Dapps or Decentralized Applications are basically a software application that has no central governing body or ownership. Being the major driving force of Ethereum network one can say that the future of the network and in turn the value of Ether depends on the rate at which dapps are adopted. Looking at the current dapp scene some experts predict that ether has edge over many rival cryptocurrencies in terms of growth potential.
Dapps has been creating quite a buzz in the blockchain circuit since its launch. One of the main reason is that it allows the community of users to dictate its pace rather than a governing body. Secondly and quite importantly, they are secured by blockchain technology and cannot be altered without the consensus of the network. The amalgamation of flexibility and reliability lends dapps the potential to revolutionize many established industries and practices.
If you believe in the future of dapps or are trying to figure out what the future might entail, here is a list of Top Ten Dapps that you should definitely know about.
List Of Top Ten Decentralized Applications (dApps)
IDEX dapp – Decentralized exchange (DEX)
It offers a trade that isn’t reliant on a central authority to store funds or enforce trades. A user can trade Ethereum tokens including Tron directly with other users. What makes IDEX unique is that process transactions in real time, thus the user can trade continuously. Basically, IDEX uses a smart contract to process and enforce transactions, with the actual transactions taking place on the Ethereum network.
CryptoKitties dapp – Digital cat game
It enables users to collect and exchange digital cats via smart contract. Ethereum blockchain is used to secure and track ownership of these collectibles. A ‘genetic algorithm’ allows the user to breed new kitties either by using cats from their collection or by paying a ‘siring fee’ to another user to breed with theirs. The kitties pose some or the other unique qualities and depending upon the uniqueness the user can sell or exchange the kitties worth a handsome price.
Bancor dapp
With its ‘built-in liquidity,’ feature it enables users to convert between any two tokens on the network, even when supply or demand for that particular token is limited. Bancor places each token in its own ‘smart contract’ and links it to ‘connector tokens’ within the network at a fixed ratio. This ‘smart token’ can now be bought or sold simply by converting between the connector token, thus maintaining the liquidity aspect of the token.
Decentraland dapp – Virtual reality world
A virtual reality world that runs on the Ethereum network. Users use a custom ether token called ‘MANA’, to buy and sell virtual land with the ownership deed securely recorded on the blockchain. What’s interesting that it depends on the users how they monetize their property, form a normal hotel to an underwater one, from an educational workshop to anything that the user’s imagination and tokens can build.
WINGS DAO
‘DAO’ stands for ‘decentralised autonomous organization,’ essentially Wings is an organization that operates according to a set of fixed rules hard-coded via smart contracts. The users can create and crowdfund their own DAOs based on a set of audited standardized smart contracts.
A proposed DAO on the wing is firstly evaluated by the crowd for its viability and the funds it could raise via a crowdfunding round. The user needs to deposit some of their WINGS tokens to make such a forecast. If enough users think that the project is viable, the Dao moves to the funding stage wherein the users who made accurate forecasts are rewarded.
