The 5 Most Interesting Decentralized Applications
The Ethereum blockchain hosts over 90 percent of the world’s smart contracts and decentralized applications – or ‘Dapps’ – and this number is only expected to grow. However, Dapps running on rival blockchains such as EOS, Omni and NEO are rapidly gaining popularity. As Dapps have no owner or centralized point of control, they appeal to users who want to use applications without fear of censorship, third-party interference or the possibility of downtime. Dapps can be in any industry provided that people are actually using them. In this post, we’ll look at the top five Dapps out there that actually doing something interesting.
How do we define ‘interesting’?
Before we dive into the top Dapps, it’s worth defining what we mean by ‘interesting’. Much of the data used in this post is sourced from the industry website DappRadar. A quick look at the top five EOS Dapps by user numbers reveals that four out of the top five Dapps are actually gambling and gaming Dapps.
DappRadar’s top five list of ETH Dapps paints a similar picture. While the user numbers are far lower, three of the current top five ETH Dapps are high-risk or gaming Dapps.
While we love gaming Dapps as much as anyone else, are these Dapps actually doing anything interesting? It’s tough to say.
While we clearly need to take user numbers into consideration, we also need to consider which Dapps are actually adding anything new or contributing anything worthwhile to the cryptocurrency space, besides providing more gambling or gaming opportunities.
Therefore, for the purposes of this post, we define ‘interesting’ as any Dapp that is providing a tangible benefit to its users beyond mere speculation or random opportunity.
Which Dapps are helping to evolve the crypto space? Which Dapps are having an influence on the ways in which people interact with cryptocurrencies?
Here are our top five picks.
1. ProChain (PRA) CandyBox
According to DappRadar, PRA CandyBox had 5,510 daily active users in the previous 24 hours as of this post. PRA Candy Box is the first EOS advertisement Dapp and it has more active users than the entire top five ETH Dapps combined. As an ad network built on EOS, Candy Box promotes new tokens and existing tokens such as MeetOne and Ono. Users complete mini tasks and are rewarded with EOS candies.
PRA CandyBox is the first ad Dapp based on the EOS mainnet. Users simply install the Scatter plugin for Chrome and download the Bitpie wallet. In order to grab free daily candies, users just start completing the random mini-tasks; the candies are their reward for participation.
The most interesting feature of this Dapp is that it incentivizes users to engage in marketing activities. Whereas centralized ad agencies and marketing companies seek to monetize user data, CandyBox flips this situation by rewarding users. The underlying philosophy is that users’ time and data are valuable so they should also be the beneficiaries.
There are clear similarities between this approach to ads and BitBounce’s approach to the problem of spam emails. BitBounce lets users put a paywall on their email inboxes and set a price for accepting emails from people or companies who they don’t know. If marketing or advertising firms want to email a BitBounce user, they have to pay the requested fee, thus rewarding the user for their time and attention.
2. IDEX Dapp
In terms of daily active users and volume, IDEX is second only to the high-risk ETH Dapp 333ETH. IDEX is a decentralized cryptocurrency exchange that supports trades between Ether and ERC-20 tokens. At the time of this post, IDEX has 1,429 users in the previous 24 hours, making it the second most widely used ETH Dapp.
Perhaps the most interesting feature of IDEX is that it is partially decentralized. Unlike centralized exchanges such as Coinbase or Binance where users give control of their cryptocurrencies to the operating company, IDEX uses a publicly verifiable Ethereum smart contract to facilitate trades. As explained in the IDEX white paper, it is not entirely decentralized. Only IDEX can submit signed transactions to the Ethereum network via its centralized server. It also performs other functions such as queuing transactions in the order book.
ForkDelta is another decentralized exchange offering trades between Ethereum and ERC-20 tokens. The Dapp was created by Arseniy Ivanov in January 2018 as a fork of another decentralized exchange, EtherDelta. According to the project’s roadmap, ForkDelta runs on EtherDelt’s smart contract meaning that all fees continue to go to EtherDelta.
According to Ivanov, EtherDelta moved away from its “original spirit”, prompting him to develop ForkDelt as a completely open source exchange. ForkDelta provides full transparency to its community members who can seamlessly import their Ethereum wallet via the MetaMask extension.
DEXEOS is the seventh most-used EOS Dapp at the time of writing. What makes DEXEOS interesting is that it is the world’s first fully functional decentralized exchange for EOS based tokens. Users can trade by using their existing EOS account and don’t need to create a separate wallet within the exchange.
This streamlined approach to cryptocurrency trading parallels BitBounce’s decision to launch its own exchange, CredoEx. BitBounce users who accept emails from unknown people or companies receive small payments in the form of BitBounce’s token, Credo. BitBounce created and launched CredoEx to make it easier for their users to trade Credo for other cryptocurrencies such as Ethereum.
BitBounce’s main similarity with DEXEOS is that its users don’t need to create a separate Credo wallet within CredoEx – they can manage the entire process through their BitBounce account. To simplify the process even further, BitBounce users can now buy Credo with a debit or credit card via their BitBounce dashboard.
Another appealing aspect of DEXEOS for many users is the fact that the exchange doesn’t require KYC – Know Your Customer – procedures, common to most exchanges. It doesn’t ask for personal information before letting users sign up and start trading. Unlike other ETH Dapps, every transaction on DEXEOS goes onto the EOS blockchain immediately. This gives the exchange full transparency and makes it one of the most interesting, and useful, Dapps out there.
5. Augur Dapp
While Augur is ranked as the 56th most popular ETH Dapp by DappRadar, it is one of the most fascinating Ethereum marketplaces out there. It bills itself as the ‘future of forecasting’ and acts as the go-to place for anyone who wants to make a prediction. Whether you want to short a cryptocurrency, predict an election or even hedge against a natural disaster, Augur may be able to help. It is a prediction market protocol that is completely owned and operated by its users. Token holders can make predictions as they see fit and receive rewards if their predictions materialize.
Augur users begin by simply choosing an event they’d like to predict. If no market currently exists, they can create their own. They can then buy shares in the market to go long on an outcome or short it by selling shares. When the event wraps up – for example, the outcome of an election is announced – holders of the winning outcome receive a share of the market contract.
The Bottom Line
Ranking Dapps according to daily active users and trading volumes would lead to an uninteresting list of high-risk gambling and gaming Dapps that don’t add much value to the cryptocurrency space. Instead, we chose five Dapps that are contributing something useful and changing the cryptocurrency landscape in a helpful way. What do you think of our list? Which Dapps did we miss? Let us know by leaving a comment below!