Dapps on EOS – The Best Decentralized Apps on the EOS Blockchain
A Brief Introduction to EOS
The 9th largest by Market Cap, 7th largest by transaction volume, and apparently ranked 1st in terms of project viability, EOS was formed by blockchain veteran Dan Larimer as a social smart contract platform. The EOS white paper, published in 2017, proposed the release of an open-source software system (EOS.IO) that would help entrepreneurs and app developers create DApps quickly and easily. The main benefits of future users were to include server hosting, cloud storage, and user authentication. EOS was marketed, developed, and released by a private institution block.one, under Dan’s leadership.
EOS made mainstream headlines when its Initial Coin Offering (ICO) campaign attracted over $4 billion from investors who saw it as a prospective successor/competitor to Ethereum. One of the main reasons which propelled the staggering crowd sale was Block.one’s proclamation that the EOS platform would incorporate 3 major features: scalability, flexibility, and usability.
What Sets EOS Apart from the rest?
The EOS blockchain is in essence a programmable blockchain offering smart contract computation. Compared to Ethereum, EOS introduces a different approach to solving some scalability and usability problems. EOS introduces a different consensus algorithm called — Delegated Proof of Stake (DPoS). Founder Dan Larimer stated in an April 2018 blog post that EOS can theoretically support over 1,000 transactions per second and aims to scale to 6-8,000 transactions per second in the future.
One of the major reasons the initial attraction was so highly valued was that the project promised Block times of 1.5 seconds. This was achieved by a proprietary form of Delegated-Proof-of-Stake that EOS employed wherein only 21 “delegates” were allowed to form blocks. There was nil competition among these delegates because the algorithm periodically made sure all delegates got an equal chance.
One has to understand that what EOS gains in scalability, speed, and functionality, it loses in centralization, open-source, and transparency. Allegations have been made on EOS for going against the fundamental principles of the blockchain market – decentralization, transparency, and distributedness. But since it is an open-market, EOS is given the right to develop as they see fit. If there is a market gap for a platform that is fast and centralized, EOS is here to fill that gap. If there was no gap, EOS wouldn’t have had an ICO for $4 billion in the first place.
Top Dapps on EOS
NEWDEX, a decentralized exchange, was founded in 2018 and was launched on the EOS blockchain before moving on to other platforms. The exchange is operated and maintained by the Newdex Inc organization. Newdex is a highly secured, open, and transparent exchange. They offer convenient trading to its users and their exchange platform was the first to achieve seamless cooperation between a wallet and exchange platform.
Dubbed as the “The Wikipedia Competitor That’s Harnessing Blockchain” by WIRED, Everipedia is an online encyclopedia built on the EOS blockchain. The company behind Everipedia EOS DApp is known as Everipedia Inc. It was founded in December 2014 by Sam Kazemian and Theodor Forselius. The main net was launched in January 2015. Everipedia users can create Wikipedia-style pages on any topic using videos, pictures, and links. The users are rewarded with IQ tokens for contributing to the website by writing, editing, and voting on the credibility of the articles. As of mid-2020, the IQ token is the most traded token on the EOS blockchain, mostly due to the loyal community it has been building over the years.
Quite easily, Dice is the largest social gaming platform on the EOS blockchain and the third-largest gaming platform overall. When it was released in 2018, Dice was a testament to what the EOS blockchain was capable of. The structure of the game meant that it was small, fast, and rewards paid out regularly. This meant that the transaction volume should be high enough to not clog the network and cause high traffic.
The Dice Users can earn DICE tokens from playing, and then get dividends from staking. Both the platform and the token are based on user-centered design, which means giving Dice users the best gaming experience. In May and June 2020, the Dice Gambling platform averages just about a million-dollar transaction volume per week, along with a steady balance of above 200,000 EOS. As the EOS blockchain promises to be more widely adopted, we can see the interest in DICE and other apps running on EOS to profit from it.
Bancor is a multi-blockchain DApp that functions as a swap platform. The platform introduces itself as “the first Cross-Blockchain Decentralized Liquidity Network.” Bancor operates a decentralized cross-chain liquidity network that allows users to instantly convert between any ERC-20 or EOS token. Users of Bancor, either on Ethereum or EOS, can convert their tokens across the blockchain without depositing funds on an exchange and hence, they do not have to engage in any exchange-based order matching between sellers and buyers. The conversion between EOS & Ethereum is enabled by BancorX through the Bancor Network Token, which operates on both EOS & Ethereum, making it one of the first multi-chain dapps.