bitcoinBTC/USD
$ 37,853.42
ethereumETH/USD
$ 2,764.82
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.77128
xrpXRP/USD
$ 0.596295
usd-coinUSDC/USD
$ 0.999999
terra-lunaLUNA/USD
$ 79.79

DApp Meaning – What are DApps in Cryptocurrency?

A guide on decentralized applications

DApp stands for decentralized application. They are digital applications that offer decentralized services, where no third party is required.

DApps were successfully implemented in cryptocurrencies with the Ethereum blockchain.

There are a lot of different DApps. Some are used for decentralized financial services (DeFi), some are used for gaming, exchanging, voting, compiling data, voting, etc. 

The integration of DApps in cryptocurrencies has revolutionized the world of cryptocurrencies.

DApps On The Ethereum Network 

So how were decentralized applications initially integrated into cryptocurrencies?

Bitcoin as the first successful cryptocurrency only offers decentralized transactions. But if transactions could become decentralized, so could many other digital services.

The idea for this kind of decentralization could have come even before Bitcoin, but it was Russian programmer Vitalik Buterin the one who made the idea possible. Together with Gavin Wood, Vitalik Buterin launched the Ethereum Network in 2015. Thus, Ethereum became the first cryptocurrency that offered various decentralized services on its blockchain through DApps.

These DApps interact with smart contracts in order to operate without a central authority. These smart contracts are sets of codes that determine how each service is going to run.

Decentralized applications have changed the world of cryptocurrencies for the better. With the creation of Ethereum, many other cryptocurrencies emerged with similar blockchains that allowed people to launch and run DApps.

According to Coindesk, as of 2021, there are around 3000 DApps running on the Ethereum network.

Trending decentralized applications. Source: Dappradar.com

All these DApps differ in features and functions. Let’s look at some of these different types of DApps.

What are the Types  Of Decentralized Applications?

  • Gaming

There are a lot of decentralized applications that offer games that reward the user with various tokens while playing. For instance, Alien Worlds, Upland, Axie Infinity, etc.

  • DeFi

One of the biggest use of DApps is running decentralized financial services without the need for banks. Some examples are Pancake Swap, Value DeFi, Venus, etc.

  • Gambling

Another type of decentralized application is gambling DApps. These DApps offer casino and gambling services with much lower earning cuts. For example, Serious Dice, BLINK, Earnbet, etc.

  • Exchanges

Exchange DApps offer decentralized exchanges without additional fees (only gas fees). Some examples are UniSwap, SushiSwap, TTSwap, etc.

  • Collectibles

These DApps allow users to collect moments, pictures, videos, that can be later traded in exchange for tokens. A relevant example would be NBA TopShot, which allows users to collect basketball highlights and then trade them with each other

  • Social

These DApps offer services just like any other social media but are decentralized. Some examples are Steemit, Yup, Hive Blog, etc.

Takeaways

  • DApps are digitalized applications that offer decentralized services.
  • Some are used for decentralized financial services (DeFi), some are used for gaming, exchanging, voting, compiling data, voting, etc. 
  • Ethereum became the first cryptocurrency that offered various decentralized services on its blockchain through DApps.
  • There are around 3000 DApps running on the Ethereum network today.
  • Some trending decentralized applications are NBA Topshot, Alien Worlds, PancakeSwap, UniSwap, AtmoicAssets, Upland, AtomicMarket, etc. 

 

Also read:

Related News

A revealing finding of legal documents could shed more light on what caused the dramatic Terra (LUNA) and TerraUSD (UST) price collapse.

Suspicions Rise as Documents Surface Showing that Do Kwon dissolved Terraform Labs Korea days prior to the collapse of LUNA

A revealing finding of legal documents could shed more light on what caused the dramatic Terra (LUNA) and TerraUSD (UST) price collapse. Legal documents disclose the dissolution of two South Korean branches and the liquidation of the Terraform Labs Korea firm in the days leading up to the cryptocurrency collapse, which has been dubbed the “Lehman Brothers of crypto” by a number of people. According to information collected from the

Read More »
Preston Van Loon, an Ethereum (ETH) core developer, said at a discussion at the Permissionless conference that The Merge might happen in August of 2022.

Ethereum 2.0 to be Completed in August Says Vitalik Buterin

The Merge will be finalized in August, according to Vitalik Buterin and several key Ethereum developers A most coveted event in the 7-year existence of Ethereum (ETH), according to the project’s co-founder, Vitalik Buterin, and several key Ethereum (ETH) developers, might happen in the coming months. This must execute before the network is slowed by the difficulty bomb process.  Preston Van Loon, an Ethereum (ETH) core developer, said at a

Read More »
The native currency of Revolut will not be a stablecoin but it does have an aim to make loyalty tradeable, said the CEO.

Revolut CEO Says Future Native Token to Reward Loyalty of Users

CEO Nik Storonsky revealed in an interview that Revolut’s proposed native cryptocurrency will attempt to award clients for their loyalty, as well as specifics on the upcoming non-custodial wallet of the neobank. At the Finance FWD conference in Hamburg Storonsky said that the long-rumored currency, supposedly called “Revcoin”  will work similarly to airline Air Miles programs, wherein users receive benefits according to how frequently they use the services provided. The

Read More »

My Coins

bitcoinBitcoin
$ 37,853.421.33%
ethereumEthereum
$ 2,764.821%
cardanoCardano
$ 0.771281.68%
tetherTether
$ 1.000%
terra-lunaTerra
$ 79.791.45%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org