Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
An Introduction to the Dapp Ecosystem
3.2 k views
Imagine a day when your car, which sits idle 10 hours a day, puts itself up for rent. Imagine your computer, with idle GPU, utilizing it to render applications for others. Imagine your solar grid, which produced extra energy this month, automatically selling it to the highest bidder. All of this sounds too lucrative and Utopian. Well, yes. But that doesn’t mean it can’t be a reality. On the contrary, the era has already started when your applications will talk among themselves and make decisions on your behalf. Applications that will pay for their repairs and claim their insurance.
There is an upcoming shift in our everyday interactions with software and hardware. They are getting more and more autonomous. How do we ensure they act in their users’ best interest and not themselves? How do we distribute our trust toward them?
Thanks to Blockchain, we don’t have to worry about it now. With the distributed nature of Blockchain, trust is transferred and distributed among everyone on the same network. “I trust you to secure the network because you trust me to do the same.”
Instead of having a network, a central server, and a database, the Blockchain is a network and a database all in one. With Bitcoin, decentralization of trust was possible for the first time. We stopped depending on a central authority to ensure things happen as they should. With advancements in the same concept, an application can be programmed to work on our behalf.
Decentralized Applications, or Dapps are the paradigm shift that will shape our world.
The Decentralization of Operations
Dapps, are pieces of software that run on a base layer distributed protocol. They aren’t much deviant from general applications on the Internet today, differing only in their ability to act autonomously. Dapps can do anything traditional Apps can and automate that process to suit the user’s needs. With advancements in Blockchain technology, it is becoming more and more feasible to innovate applications to work on our behalf.
A Dapp looks like any other web-based application, performing the same functions and following the same pre-defined logic. What’s new is the linkage of a public-private key infrastructure that allows the application to hold a wallet. One can embed smart contracts into the application, give it a set of conditions, and will enable it to function on its own autonomously. Now, the application can pay, receive payment, execute contracts, and fulfill obligations.
It is pretty unclear what the actual definition of a Dapp is. Still, most people can agree on the broad fact that a Dapp is anything that follows a pre-defined logic, is open-source in nature, has incentives attached to it, and runs on a base protocol. With this broad definition, one can argue that Bitcoin is a Dapp, as it checks all the parameters mentioned above. Later, Ethereum built on this concept by specializing in what a Dapp can do. By introducing Smart Contracts to execute Turing’s complete operations, and protocols like ERC-20 and ERC- 1450 to enable specialized functions, Ethereum has slowly emerged as the front-runner for Dapp development.
For a good Dapp to run and execute, it needs an equally good platform to run it. According to the State of the Dapps, about 3,500 Dapps are active right now, spread out over several platforms. However, Ethereum leads the way, with most of the Dapps running on it. This is thanks to the scalability and efficiency of the Ethereum network.
As seen in the image, Dapps are on the rise. However, with more and more developers experimenting with the technology, it is only a matter of time before the Laggards start coming in.
Where to Build your Dapp
EOS remains the most dynamic platform for Dapps regarding daily users, but Ethereum leads the way with the number of active projects on-chain. Thanks to its flexibility, Ethereum is lucrative for developers who like to experiment with how far they can go. But, in terms of average Dapp usage, Steem is far ahead of its competitors. Steem is a blockchain-based reputation network that leverages the users’ stake and connection to use the network efficiently. While EOS and TRON currently capture a significant bulk of gambling and gaming apps, most functional apps in other categories are on Ethereum.
Ethereum
By providing a blockchain with a native Turing-complete programming language, Ethereum promised to take blockchain-powered decentralized applications to the next level. Despite several competitors, Ethereum remains a relevant platform for DApps. Ethereum’s in-house language Solidity, is a Turing-complete language that allows greater flexibility to developers. Using Solidity, one can develop Smart Contracts, which execute when certain conditions are met.
Some of the significant Dapps on Ethereum are:
- Bancor Network – A wallet application to swap cryptocurrencies
- MakerDAO– A platform for Stable Coins, collateralized loans, and governance
- Nest– A DeFi (Decentralized Finance) application for mortgaging
EOS
Similar in functionality to Ethereum, EOS uses a delegated-proof-of-stake (DPoS) consensus model to reach optimum performance over the proof-of-work-based Ethereum. This comes with a trade-off of increased centralization. EOS claims itself to be a transaction fee-free Blockchain. This is accomplished by EOS’s ownership model whereby users own and are entitled to use resources proportional to their stake rather than pay for every transaction. If you hold N tokens of EOS, you are entitled to N*k transactions. This, in essence, eliminates transaction fees—increased scalability due to dPos.
The significant applications built on EOS are gaming or gambling-based, but the network has promised more functionality in the coming years.
Some of the significant Dapps on EOS are:
- NewDex– One of the biggest Decentralized markets
- TrustDice– Dice-based gambling application
- EOSBet– A decentralized Casino
Cardano
One of the most exciting projects out there, Cardano, is similar to Ethereum. Cardano is a smart contract platform. It offers scalability and security through a layered architecture. Cardano’s approach is unique in the space. It prides itself on scientific philosophy and peer-reviewed academic research under the leadership and vision of the founder and ex-founder of Ethereum, Charles Hoskinson. Cardano’s philosophy dictates its operations to be mathematically proven at each step. Even though there aren’t many applications developed on the platform, Cardano is on the verge of a name within the Dapp community.
TRON
Run by one of the most controversial figures in the crypto industry – Justin Sun, Tron is a smart contract-based blockchain platform that promises to ease the transition from traditional to distributed applications and hasten the decentralization of existing platforms and create new dApps. Tron promises a high transaction throughput blockchain, scalable and highly reliable on the official website. In theory, Tron could handle 80x more transactions per second than the Ethereum blockchain, making it highly attractive. But this is only because Tron is less decentralized than Ethereum and the others.
Several controversies have had the Tron network at its center. Rampant misinformation, unhealthy social media growth, and not to mention the huge promises made by Justin Sun have led many community participants to believe Tron might not function as it said it would, but that doesn’t stop them from being one of the most used platforms to date. Even though most applications built on Tron are gambling applications, Tron’s transaction speed could, in theory, allow for better applications. It remains to be seen what promises Tron delivers.
Future of the Dapp Ecosystem
Although some hailed DApps as a revolutionary technology, the current state of the DApp landscape indicates a low level of demand. Of course, there is the argument that the scalability limitations of currently existing blockchains are putting a cap on the popularity of DApps. The entire community remembers the nuisance CryptoKitties had caused. CryptoKitties is a collectible game built on the Ethereum Blockchain that has caused significant network congestion. Questions were raised on Ethereum’s capabilities and promises, as a single application had made the network unstable.
But bottlenecks won’t stop the rampant growth of decentralized applications. Platforms such as Ethereum, Cardano, and many others are instantly addressing scalability, ease of use, and the protocol’s flexibility to ensure that dapps can function efficiently and without any drawbacks of the base protocol.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
Decentralized applications come with the promise of finally burying many issues rampant with traditional applications. For example, misuse of power, lack of transparency, and poor security are all matters that dApps could solve. With the advent of dApps, users will get an increased sense of control over their data and usage. DApps will only function within the parameters set by their users. While dApp development is still in its early phase, it holds great promise of enabling a more cost-efficient solution that can address traditional apps’ limitations.
Previous
Evaluation of Blockchain Consensus Algorithms
Next
ICO vs IEO vs STO: A Comparison of Tokenized Fundraising
Written by
Sudarshan M
@Sum
186 posts
More author posts
The Difference between an ‘Open-Community’ and ‘Closed-Network’ Blockchain
R3 is a consortium of about 200 firms coming together to research and develop distributed database models somewhere along Bitcoin's lines. Usually, they receive a lot of heat as they say they are researching a corporate or private model of "Blockchain" but are developing a version of Distributed Ledger Technology (DLT). This debate between a Public Blockchain and a Private Blockchain (yes, it's an oxymoron) is the center of great distress. Another such debate that hasn't reached the mainstream yet,…
5 years ago
How to Invest in Cryptocurrencies – 10 Must-Follow Tips
The Cryptocurrency world is filled with scams, frauds, pump-and-dump schemes, and dozens of other ways by which people can steal your money. Along with that, the excruciating volatility of the market doesn't help either. It is easy for any new investor to be scared off by an already-infested market with so many money-losing schemes. But then, don't we always say, "greater risk comes greater reward"? In still-nascent and budding markets, there are as many ways of making money as there are…
5 years ago
Looking for an XRP Wallet? Here are the Best Ripple (XRP) Wallets
Ripple (XRP) is a cryptocurrency project created by Chris Larsen and Jed McCaleb under Ripple Labs. It was primarily built as a digital asset to overcome several international banking problems, cross-border payments, and sourcing liquidity. As a result, XRP has remained among the top 10 cryptocurrencies by market cap since 2017. The main target audience of XRP is banks and payment providers, where the speedy settlement time can function as a liquidity source. This allows Ripple to tap new and…
5 years ago
The 21M Bitcoin Mystery – The Origins of Satoshi Nakamoto’s Supply Cap Decision
The Bitcoin Solution With the advent of Bitcoin came a newfound revolution - a revolution in distributed computing, decentralized organizations, and, most importantly, in the borderless medium of exchange. To many, Bitcoin represents a form of hope, a mechanism that would finally help the world get rid of centralized power and control. To others, Bitcoin was nothing more than an alternative for money. Satoshi Nakamoto, the pseudonym behind Bitcoin's creation, saw their invention as nothing more than an experiment. To…
5 years ago
Looking at Public Blockchains vs. Private Blockchains
Blockchain is a distributed, decentralized public ledger, which is a continuously growing list of records stored in the form of blocks. These blocks in a blockchain are connected through cryptography, which keeps the transactions' confidentiality intact. A blockchain is a time-stamped series of immutable (tamper-proof) records of data, which is not managed by a central authority but by a computer cluster. Every data shared on a blockchain is visible to all participants, and everyone is accountable for their actions. A…
5 years ago
Cryptocurrency Cards – Which are the Best Crypto Cards Providers?
Cryptocurrency is great, right? You buy, store, spear through the volatility, and eventually hope to accumulate profit several times greater than your initial investment. That is the plan of a large majority of cryptocurrency HODLers. But wait, is that what crypto is all about? Buy, HODL, and Sell? Wasn't cryptocurrency a global, decentralized innovation made a reality by blockchain technology? Shouldn't it be used globally by now, given its ever-increasing market interest? With the advent of Cryptocurrency Credit/Debit Cards, the…
5 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views