feat: update paloma app to SDK v0.50 (#1035)

* made changes in the app folder

* go mod changes

* cmd folder commits

* util folder commits

* testutil changess

* made review changes

* Update root.go as per review comments

* Update app/app.go

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Co-authored-by: vishal <[email protected]>
Co-authored-by: ruthishvitwit <[email protected]>
Co-authored-by: MD Aleem <[email protected]>