus Centralized Apps: Conclusion

Decentralized or centralized apps: which is better? In reality, neither! It all depends on how much control you want over your app in the long term, the size of your intended audience, and, to some extent, how you wish to market your mobile app. 

Now that you understand the pros and cons of each, you should be ready to make a decision and start building your app. 

Have you opted for a centralized or a decentralized app? How is it working for you so far? Is there anything you wish you’d known before getting started? 

Financial Debt Help – Debt Consolidation Loans Versus Credit Counseling

Financial Debt Help – Debt Consolidation Loans Versus Credit Counseling

Financial debt loan consolidation financings are a diy procedure, whereas debt therapy aids you to make economic choices. You most likely do not require the solutions of a credit scores therapist if you currently have a monetary strategy. If you have concerns or require assistance with a budget plan, a credit score therapist can supply useful assistance.

What Debt Consolidation Loans Can Do For You

Financial obligation combination fundings can decrease the rate of interest you are paying on unsafe financial debt, like charge card, as well as reduced your month-to-month repayments. You can pick to make use of an equity financing with its tax obligation insurance deductible rate of interest or an individual funding. Lots of loan providers supply affordable prices, which you can locate by investigating firms on the internet.

A financing provides you extra control over rate of interest as well as settlement timetables than with various other choices. Not just can you obtain reduced prices, yet you can choose to take longer than 5 years to repay your principal. By taking much longer, your settlements are reduced, offering you economic breathing space.

A financial debt loan consolidation funding ought to be component of a bigger monetary strategy that consists of spending plan preparation and also lengthy term monetary objectives. You might discover on your own in much deeper economic problem by taking out a lending if you do not have these points in location.

What Credit Counseling Can Do For You

In a non-judgmental environment, a credit score therapist can assist you specify your monetary objectives as well as story a program to obtain there. They might recommend a financial debt combination lending, financial obligation combination program, or various other monetary choices.

Credit scores therapists know with all sorts of economic programs, so they might aim you to unfamiliar resources for assistance. They might likewise assist you recognize instant cost savings by assisting you to decrease expenditures or reduced rates of interest on several of your costs.

Debt therapy is actually a financial investment in your monetary future. You obtain a fast refresher course on your funds with functional solutions. By obtaining skilled assistance, you can conserve your credit rating, conserving you thousands.

Financial obligation debt consolidation car loans are a diy procedure, whereas credit score therapy aids you to make monetary choices. If you have concerns or require assistance with a budget plan, a credit rating therapist can use useful assistance.

Financial obligation loan consolidation financings can lower the rate of interest price you are paying on unprotected financial debt, like credit report cards, as well as reduced your month-to-month settlements. They might recommend a financial debt loan consolidation financing, financial debt combination program, or various other monetary choices.

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Gas Economy Versus Gasoline Prices

Increasing fuel costs has actually come to be a truth of life. The trouble is that there is absolutely nothing that many people can actually do regarding it other than anticipate it. Due to the fact that of the overall reliance of nations in fossil gas to maintain and also preserve their markets, the factor for this is.

For so long currently, a lot of nations have actually been reliant on fossil gas such as gas as well as unrefined oil to give the power for markets as well a bulk of the transport demands of the individuals. It is a reality that many automobiles running in today’s roads have either fuel or diesel as gas.

Fossil gas accounts for a bulk of the power and also power demands of nations all over the globe. As well as such occasions might likely occur in the close to future as unrefined oil supply obtains limited while the need for it still expands. Fossil gas such as unrefined oil is not a sustainable source.

The worry over petroleum at some point going out in a globe starving for a growing number of power has actually fretted several globe leaders along with future coordinators. And also consequently, several are attempting to teach much better gas economic climate with study as well as modern technology. In addition to seeking alternate resources of gas to change nonrenewable fuel source in the future, much better gas economic climate might appear to be one of the most efficient concept to exercise in today’s globe.

Much better gas economic climate merely suggests a much better as well as a lot more boosted use gas sources to obtain one of the most from it. If being exercised on a globally range, it can aid supply a variety of advantages- both from a specific as well as international perspective. Right here are a few of those primary advantages.

For one far better gas economic climate converts to cash conserved. Much better use gas can assist in saving people cash in regards to decreased gas prices. Doing so would certainly suggest making use of even more gas reliable cars and trucks, far better gas range along with a handful of various other aspects.

Not just that, gas economic climate can likewise aid save the sources that the globe might still have actually left. Given that nonrenewable fuel sources are non-renewable sources, it is very important that the globe finds out just how to utilize it a lot more sensibly to aid prevent a feasible power situation in the future. With nonrenewable fuel source such as fuel still a key as well as significant power resource for numerous nations discovering to interact to boost basic gas economic situation can assist nonrenewable fuel source supply last also a little bit much longer.

Usage of fossil gas such as fuel and also diesel gas apart from various other unrefined oil by-products have actually resulted in contaminants produced right into the ambience. With much better gas economic situation, these gas can be melted as well as utilized extra successfully and also in a method that minimal as well as minimal contaminants are made to get away right into the ambience as well as damage the setting in basic.

Apart from looking for alternate resources of gas to change fossil gas in the future, much better gas economic climate might appear to be the most efficient suggestion to exercise in today’s globe.

Much better gas economic climate merely implies a far better as well as a lot more enhanced usage of gas sources to obtain the most out of it. With fossil gas such as gas still a main and also significant power resource for numerous nations discovering to function with each other to enhance basic gas economic climate can assist fossil gas supply last also a little bit much longer.

Usage of fossil gas such as gas and also diesel gas apart from various other unrefined oil by-products have actually resulted in contaminants discharged right into the environment. With far better gas economic situation, these gas can be melted as well as utilized extra successfully and also in a method that minimal and also minimal toxins are made to get away right into the ambience as well as injury the setting in basic.

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Online Business Loans Versus Factoring

Which one is Best for You, and Tips for Finding More Options

There are so many more options for funding a business than most business owners realize.  Everyone knows about loans and investors.  The thing is, not only are there dozens more options, but just within those two categories there are a ton of options.  Figuring out which one will work best for you and your business can be a daunting task. Do you go with traditional or online business loans?  Crowdfunding or invoice factoring?

Before you can truly know the best answer, you must have a deep, in-depth understanding of each option. You cannot understand which option is best for your without knowing everything about each one and how they compare to each other.

In addition, the choice is dependent upon a number of variables that will be unique to your situation.  Why do you need the money?  How soon do you need it?  What does your credit look like?  How long have you been in business?  All of this culminates to an arrow pointing you in the right direction.

To keep things from being too overwhelming, it is sometimes best to consider and compare just a couple of options at a time.  For example, which is the best for you between online business loans and factoring invoices?

Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.

What Are Online Business Loans?

Of course, this sounds like a dumb question.  They are business loans that you get online, right?  It’s self-explanatory.  Maybe the better question is, what is the difference between online business loans and other business loans.

There are many differences actually.  Online business loans:

  • Have an application process that takes place exclusively online
  • Have a much faster application and approval process
  • Offer less strict qualifications guidelines
  • Sometimes utilize alternative methods of determining qualification
  • Get money into your account much faster, sometimes within as little as a day or two
  • Often have higher interest rates than traditional loans

What does all of this mean?  It means that if you have trouble qualifying for a traditional loan, an online loan can be a good alternative. This is also true if you need funds quickly, or do not want to have to wade through the lengthy application process that traditional lenders are known for.

However, all this good does have a negative thrown in the mix.  Online business loans generally have higher interest rates and less favorable terms.  If eligibility and time are not an issue, traditional loans are the most cost effective.

online business loans Credit Suite2

So Then, what is Factoring?

This is more specifically referring to invoice factoring.  That of course, means that you must have open invoices to qualify.  Consequently, you must be extending credit to customers in some form.  Usually this involves invoices with net terms, such as net 30, 60, or 90.

Then, you turn those invoices over to a factoring company.  They give you an agreed upon percentage of the total of the invoices, such as 80%.  You get this amount of money immediately.  When your customer pays, the factoring company keeps their agreed upon fee, and they send you the rest.

This is different from selling invoices, in which you sell your invoices at a premium and do not collect anything else.  The buyer then tries to collect the full price from the customer and keeps it, profiting from the premium they were sold at. This is more typical with severely delinquent invoices.

You can factor invoices on an ongoing basis to help with cash flow, or you can do it to aid in a one-time cash crunch.  It is quick, but it can be costly.  If you are an established business that has little problem collecting on invoices however, this is a funding option that is easy to qualify for.  Since the funds are secured with the invoices, there is little worry about credit rating.

Online Business Loans vs. Factoring: Which One Should You Choose?

Even knowing everything you can about each option, it can still be difficult to differentiate between which one would work best for you and your situation.  The truth is, one could be best this time, and in the future, the other one will work better.

Take the following factors into consideration:

  • Why do you need funds?
  • How often do you need funds?
  • What does your credit score look like?
  • How long have you been in business?
  • Do you have open invoices?
  • Do you have trouble collecting on open invoices?

If your credit is not terrible, and you only need funds this one time for something specific, it might be best to go with online business loans.  You do not have to have a credit score that is up to standards with what traditional lenders require, fund will come fairly quickly, and your interest rate will likely be lower than the factoring fee you would pay.

Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.

Of course, if you do not qualify for invoice factoring, that is another reason to choose online business loans.

If you need fast cash or an ongoing cash flow to cover a collections gap, you may want to look into factoring.  You can set it up to where your invoices are automatically factored and you get a portion of the funds right away.  Be sure you are not covering up a bigger issue however.  Factoring only works if your customers pay.

Building Business Credit Can Open Up Online Business Loans and Other Options

Of course, you shouldn’t feel that these two are your only options, even if your credit history disqualifies you for other types of financing.  If you work on building business credit, you can increase your options for funding, and even open up new options for online business loans.

What is Business Credit?

Glad you asked!  Business credit is a credit report and score that is based solely on the financial history of your business.  In some cases, it does not take your personal credit score into account at all.  Even if your personal score is considered, in most cases a strong business credit score will prevail when it comes to business financing.

Why Do You Need Business Credit?

Since business credit is distinct from individual credit, it can help secure an entrepreneur’s personal assets if there is  litigation or business insolvency. Also, with two distinct credit scores, a business owner can get two different cards from the same merchant. This effectively doubles purchasing power.

How Do You Get Business Credit?

Establishing small business credit is a process, and it does not occur automatically. A company will need to proactively work to establish business credit. The goal is to make the business appear fundable to lending institutions and merchants. Here is how to make that happen.

Contact Information

Your business needs a professional-looking website and email address. Remember, the site needs to have site hosting bought from a company such as GoDaddy. A free web hosting service or free email service will not work for these purposes.

The business needs a separate phone number as well.  It should be from a free exchange and be listed along with the fax number on 411. You can do that here: http://www.listyourself.net.

Business Bank Account

A dedicated business bank account is also necessary.  This will not only aid in making your business appear fundable, but it will also help keep business expenses separate for tax purposes.

Incorporation and EIN

Visit the Internal Revenue Service web site and acquire an EIN for the small business. They’re free. You also need to select a business entity like a corporation, LLC, etc. Formally incorporating helps to separate your business from yourself, and as an added bonus, it offers more protection to your personal assets.

Get a D-U-N-S Number

Go to the Dun & Bradstreet website and get a D-U-N-S number. This is a number that D&B assigns to a business when it goes into their system.  It is necessary to have this number before the system will generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the company. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, that will be handled with the next step.

What’s that Next Step?

The next step is to work your way through the credit tiers, adding more cards in higher tiers as you gain accounts in the one you are currently in.  Start with the vendor credit tier.

Vendor Credit Tier

online business loans Credit Suite2

First, build tradelines that report. This is also called the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

These types of accounts tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

These trade lines are with vendors who will give you starter credit when there is none already. Terms are typically Net 30, rather than revolving. That means if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in within the net terms.

Not all vendors work for starter credit.  Find some great options here.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the credit reporting agencies, then move onto the retail credit tier. These are companies such as Lowes and Staples.

In fact, Lowes works really well because they report to D&B, Equifax and Business Experian. They will need to see a D-U-N-S and a PAYDEX score of 78 or more though, so be sure to work that vendor credit tier the right way.

Fleet Credit Tier

Once enough accounts are reporting from retail credit, you can apply for cards in the fleet credit tier.  This tier includes businesses such as BP and Conoco. Use this credit to buy fuel, as well as to repair and maintain vehicles.

Shell is an example in this tier. They report to D&B and Business Experian.  A PAYDEX Score of 78 or higher and a 411 small business telephone listing are required for approval. They might say they want a specific amount of time in business or revenue. However, that will not be necessary if you already have enough vendor accounts.

Cash Credit Tier

If you are responsible with the credit you earn in these three tiers you will be able to move on to the cash credit tier. It includes service providers such as Visa and MasterCard not attached to a retail store.

Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.

Qualify for Online Business Loans and Monitor Your Business Credit

Keep tabs on what is happening with your credit. Make sure it is being reported and take care of any errors ASAP. Get in the practice of checking credit reports and digging into the particulars, not just the scores.  We can help you monitor business credit at Experian and D&B for only $24/month. See: www.creditsuite.com/monitoring.

At D&B you can monitor at: www.dandb.com/credit-builder. At Experian, you can monitor your account at: www.smartbusinessreports.com/Landing/1217/. And at Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business. Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.

Monitoring your credit not only allows you to keep an eye on mistakes and work to get them corrected, but it also lets you see your progress.  You can see how many accounts are reporting and what your score is.  This will give you an idea of what you can do with it.

How Does Business Credit Affect the Online Business Loans vs. Factoring Question?

While both online business loans and factoring are legitimate funding options for a business, neither are ideal.  There are better options out there, with lower interest rates and better terms. The problem is, those options are not available to many business owners for a number of reasons.  Building business credit opens up a number of other possibilities for funding your business, and the more options you have, the better.

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