At the end of last month, Kevin Rooke, a crypto commentator, put out an article and subsequent video about the low use of decentralized applications (DApps). Rooke wrote in his article, as well as on Twitter:
“[The number of] dApps with more than 300 active users: Ethereum: 5 EOS: 3.”
Let’s quickly go over what DApps actually are! ‘DApp’ is an abbreviation for ‘Decentralized Application.’ They are essentially code written in the form of a smart contract on blockchain. They work the same as any other normal app that can be downloaded, except that they are established on a decentralized blockchain with trustless protocols, rather than a centralized network.
Once Thought to Be the Future, DApps Are Having a Rough Time
The amount of DApps available to users is not as astounding as one may think. There are regular apps for everything these days! Despite the efforts, the shortage of users on DApps could be traced back to the lack of confidence that investors seemingly have in smart contracts. Because of recent and frequent hacks that decentralized exchange services have had, simply put, investors are not satisfied with the lack of accountability that DApps and other services seem to have when handling their money. In spite of this slump, DApps may still be the future of blockchain user interaction!
A Couple of DApps That Could Make It Big
TenX is one of the 5 DApps that have more than 300 users a day. It is a platform that allows one to spend and store multiple denominations of cryptocurrencies. It is a modern-day version of the multicurrency account. In conventional banking, it allows one to keep and spend multiple different currencies in the same account. TenX is currently working with Visa to develop a card that will enable one to use his crypto assets wherever Visa is accepted. This could be a huge step in building a bridge between centralized banking and the crypto world.
Gnosis is another DApp that is popular among users. This app is a betting application that allows one to bet on seemingly anything. One sets the guidelines to which his bet will oblige to. It can be used to bet on the weather or the outcome of an election, away from the watchful eyes of local governments and other jurisdictions.
Interestingly enough, both apps are essentially polar opposites. One is looking to find ways to unite all sorts of assets, and the other provides a backdoor to laws and regulations. In any case, both are a part of a movement that is having some trouble establishing itself.