One reason many experts think the Ethereum network has more potential for growth than other blockchain networks are dApps (decentralized applications). Dapps are software applications that run on a network and are not controlled by a centralized authority. Much excitement arises from the potential reliability of such technology because it is secured by a blockchain, thus making it more stable and harder to manipulate. Smart contracts backed by Ether can be included in the system. Allowing it to enforce its clauses and issue cryptocurrency tokens automatically. And this means that dapps have a potential to revolutionize most of established practices and industries. Whether this potential can come to reality, depends on factors like scalability of the network, quality of applications and their adoption rate.
This is a list of Ethereum dApps currently on the market:
Let’s try to have a closer look at some of the most popular and successful of them.
The most popular decentralized exchange is IDEX, an exchange that does not rely on a central authority to store funds and allow trades. Users can trade between themselves Ethereum based tokens like Tronix, BNB, and OmiseGo. It stands out amongst other exchanges with the capability of trading in real time. Because it does not wait for the Ethereum network to process transactions before confirmation. I
Decentralized News Network distributes news that are verifiable and resistant to censorships. This dApp focuses on releasing factual information and eliminates biases with the help of a decentralized community. First, the writers generate and send in news content, which is then inspected by reviewers, and then the content is available for readers. Also, on each of these three steps, users earn tokens for their actions. Readers earn by suggesting topics and by finding errors in the published content. Reviewers get tokens for approved articles, and writers earn when an article gets published. Currently, DNN has over 300 writers, over 5,000 reviewers, and over 50,000 readers.
CryptoKitties is a game that allows users to breed, trade and collect unique and irreplaceable cats represented by ERC-721 tokens. In theory, such tokens could eventually represent any real asset, such as real estate or art. However, the game has attracted a lot of attention from players, imitators, investors, and non-users thanks to its initial popularity and by jamming the entire Ethereum network. Since its peak in December, its popularity has dropped down by almost 97 percent. We can argue about how decentralized this app is, as most users access it by one internet portal and it operates from a centralized database.
LocalEthereum is a peer-to-peer marketplace intended for buying and selling Ethereum tokens. Smart contracts are used to connect buyers and sellers to complete trades. A variety of mainstream methods can be used to make payments, including PayPal. The Ether is held in escrow until the transaction is confirmed. The dApp offers many advantages compared to centralized crypto exchanges. It has no access to users’ private keys, making it immune to typical hacks. I should point out that hacks on major smart contracts have occurred in the past as well.
Decentraland is a virtual reality where users can buy and sell virtual land with their ownership recorded securely on the blockchain. They also can improve and develop the land and monetize it accordingly. Some examples would be building a casino, underwater hotel or an educational enterprise. The game uses a custom Ethereum token called MANA, which can be used to make property deals and to buy content. Also, The dApp developers state that their product is limited only by their users’ imagination, promising soon to roll out custom items and even the ability to control the laws of physics.
There are a lot more exciting dApps on the Ethereum horizon, the main hindrance for their development is the high internal pricing, so-called gas fees. When the network is congested, the speed of transactions goes down, and the gas fees go up. The community is aware of this and steps are being taken for scaling up the network. Solidity, the programming language used for Ethereum, is gaining ground among developers, as more of them are looking for ways to create exciting dApps. From the middle of the last year, the number of dApps on the Ethereum blockchain has risen from 400 to almost 2000 currently, with this number expected to rise further, especially after a successful scaling.