As the first wave of the cryptocurrency revolution sweeps across the globe, we’re all becoming acquainted with blockchain, the fascinating decentralized network that enables this technology. Blockchain intrigues us as a platform for creating decentralized apps, or dApps — open source software built on blockchain technology — as a dApp development company.
Where can a decentralized blockchain app be useful in this fast growing market?
Here are a few clever uses for dApps, along with current working examples and a large list of reasons why dApp development is advantageous in these sectors.
DECENTRALIZED MARKETPLACES / E-COMMERCE
The Concept: Blockchain and cryptocurrency coexist as a means of establishing a new financial system in which central banks have no influence and all transactions are carried out on a peer-to-peer network. Decentralized markets are required if the dApp market is to be sustained. This is a crucial feature for dApps and ethereum-based networks to gain popular acceptance.
Example: District0x is a good example. This decentralized marketplace network is divided into districts, each of which is its own marketplace and community. Each of these districts uses Ethereum as a currency and is driven by the d0xINFRA framework, which is a stack of Ethereum smart contracts and front-end libraries distributed over IPFS. From job boards to the Meme Factory, there are districts for everyone. Each district must have postings and listings, as well as search options, user representation, and payment choices, in order to be considered a full-fledged marketplace.
The Advantage: A decentralized marketplace offers the same level of security and flexibility as a peer-to-peer network (meaning no middleman or single points of failure). These can encourage the use of cryptocurrencies and the capacity to trade it for products and services, which is the concept’s ultimate purpose. Payments can be made directly without the use of a third party such as PayPal. Because accounts are linked to cryptokeys, you are no longer reliant on account holders to keep or transfer your funds. This results in a more streamlined marketplace that demands less user effort while also being more secure.
GAMES WITH CRYPTO COLLECTIBLES
The Concept: Blockchain opens up new possibilities for games as well. The capacity to create worlds and social spaces is limitless. Blockchain might breathe new life into games like EVE Online, which has its own player-run economy. The ease of use and integration into an existing system may lower the entry barrier, boosting the number of active players. World of Warcraft-style MMORPGs could make a significant comeback. The potential for dApps that combine collecting, gaming, and gambling are limitless, and they’re already being explored.
Example: CryptoKitties is an example. Players can purchase, sell, trade, and breed their own adorable virtual cats in CryptoKitties. It’s akin to other collecting card games, such as Pokemon, or toys, such as Beanie Babies, when they were popular. Cryptokitties has amassed a total value of almost $2 million in cryptocurrencies. This isn’t just a fun way to start a collection; it’s also a method to possibly make a lot of money.
Cryptozombies is another dApp that engages you in a zombie army construction game while teaching you Solidity, a programming language for developing smart contracts. Solidity begins with a tutorial in which you create your army, but once that is completed, the game transitions to a collection trade-athon similar to CryptoKitites.
The Benefit: Trading with friends is an important part of collectible card games like Magic: The Gathering, but isolation and limited free time can make this difficult. It’s simple to trade, sell, and show off your items online when you play games where your collection is stored on the blockchain. Games like these are the most profitable sort of dApp to develop a business on the blockchain, and there is plenty of opportunity for improvement, i.e. the real big hitter in this field hasn’t been made yet.
PHOTOS OF VIRTUAL WORLDS
The Concept: Imagine living in a world that is continuously changing, similar to an MMORPG or a Minecraft server, but on a decentralized network. This is a form of gaming, although it does not always necessitate progression or competition to be effective.
Example: Etheria is a good example. Etheria is a blockchain version of Minecraft. This dApp differs from the popular game in two ways. Each tile of the planet on which you can build costs one Ether, implying that land prices will fluctuate and most likely rise. What actually distinguishes Etheria is that once you buy a tile, it cannot be hacked or changed by anybody else in the game. This is made feasible by the game’s use of smart contracts.
The Advantage: Blockchain enables virtual worlds to better reflect the structure and boundaries of modern civilization. Blockchain serves as an economic backbone in this situation, allowing for player commerce. Taking away the bother of developing an in-game money for creators and, as a result, boosting the stakes. This can increase escapism, but it also opens up the possibility of learning real-world skills in a virtual environment.
SOCIAL MEDIA / MESSAGING
The Concept: Social media is an important tool for communication. Messaging apps are the primary means of communication for the majority of people on a daily basis. However, with net neutrality and CEO politics possibly ruining the purity of these experiences, dApps are providing blockchain-based alternatives.
Example: EtherTweet is an example. EtherTweet is a decentralized Twitter alternative. This dApp allows users to publish 160-character tweet-like messages, but only the publisher has the ability to remove the message once it has been published. Your post will never be removed from EtherTweet. Accounts can also receive Ether donations, which might serve as a motivator for long-term users to stay on the network.
Status.Im. Status.Im, which is still in beta, is an open-source marketplace where anyone may list their dApp and any user can download it. In this sense, it belongs to the first category, but it also functions as a messenger dApp that allows you to transmit encrypted text messages. In encrypted conversations, Status.Im is frequently used to transmit money and communicate smart contracts.
The Advantage: Having a simple way to share and exchange coins is critical to the overall growth of cryptocurrencies. Given how social media behemoths expand and buy up-and-coming platforms, companies that actually provide users independence are practically unheard of. The future of social media could be an open-source, non-anonymous platform.
WALLET OF CRYPTOCURRENCY
The Concept: If you have Ethereum, you’ll need a location to keep track of your coins, especially because the value of your Ether is always fluctuating. There are too many to list, but all wallets require private keys, which are “tickets” that let you to access your money. The finest wallets provide backup and restore capabilities, as well as compatibility with a variety of operating systems so you can use them on several devices.
Example: Coinbase is an example. The most popular wallet, featuring support for the most widely used digital currencies. Coinbase is a one-stop shop for buying, using, and storing cryptocurrencies. Coinbase is available as a web app, as well as for iOS and Google Play, and the mobile versions have received positive feedback.
Exodus. Exodus is the first desktop multi-asset wallet to include ShapeShift, a cryptocurrency trading and conversion tool. It also offers a nice portfolio display of all your coins and their total value.
The Benefit: As cryptocurrency becomes more popular, crypto wallets will become more handy. Because there is no uniform dapp for each currency, there are still plenty of options to create a fantastic product that will be popular.
MARKET FORECASTING AND PREDICTION
The Concept: Smart Contracts, a computer technology for digitally facilitating, verifying, or enforcing the negotiation or fulfillment of a contract, are possible with Blockchain. As a result, platforms have emerged that allow users to make predictions on any real-world event, ranging from politics to sports and entertainment. These apps allow you to trade virtual shares for real money.
Example: Gnosis and Augur are two examples. Both of these dApps are live and functioning on Ethereum. Users can construct their own markets, set their own fees, report on their own activities, and send secure, automated payments to one another. Users can wager on anything from presidential and local elections to Oscar winners and sporting event outcomes.
The Benefit: While these apps are effectively gambling, the technology that powers them allows for real-time access to large amounts of user data. These prediction dApps have a lot of psychological significance. They make it possible for anybody to have access to the ledgers of large prediction markets, allowing us to better forecast and analyze human behavior.
THE DAPP DEVELOPMENT POTENTIAL
The actual potential of dApp development has yet to be realized, but now is the perfect moment to learn about blockchain technology, the various currencies that are available, and the prospects that blockchain has to offer. These dApps are just the tip of the iceberg in terms of what is conceivable. While it’s unlikely that dApp development company will ever replace traditional apps, it’s possible to see a future in which both methods of mobile app development are equally appreciated.