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The Ethereum blockchain and other blockchains that allow the creation of smart contracts are more than just a cryptocurrency. They can be used to create decentralized applications and smart contracts that can be used to disrupt or reinvent many industries.
A decentralized application (dApp) is an application that uses a peer-to-peer network to function without any central authority controlling it. In other words, it’s an application that exists on a blockchain and doesn’t rely on a third party to dictate how it operates. A dApp could be something as simple as a game or as complex as a social network like Facebook or Twitter, but it would be built in such a way that users have control over their data and no single entity controls the network.
This differs from traditional applications because they typically rely on centralized servers to operate and store user information. The difference between these two types of applications is best illustrated by comparing Facebook with Synereo. Synereo is an example of a dApp because it relies on users hosting and running their own servers for the application to work and store their data. Facebook, on the other hand, is not decentralized because all of its data is stored on centralized servers owned by Facebook.
A decentralized application relies on smart contracts to operate without relying on any central authority or third party to dictate how it works. A smart contract is an automated piece of code that’s stored on the blockchain and cannot be altered once it’s been deployed onto the blockchain. This means that anyone who wants to use the application will need to interact with the underlying smart contracts (calling methods of the smart contract via wrapped in a user-friendly UI) using transactions, via their public address using their own wallets. This also means that all data created by the application will be stored directly on the blockchain instead of being stored in centralized servers owned by one company or person.
The advantage of this approach is that it allows developers to build applications that can function without relying on any central authority or trusted third parties. This is particularly useful for applications that deal with sensitive or valuable data because it means that users will have full control over their data and won’t have to trust a third party with it.
There are a lot of different types of decentralized applications being built on the Ethereum blockchain, with the most popular ones so far being games and social networks.
One of the first popular dApp games is called CryptoKitties, which is a game that allows users to collect, breed, and trade digital cats. The game uses smart contracts to govern how users can trade their cats and also limits the number of cats that can be bred. At a point, the game has become so popular that it’s been responsible for slowing down the Ethereum network because so many people are using it at once.
Another (at one point) popular dApp is called Steemit, which is a decentralized social network where users can post content and get paid for doing so in cryptocurrency. Users receive money for creating content and also for upvoting content they like. Steemit also uses smart contracts to govern how users can interact with each other on the platform.
The future of dApps is still uncertain because there are only a few examples being developed right now, but there are a growing number of developers who believe that they have the potential to disrupt many industries.
Below are some of the initial plans related to what the ecosystem will get started with. More information on each project will be released as the development progresses.
- An NFT dApp that will start with special drops, and then turn into an NFT minting and a marketplace.
- Kangal Ecosystem Identity Service that uses kang.al domain where you can own a subdomain and associate it with your wallet, with further development these subdomains can be turned into tradable NFTs.
- An Advertisement board, which can extend to a fully-fledged ad platform that utilizes the whole ecosystem.
- Holders board, where users can use the handle from the Ecosystem Identity Service and leave a message recorded on the blockchain.
- BURN board, where the messages left are sorted by the number of $TEAKs you burned for it.
- Various lotteries.
- Games and virtual worlds.
- Own DeFi services.
All powered by the $TEAK utility token.
Below are several additional possibilities, provided as examples of the ecosystem's possible reach.
- An on-chain analytics service.
- An exchange for trading sub-tokens in the ecosystem.
- A launchpad platform.
- A lending platform for crypto collateralized & uncollateralized loans.
- A prediction market.
- A crowdfunding platform for raising funds for dApps and projects.
- A micro-job platform.