Decentralization

What's Decentralization?

Decentralization Applications (dApps) are applications that run on a distributed ledger technology such as Ethereum. This allows for an application to not be centralized where the data is controlled by a single source. By running on a distributed ledger, everyone on the ledger has a copy of the data. CryptoLunch takes advantage of this by making transactions public (while still being anonymous). This makes it practically impossible to alter the transaction history, as doing so would mean that the hacker would have to modify at least 51% of people's transaction history as well in order to gain control of the data. Therefore, CryptoLunch has a permanent, unalterable transaction history which is desirable when dealing with financial records.

How Does CryptoLunch Implement Decentralization?

CryptoLunch creates something called a smart contract. A smart contract is a program that automatically executes and proceeds to do actions based on the state of the smart contract. So, CryptoLunch creates a smart contract and places it onto the Ethereum network. Then, since the smart contract became a part of the Ethereum network, the history of the smart contract is unalterable.

What does CryptoLunch's Smart Contract Do?

CryptoLunch's smart contract is initialized with an amount owed. CryptoLunch's smart contract collects money that is owed from the participant. If there is any overflow, then the overflow is paid back to the participant. Once the smart contract's amount owed is paid, the smart contract is fulfilled, and the money is paid to the host's wallet.