Decentralised applications or dApps have changed the way technological networks are working. An app that is not owned by anyone, cannot be shut down, and cannot have a downtime—that is a dream come true.
The typical features of a dApp include an open source (that is the source code of the app is available to all), decentralised platform (that employs a blockchain or a cryptographic technology), incentive (that is that app has digital assets for fuelling itself), and an algorithm (that is it generates tokens, based on a protocol, and has an inbuilt consensus mechanism).
Here is our list of top 5 dApps that you absolutely must have:
Bancor (BNT)
Bancor is a decentralised platform that aims to solve the problem of illiquidity in the crypto market. It allows you to convert between any two cryptocurrencies at an automatically-calculated price without the interference of a third party. The network brings liquidity to the majority of tokens which do not have a consistent supply and demand in exchanges.
Bancor’s protocol employs the concept of smart contracts to generate Smart Tokens which carry out the conversion between different ERC-20 tokens internally. Unlike other cryptocurrency exchanges, the protocol does not call for an exchange of tokens with a second party.
Bancor has its native currency the Bancor Network Token (BNT) which is held as a reserve by all other Smart Tokens and allows for a comprehensive connectivity enabling easy conversions.
Why should you use Bancor?
The ultimate aim of the Bancor network is to bring liquidity to tokens that otherwise may never hold a place in the global market. The network makes it easier to liquidate and/or acquire tokens with low trading volume while helping them build a market.
Learn more about Bancor here – https://itsblockchain.com/bancor-101-solving-issues-of-other-cryptocurrencies/
Cryptokitties:
Cryptokitties represents one of the earliest attempts of deploying blockchain technology for recreational purposes. Cryptokitties is not a cryptocurrency but a blockchain-based virtual game that allows users to breed, collect, purchase, and sell virtual cats.
That is to say that Cryptokitties are blockchain assets. While they are structured similar to most other tokens, each cryptokitty is unique and is not meant to be fungible.
The game makes use of the Ethereum network. Smart contracts are employed to administer the aspects of the creation and trading of Cryptokitties. Each cryptokitty is a unique ERC-721 token and the person who owns a particular ERC-721 owns the kitty, can hold it, allow it to breed, or trade/sell it at any given time.
Why should you use this app?
Cryptokitties have played an important role in shaping the adoption and coverage of blockchain. It has been an easy and rather useful asset for introducing people to blockchain and represent a valuable collector’s item.
Some reading on crypto kitties here – https://itsblockchain.com/cryptokitties-a-blockchain-game-that-disrupted-the-crypto-industry/
Kyber (KNC):
Kyber Network is yet another blockchain exchange platform that allows users an instant exchange and conversion of digital assets and cryptocurrencies with high liquidity.
In addition to an exchange platform, the Kyber network is also used to transfer token from person to person. With the Kyber network, you can securely exchange your cryptocurrencies and assets at minimal costs as well as carry out p2p transfers.
The network is fuelled by its native token, the Kyber Network Crystal (KNC). It is an ERC-20 compliant token that needs to be purchased to operate on the network. For every exchange that occurs on the network, a small KNC fee is charged to the reserve which is utilised primarily for operational costs and third-party rewards.
An interesting aspect of the Kyber network is that it does not require the specifications of the source and the destination token to match. The network does that exchange during the transfer making the process easier for the user.
Why should you use this?
The network brings speed, liquidity, and security to the process of exchanging cryptocurrencies. The team is impressed with the creator of Oyente and the co-founder of SmartPool, Loi Luu as the co-founder of this project. The partnerships of this project are quite wonderful as well. It has joined hands with Wax, Storm, and Request Network.
Steem (STEEM):
Steem is a blockchain database that supports community building and social interaction with cryptocurrency rewards. Steem combines concepts from social media with lessons learned from building cryptocurrencies and their communities.
Steem currently has over 50,000 daily active users with millions of interactions every month. Furthermore, the cryptocurrency incentive has provided us with engaging, high-quality content. If the platform continues its current run, it will be rival the likes of Medium and other content creation platforms.
Why should you use this?
Steem is a great community and has brilliant content for most genres. But don’t take our word for it; here’s a great blog on Steem that gives you 27 reasons to use it – https://steemit.com/steemit/@dmitriybtc/27-reasons-to-join-steemit
Some more reading on Steem – https://itsblockchain.com/start-blogging-on-steemit-a-blockchain-based-social-network/
Edgeless (EDG):
Edgeless is a decentralised casino built on the Ethereum blockchain. The platform uses the Ethereum smart contract to introduce an online casino which offers 100% transparency and zero edge for its players.
Because Edgeless operates on a platform, the users have the opportunity to gamble in a safe and hacking-free environment which is completely transparent. All the transactions are transparent and available to the public for verification.
The network has its native token EDG which is used to play Edgeless casino games. It is an ERC-20 compliant token and can also be used for staking/funding the bankroll. The token has a limited supply and new tokens cannot be created.
Why should you use this?
This is a wonderful concept that is bound to lead the way in online gambling. It is decentralised, transparent, and works for the players. Moreover, if word is to be believed, the network will soon add more games on its platform, therefore, paving a new way in the online gaming industry.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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