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Delving into Dapps

Last week, we went over what Dapps are, their benefits, challenges and what future these applications hold. Today, we are going to discuss the various kinds of Dapps and their applications.

There are 3 basic types of Dapps:

  • Type 1: Dapps built directly on are built on blockchain. The most classic example is of course Bitcoin and Ethereum.
  • Type 2: These dapps are built on the blockchain of Type 1 dapps. They are protocols, or basic sets of rules that allow data to be shared amongst computers, that use their own tokens for their functionalities. For example, Omni Protocol is a type 2 dapp built on Bitcoin’s blockchain. 
  • Type 3: These Dapps make use of the protocol of type 2 Dapps. For instance, SAFE network is a Dapp that leverages the Omni protocol to issue SafeCoins. 

Let’s go over some of the most popular Dapps and their uses:

UniSwap 

Uniswap is one of the leading decentralized cryptocurrency exchanges that runs on the Ethereum blockchain. It is simply a platform for the community to swap tokens without charging any transaction fees. Uniswap is better oriented toward public welfare than a profit-motive. It is ranked #3 behind dYdX and Pancake swap with $6.8 billion worth of crypto assets locked in.

It is an open source platform meaning users are in full control over their own funds without trusting any third party. Anyone is free to start their own token and liquidity pool at ease on Uniswap. It works using two smart contracts – an exchange contract and a factory contract. Factory contracts are utilised for adding new tokens. On the other hand exchange tokens facilitate all token swaps and transactions.

(Source: UniSwap)

Axie Infinity

Axie Infinity is one of the most popular gaming Dapps built on the Ethereum network. It is a Pokemon-inspired pet universe where players earn tokens by battling small fantastical creatures called Axies. There are 1 million + active users playing the game everyday. It holds a market cap of a whopping $8 billion dollars!

What makes Axie Infinity so special is that players can play to earn, becoming a stream of income for them. Axie Infinity’s native token, AXS, is currently 60 million + in circulation. When players win battles and collect AXS. You can trade AXS in for fiat currency at any time. AXS is also a governance token, the more AXS you hold, the greater power you hold in decision making. 

(Source: Axie Infinity)

Brave

Brave is a web browser, created by Brendan Eich, one of the original founders of Mozilla Firefox. It currently has 36 million users across the globe. Brave is no regular browser as it goes beyond, in terms of data privacy and security. It is an open source browser to establish transparency and encourage further development from developers. 

Brave intends on creating a safe internet community for its users, to keep its users safe from hungry data miners and viruses. It blocks out all advertising and trackers with secured firewalls. Many are of the notion that it is in fact safer than Chrome or Firefox!

(Source: Brave)

Open Sea

Open Sea is another Dapp that is extremely popular amongst the NFT community. It is the biggest marketplace for buying, selling and digital assets. It is the ultimate home for transacting with digital assets like digital art, virtual lands, trading cards, domain names and so much more. It however does take a cut of 2.5% of the purchase price of every NFT sold, but it is the lowest fees in the market.

(Source: OpenSea)

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