Decentralized applications (dApps) are increasingly being introduced in areas ranging from finance to games, from prediction markets to online auctions.
There is no doubt that Web 3.0 (next generation of the Internet) will be completely based on decentralized technologies. Yes, the transition to it will be soft, long, and such a decision is more than justified, so dApps are being implemented in our lives now.
DApps are applications that are based on blockchain technology and operate without a backend. According to information for 2021, the Ethereum platform's smart contract mechanism is the most commonly used. All of the above means that the user is guaranteed reliability, transparency, and no data alteration.
As of early November 2022, more than 5,700 decentralized apps have already been released. Approximately half of them are maintained by developers on an ongoing basis, and every day, about 300,000 users access the apps, making more than 4 million transactions.
The most promising areas for dApps are the following:
- Auctions. As described above, transparency is one of the most important factors for online auctions. This is due to the fact that dApp ensures that there are no changes to the bids after they have been made. This eliminates the possibility of manipulation, to which other systems may be susceptible.
- User Identification. DApps provide secure and reliable storage of user data. Through a decentralized application, it is possible to provide user identification by email address. The increase in the number of remote services (including banking) will lead to an increased need for dApps in this area.
- Gaming and gambling. The main problem with online gambling is the lack of transparency and, therefore, the lack of user confidence in applications in this field. Since dApps provide full transparency, applications that support this feature are becoming more popular.
One of the first games on the Ethereum platform, CryptoKitties, which was released in late 2017, became widely known in its time. It gained popularity so quickly that a record was set for the number of transactions on the network. Unfortunately, because of this, its speed dropped almost to zero.
- Prediction Markets. All the benefits of the dApp are unfolding in full here. Prediction markets are stock exchanges where the results of certain events are traded, such as sports competitions, presidential elections, or the purchase of Twitter by Ilon Musk.
It is worth noting that in order to access the Ethereum blockchain, you must use Ethereum-based dApps. Green Crypto Processing is in the final stages of adding Ethereum in order to offer users the widest possible range of services. For now, you can use Bitcoin-based dApps.
