Decentralized applications, known as dApps, is a term that we will start to encounter more and more. In principle, these are mostly the same as common applications that you know for example for your internet banking or tracking the steps walked. The difference is that dApps need to be logged into with a Web 3.0 wallet, while for regular apps we use an email with a password. Are you wondering why the log-in process is more complicated? To some extent I would agree with this concern, but there are several pros and cons to this. Let’s look at them together.
We already encounter dApps in games, metaverses, social networks and on forums or multimedia platforms. Interesting dApps also include DeFi, which includes dApps focused on financial services. These include decentralized exchanges (DEX), decentralized applications for providing and offering loans, portfolio managers and other even more complicated financial services.
Decentralized application development is experiencing a huge boom, and many people see them as an innovation that our world will appreciate. This is also indicated by the fact that dApps are experiencing the same adoption trend as was the case with the Internet itself. And you already know what happened with the rise of applications such as Facebook, YouTube, etc.