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What does that mean exactly?
Well, as you may know, decentralisation is a big concept in the cryptocurrency, blockchain dapp development company blockchain and dApp industries.Basically, this means that no entity has authority, but that all decisions are made by the community.
Let’s take the finance industry as an example.In this traditional segment, banks manage everything.They issue money, process transactions, have the power to freeze and unfreeze accounts, and much more.Basically they are controlling all the money in the world.
Of course, they are limited by the law of each country and are being supervised by the central banks, which have the power to issue additional rules.
In the blockchain space, however, everything is done by the community.
In fact, it’s the community that manages everything.
Therefore, any individual or entity can participate.
In this way, everyone has the right and power to influence or make decisions about the changes that will be introduced.
What is the purpose of dApps?
Now, let’s apply this knowledge to blockchain applications.They are open source apps, which can do pretty much anything that normal apps can do.The difference is that all its usage is recorded on the blockchain.
There are no real limitations as to what dApps can be.They can be finance oriented software, blockchain games, gambling apps, streaming apps and many more.
Another thing worth mentioning is that dApps are closely linked to a cryptocurrency project , as most activities on a dApp somehow require a small transaction to take place.
For example, if you were to use a dApp designed for content creators to post something for other people to see, you would have to pay a small fee for it.
Most of the time these fees would be just a cent or two, often even a fraction of a cent.However ethereum dapps development services, these small transactions would allow the user to access videos, texts, photos and the like.
Meanwhile, the content creator could earn money from your subscription and continue to support his art, or even make a living, as long as there are people interested in what he has to offer.
What are the best and most popular dApps?
dApps don’t just exist on blockchain technology.they came along with P2P networks.Think apps like torrent, Popcorn Time and the like.
Anything managed or maintained by a community rather than a centralized authority can be considered a dApp.
Due to the potential and growing popularity of projects involving cryptocurrencies and blockchain, however, the term quickly became associated with these industries.
But, if we are talking about blockchain dApps, Bitcoin is definitely the first among them.
It is an entire cryptocurrency as well as an entire blockchain, but it still functions as a dApp intended to be used for transactions and payments.
In fact, all projects in the crypto world were single-purpose dApps, until that all changed with the rise of Ethereum (ETH).
Ethereum unlocked the full potential of blockchain technology, diverting attention away from cryptocurrencies themselves.With Ethereum, decentralised application development cryptocurrencies ceased to be the goal of everything, and became tools for creating entire decentralised ecosystems.
They were used to run these ecosystems, as well as their smaller aspects like dApps.Many of them tried to copy what Ethereum did.Not only that, but also expanding the concept, making it better, faster, cheaper and easier to use.
Some of the more notable projects include EOS (EOS), TRON (TRX), Cardano (ADA) and the like.
However, while it has its advantages, Ethereum is still the oldest, largest and most used development platform.
It can be used to build just about anything from specific applications to new cryptocurrencies, decentralized exchanges and much more..
