Decentralized applications, explained

by admin | July 5, 2019 12:52 pm

Decentralized applications, also known as DApps, are considered to be among the greatest achievements in the sphere of blockchain and crypto

So let’s learn some things about DApps.

What is Decentralization?

Decentralization is the process of transferring power and responsibility from a central entity to independent parts. In regard to crypto coins, this means that these currencies aren’t controlled by a single institution, but rather are divided between the users of the Blockchain network.

What Are Decentralized Application?

Decentralized applications, on the other hand, are apps that run on a distributed network. Decentralized applications have been around since the launch of peer-to-peer systems.

Decentralized applications are usually open source, which means that the users have the ability to directly access data of the application. On the other hand, decisions in a decentralized application are reached by a consensus mechanism.

Among the main benefits of Decentralized applications is that there is no central point of failure. This essentially means that if one part of the system fails the whole system doesn’t collapse.

Platforms that can assist the creation of DApps include Ethereum, EOS and Stellar. To know more about Stellar, new DApps and more, follow XLM news[1].

TOP Decentralized Applications

  1. Minds

Minds is a blockchain-based social media network that is focused on freedom of speech. The application was created in 2011 by Mark Harding and Bill Ottman. It is considered as the alternative to Facebook and provides more organic results.

  1. Everipedia

Everipedia is a decentralized online encyclopedia. It was launched in 2015 and uses the EOS blockchain along with a crypto coin named IQ.

Besides being an encyclopedia the application also has features such as allowing famous people to interact with fans. The website was also heavily criticized for spreading false news.

  1. Sia

Sia is a storage platform based on a distributed ledger. There is no third party involvement and the application doesn’t require signing up. It is cheaper and more efficient than other applications providing cloud storage.

Currently, the application has over a million downloads. It is completely private and highly decentralized. Other companies can’t control or access your data.

  1. Eva

Eva is a platform that helps drivers and passengers to cooperate and collaborate in order to boost a sharing economy ecosystem. Its partners include EOSEX, EOS Nation, Esplanade and so on. Eva is considered the Uber of decentralized applications.

  1. OpenLaw

OpenLaw is an open source application, created in 2017,  that has the purpose of settling commercial relationships online. It is the first peer-to-peer network to create legal deals.

Besides DApps, in crypto sphere there are also so called crypto portfolio management[2] tools, that are used to easily manage cryptocurrencies. If you want to know more about these tools then check this cryptocurrency portfolio tracker[3] guide.

Endnotes:
  1. XLM news: https://coinstats.app/en/liveprices/stellar/news
  2. crypto portfolio management: https://coinstats.app/
  3. cryptocurrency portfolio tracker: https://blog.coinstats.app/crypto-portfolio-tracker/

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