Reading Time: 3 minutes
Decentralized applications are becoming popular and interesting to app developers across the world. dApps connect developers and users directly without the need for a middleman to manage the code and user data. Today there are many dApps built on Ethereum, which is the leading dApp platform. A dApp has its back-end code that is running on a decentralized peer-to-peer network. They have to use consensus protocols to know whether the data published by a peer in the network is right or wrong.
The blockchain is the most famous dApp structure used by Bitcoin. As a dApp development company, blockchain technology enables us to create decentralized applications. The market of blockchain technology is growing rapidly, so where can dApps be useful?
Below are countless reasons that how dApps can be smartly used:
E-commerce / Decentralised Marketplace
An idea: To generate a new financial system where a transaction can be done from peer to peer. A centralized banking has no power and it can only achieve by blockchain technology with cryptocurrency. If we want dApp market to achieve stability, then it is necessary to exist decentralized market.
Benefits: The decentralized market works on peer to peer network which means of no single failure in this network. Thus, it is a fully secured marketplace. These can encourage use and the ability to trade your cryptocurrency for services and goods. There is no need of the third party like PayPal, and payment can be done by customers directly. Accounts are tied to crypto keys, and therefore you are no longer at the mercy of account holders to hold/transfer your money.
An idea: Blockchain unlocks doors for gaming industry a well. The blockchain ability to create worlds and social spaces are expanded to an infinite level. Games like EVE online has created due to blockchain technology. The ease of use and integration into an existing system could reduce the barrier of entry, that result in the increase in the active player base. The dApp concept can give rise to gaming and gambling which are yet to explore.
Benefits: Magic: The Gathering games are built for trading with friends, but free time constraints can make it a barrier for this concept to always work. So if are looking to plan a business based on blockchain concept, these type of games are most profitable dApp, and more improvements are yet to come.
Messaging / Social
An idea: Through the messaging apps, we always had our most of the communication. Social media is playing a pillar role in communication. Blockchain-based messaging services are offered by dApps.
For example the introduction of EtherTweets which is known as the decentralized version of Twitter. With this, you can publish 160 characters of the message, but once the message got published, the only publisher can remove it nobody else can remove it.
Another example is Status.Im, currently in beta version is an open source platform that acts as a marketplace where anyone can list their dApp and a user can download the same.
Benefits: Giving means to easily exchange and share coins together with freedom of sharing thoughts through social media, where the only owner can delete the post itself will surely be the future of social media.
An Idea: As the value of Ethereum fluctuates at fast scale, so you will need a place to keep track of your coins. There is a number of ways of counting, but all wallets require private keys to access your currency. The best wallets can work across the different platforms and have a backup and restore feature in-build.
For example Coinbase the most popular wallet with functionality for most popular available digital currency. A digital platform on which you buy and sell Bitcoin, Ethereum & Litecoin.
Benefits: Crypto wallet will gain popularity, as cryptocurrency has already left its foot imprints on the market. Therefore, plenty of opportunities has yet to come as there is no universal dApp per currency in the market currently.
Also read: Things to Consider Before Consulting a Mobile App Development Company
The Potential of dApp Development
The true potential of dApp is yet to come. Now, this is the best time to educate yourself about the concept of blockchain technology. So, explore the world of blockchain and varieties of currencies which are available in the market. While dApp development companies cannot replace traditional app, but it is easy to develop something new which will be known to be the future of app development.