There are chances that an individual came across the term dApps, and might have heard names like Ethereum or Golem supercomputers and is eager to learn more about such apps. This article lays down the overview of dApps and Ethereum dApps and provides a full insight to give a better understanding to the readers.
Decentralized apps, or what some might call them dApps, are such platforms and/or applications which operate based on blockchain methodology or peer to peer network system. In simpler words, decentralized apps are those which have the open-source protocol that leverages blockchain. Open-source software is a protocol that operates on a distributed computer network. Unlike the other applications, these servers do not require any addition or involvement of third-party entities.
Decentralization solves a lot of problems that had occurred previously. These issues include data ownership and the anonymity of ownership. This is resolved because the owner now has a chance to control their data on their own and build access to multiple different apps. DApps are referred to as the P to P system because of the lack of any external involvement. Traditional banking systems, on the other hand, are regulated by monitoring authorities and government institutions which oversee the flow of cash from the account that raises questions about the privacy and security of the users.
It has become extremely difficult to have control over one's information, the reason being that third parties are involved in it. These third parties play the role of middlemen that have access to all the data recorded on the centralized servers to be able to give the user their services by charging a hefty fee. They even have the control to stop one from viewing their information. The user's information is being used as a medium for monopoly. However, Ethereum dApps have eased this issue with the help of Web 3.0 which itself is a milestone.
The main feature and objective of the platform Web 3.0 is that it is completely decentralized. These features stop higher authorities and big organizations from having access to the user's information with the help of monopolistic and authoritarian strategies. Web 3.0 gives its users every ounce of freedom and complete control over their information as well as access to the internet, the reason being that it makes use of the ability of Ethereum dApps decentralization feature. This method puts a stop to every possible way in which higher authorities get the power to control one's information.
Similar to Upwork, Ethlance works in the same way. But the only difference is that Ethlance is a decentralized platform, unlike Upwork, which provides a marketplace for freelancers and other people to be able to find a job that is present on the Ethereum blockchain. The best part about it being decentralized is that there are no additional charges or cuts a commission, this makes it even better as it gives the user more transparency. It operates on a 0% commission fee. Hence, users have a higher chance of making maximized profits and ideal deals.
Compound finance is considered to be the ultimate dApp. This is because they are currently in the process of developing a group of apps that will allow them to borrow and lend crypto. A crypto holder now has the opportunity to lend their cryptos to someone for a significant price. Moreover, it also allows its user to borrow crypto from other people without the hassle of doing any paperwork. The minimal documentation complications further increase the feasibility for the users.
Aragon is considered to be one of the most special platforms on the Ethereum blockchain. The main objective of this dApp is to develop a place where one can control and build decentralized autonomous organizations which are widely referred to as DAOs. This is an approach that applies to any type of business may it be a big organization, an NGO, or any sort of company, it is guaranteed to up the level of transparency for their company and gives them better control over them. It has proven to be a breakthrough in the business sector.
An asset portfolio marketplace that is completely decentralized and trustworthy, Prism is hosted on Ethereum blockchain. With the help of a prism, investing ETH in different cryptocurrencies, setting a percentage of the holdings, etc has been made possible and fairly easier. This is completely and entirely set up on smart contracts, which means that the user does not have to worry about managing passwords of wallets to control the crypto portfolios. This also gives access to the user's investment portfolio and records in real-time.
Golem is considered to be the hub of the computer world. With the help of this dApp, the user gets to experience and get the computing power of different computers that are not located near us. It also allows the user to share their computing power with others as well, which adds to the advantages.
WalletConnect is a platform that bridges the gap that is present between dApps and wallets with the help of QR code scanning or with the help of deep links. It enables the user to have a safe and secure interaction with their mobile wallets. This further makes it a better option than the other choices that are available on the desktops. The developers of WalletConnect observe the libraries to bring the open-source protocol into action on mediums such as Androids, iOS, or even Java Script. Every bit of information and data is encrypted through session data which increases its reliability for the users. This is considered to be an effective and influential strategy that has the potential to bring a positive change in the industry.
Over the next few years, there will be a prominent expected increase in growth, popularity, and number of users on the dApps. However, with Ethereum’s scaling method has become an easier job to make its benefits and advantages known to the people. With the wide accessibility of the internet and digital devices, along with the increasing scope of crypto trading and investment, platforms like WalletConnect and dApps have an evidently promising future ahead.