Top 5 DApps to Look out for in 2020
Decentralized applications, commonly known as DApps, refers to computer/mobile applications that run over a public blockchain such as Ethereum, Bitcoin, etc. or cryptographic technologies. A DApp must be open source, such that the source code of the application is available to all users. The apps also offer incentives, usually digital assets such as crypto tokens.
Crypto enthusiasts agree that DApps are quickly taking over the blockchain technology by storm. The applications will change how we view software models ultimately. Although Bitcoin introduced the world to the power of blockchain technology, Ethereum provided a platform for the first DApps. However, the evolution of the industry led to the birth of several other smart contracts.
Some of the DApps to look for in 2020 include MakerDao, EOSBet, Everipedia, DTube, and Polymath.
Started back in June 2016, the Collateralized Debt Position (CDP) of MakerDAO is a digital network operating on the blockchain of Ethereum. The CDP is a fundamental part of the Dai Stablecoin Program, whose function is to build Dai in return for collateral. The program then keeps the built Dai escrow until it returns the lent tokens. CDPs change the overall remaining stock of Dai, generating Dai as fresh funds are leveraged and eliminating current Dai if it is returned to the position.
The process of regulated minting and combustion helps the bond to pay for the stablecoin’s overall stock, thereby showing that the supporting leverage fund will still ensure circulated Dai’s value. It is worth noting that the Dai cryptocurrency has its value corresponding to the US dollar. The sum of collateral in a CDP is often designed to be considerably more significant than the volume of the loan, so stabilization hunters who want to use Dai as a stable interest store are assured that 1 DAI in the fundamental capital is worth around USD 1.
Dai, therefore, plays a crucial role in strengthening financial services in the cryptocurrency world, by allowing for more convenient fiat to crypto transactions.
Do you love casinos and gambling? Then you are going to love the EOSBet DApp. EOSBet is an entirely open and player-friendly digital casino developed on the EOS.IO blockchain. One feature that makes this DApp quite attractive is that there are no margin requirements or extra charges. An advanced group of programmers came together to design a complicated set of thoroughly verified virtual contracts, which are the driving force behind EOSBet.
The interface between the blockchain, the funder, and the lender, is a distinctive front end, designed for the ultimate user experience. Payments, amounts, gambles, honesty, and unpredictability are all publicly available and provable. Because of the irreversible and hack-proof existence of Ethereum contracts, programmers will be unable to rob payments, earnings, or ETH from the bankroll— that is, the magic of Ethereum and smart contracts. Additionally, contracts were reviewed by numerous third-party individuals and passed via a comprehensive and productive bug bounty framework.
You have probably used Wikipedia at one point or another. However, given that the site is centralized, it is loaded with lots of personal bias.
Everipedia aims to compete with Wikipedia by providing a decentralized platform for content creation. The site utilizes EOS blockchain technology and a crypto coin named IQ to promote data creation and to discourage censorship of websites in some countries. This application aimed to build a non-restrictive online platform that would be easily accessible to readers. This included elements such as giving celebrities a chance to speak with their fans.
By contributing to Everipedia, users get to earn IQ tokens and become stakeholders in the network. Users also use the tokens to vote and decide which articles go into the database. Anyone can write an essay on Everipedia, as long as they provide a citation for it. As a result, Everipedia’s knowledge base has a broader scope of content.
Just like YouTube, DTube is an online platform where users can upload videos and earn money. This website launched back in July 2016. DTube, however, differs from YouTube in that it runs on the STEEM blockchain technology. It is, therefore, decentralized and allows for secure record keeping.
The DApp’s uniqueness is that it is transparent, which ensures that no organization regulates what people submit and send. Again, no one can hinder viewers from watching a video posted to DTube due to copyright or moral of the video. DTube is a favorite for content creators since it does not limit creativity. The decentralized tube also doesn’t contain advertisements and thus allows an uninterrupted viewing. No party can delete a video that has already been posted. This site has also allowed those who create small content.
Towards the end of 2019, DTube had around 70,000 users. These numbers are expected to blow up in 2020, with more people opting to post their videos for DTube coin tokens.
Polymath uses the ST20 token specification to connect the traditional intelligence agencies to Ethereum blockchain, thus creating an environment by which security issuers, go-betweens, and stakeholders exchange security tokens.
Polymath offers a system by which persons and business entities can conveniently and quickly build their unique protection tokens. This network contains four layers; Polymath Token Studio, Marketplace, ST20, and Ethereum Blockchain system. In the blockchain, it has four layers as well, that is the Protocol, application, legal, and exchange. The protocol layer is the digital-contract layer, which includes all the terms, and the application layer is where they develop the security tokens. The legal framework is the layer of network governance where qualified lawyers build and use models., while the transaction layer serves as the encrypted database in Bitcoin’s ledger.
With Polymath, you can quickly and conveniently convert your physical assets to digital tokens. You can, for example, create a pool of tokens to represent ownership of a specific piece of land. To change ownership, all you have to do is send the tokens to the new owner.
Unlike standard software, DApps link vendors and consumers without the support of intermediaries. Blockchain-based DApps are resistant to censorship, do not require extra charges, and are much more inclined to retain procedures throughout different attacks. Decentralized software may be constructed on multiple networks.
Many DApps currently operate on the Ethereum blockchain, but emerging DApps-oriented systems are among the blockchain project’s critical paths. DApps simplify payments systems, the credentials of the users and are preferred because of their free access technology, and transparent transaction history. New DApps emerge every so often, and we should expect to see more of them in 2020 and beyond.