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With the crypto market making a crazy comeback this year, an increasing number of casual investors all over the world are beginning to understand the potential that blockchain technology possesses. For example, over the course of 2020, decentralized applications gained a remarkable amount of traction, with the total locked volume across all decentralized exchanges rising from under $40 million back in December 2019 to a whopping more than $26 billion within a span of just nine months.
However, it’s important to understand the core concepts underlying decentralized finance, or DeFi, and decentralized applications, or DApps, as many routinely use the two terms interchangeably. For starters, while both innovations share many similarities — such as using blockchain technology, eliminating third-party intermediaries, and providing users with complete control over their finances — there are a few key differences that are worth pointing out.
One key distinction is that DeFi is a form of DApp, with DeFi primarily being concerned with financial use cases, whereas general DApps have a wide range of applications that are not limited to the domain of finance alone. For example, DApps can be used for the development of gaming and gambling platforms and educational systems, or even in the creation of novel tools like privacy-oriented internet browsers such as Brave.
Why DApps, you ask?
From a usability standpoint, DApps can be deployed for all of the same purposes that regular smartphone apps are good for. However, the difference lies in the fact that unlike most Android and iOS-based applications that make you sign shady agreements essentially forcing you to forgo your basic privacy rights, DApps offer users a wide array of transparency-related benefits — along with other advantages such as:
- They are open source: As is implied by the term “decentralized,” DApps are open source, meaning their source code is freely available online and can be redistributed or modified by anyone who wishes to do so. This allows users to quickly spot flaws that may be present in their underlying software, thereby bolstering the platforms’ overall security in a big way.
- They offer attractive incentives: A core aspect of many DApps is that they provide users various incentives, typically in the form of interest yield, airdrops, or other usage-based rewards. In fact, a large reason that the concept of “yield farming” gained so much attention in 2020 is that it enabled crypto investors to earn rewards simply by making use of various permissionless liquidity protocols.
- They are reliable: DApps are devised using consensus mechanisms that help their networks arrive at agreements about the state of the blockchain. As a result, it is virtually impossible to tamper with such platforms.
Uniswap
The first entry on our list is an absolute no-brainer because it nearly single-handedly brought the concept of decentralized exchanges into the consciousness of the global crypto community. In its most basic sense, Uniswap is a protocol built atop the Ethereum ecosystem for swapping ERC-20 tokens without the need for buyers and sellers to create demand.
And while most casual crypto enthusiasts/investors continue to make use of centralized trading platforms like Binance, OKEx and others due to their overall accessibility and brand reputation, there are a few key areas where Uniswap has completely changed the game, including:
Asset ownership: The original idea behind Bitcoin (BTC), as well as most other cryptocurrencies, was to make it possible for individuals to create, transfer and hold their assets without the need of any intermediary financial authority such as a bank. In this regard, when it comes to centralized exchanges, one’s crypto is basically in the custody of a third party unless they choose to transfer their funds to a cold wallet — an option for which the owners have to pay a sizable processing fee!
When it comes to Uniswap, users never relinquish custody of their assets for even a single moment, thanks largely to the use of smart contracts that execute trades in a totally trustless manner.
Ease of use: To initiate an exchange on Uniswap, all one has to do is select the assets that one seeks to facilitate an exchange between, click on the “connect wallet” button and confirm the transaction in question. That’s it! Once done, the acquired tokens are reflected in one’s account without the assets ever having to go through a third-party platform.
Advanced liquidity options: Perhaps the most unique aspect of Uniswap, as well as most other decentralized exchanges, is that it allows users to play an active role in its liquidity pools by staking their coins, thus enabling them to receive a cut of the platform’s trading margin as an incentive.
InterPlanetary Search Engine
With search data manipulation increasing these days, a large number of tech-savvy individuals are realizing that the internet is no longer the decentralized utopia they once thought it was.
As things stand, a few players such as Google, Bing and Baidu have a complete monopoly over the global search engine sector. Not only that, they have unclear data ownership policies, leading to recurring issues such as customer information leaks, and advertising tracking.
InterPlanetary Search Engine, or IPSE, is a decentralized search engine built atop the EOS blockchain that makes use of the InterPlanetary File System, which allows users to browse the internet while also being incentivized to share any unique content they may have.
Some of the core advantages of using the platform include seamless consumer data protection thanks to IPSE’s asymmetric encryption technology and the need for explicit user approval for any ad tracking activities, for which one is compensated.
Other benefits include:
- All of the content available on IPSE is permanently traceable as well as end-to-end encrypted.
- IPSE does not make use of a “bidding-based ranking” system, thus making sure that search results are never swayed by the whims of a few moneyed players.
- Decentralized storage of data means that hackers can never get complete access to the system because they cannot attack all of the nodes simultaneously.
CryptoKitties
For a whole host of people, the word “DApp” still immediately draws a link to CryptoKitties, a game first launched in 2017 that allows players to breed, buy and eventually sell digital cats that are represented in the form of nonfungible ERC-721 tokens.
In its most basic sense, a nonfungible token, or NFT, can be thought of as a cryptographic asset that represents a value store that is completely unique in nature, such that it cannot be mutually interchanged for another NFT. For example, in CryptoKitties, every cat is different and cannot be swapped directly for another one, for the simple reason that each cat has its own intrinsic qualities such as behavioral traits, physical appearance, etc.
Though it sounds juvenile, since its inception CryptoKitties has remained extremely popular and at one point even accounted for a whopping 10% of Ethereum’s daily transactions. As a result, it is viewed by many as being the perfect entry point for the crypto-curious into the world of decentralization and NFTs.
CryptoKitties offers players nothing more than pure entertainment, but its continued popularity has had a massive impact on the development of the NFT space, as well as the wider Ethereum ecosystem.
Rarible
While CryptoKitties pioneered the NFT space, Rarible is now carrying on the movement. Rarible is a community-owned NFT marketplace that leverages its governance token, RARI, to power its platform.
On paper, Rarible simply allows users to secure digital collectibles using blockchain technology. Sounds ordinary, right? However, what sets Rarible truly apart from other platforms like OpenSea, a peer-to-peer marketplace for rare digital items, is the fact that Rarible seeks to become much more than a platform for securing and trading art and digital collectibles.
Instead, Rarible aims to allow individuals to create — or more precisely, “mint” — NFTs, which in the future could be a big boon for content creators of various kinds, especially as issues such as copyright, piracy and data plagiarism continue to affect the world of digital media.
For example, using Rarible, an artist can sell their creations such as books, music albums or films using nonfungible tokens that are stored on a blockchain, thus eliminating the chance of any data forgery. Furthermore, another benefit afforded by this technology is that it enables artists to offer prospective buyers a sneak peek of their content, such as a preview or a trailer, only releasing the entirety of the content once a purchase has been completed successfully.
Lastly, since gaining a considerable amount of traction this year, the team behind Rarible has been putting a lot of emphasis on making the platform completely autonomous so that it can be run using a community-governance-based model.
Axie Infinity
The second game to make its way onto our list, Axie Infinity draws heavily from the Pokemon universe. For example, players can collect and raise fantasy creatures referred to as “Axies.” But unlike CryptoKitties where all one can do is raise and trade their collectibles, in the Axie Infinity world, individuals can team up their pets to battle other users, thus adding a real element of action and adventure into the mix.
The popularity of this game has increased so much over the past year that it has grown to become the most-played game in the Ethereum ecosystem, with the NFT-based digital pastime currently boasting 18,000 monthly active users.
Due to its rapid growth, the team behind this project has been testing out new ways to scale the game and even recently launched the public testnet of its very own sidechain, called “Ronin.” The inaugural validator of Ronin was Paris-based video game giant Ubisoft.
Steemit
Taking the sixth and final spot on our list is Steemit, a social DApp meant primarily for bloggers. It is built atop the Steem blockchain and allows verified users to create blog posts on any topic they desire as well as add tags, photos or anything else to their accounts for various incentives.
For example, if one’s posts are interesting and are able to garner enough “likes,” users are presented with rewards in the form of either Steem, Steem Dollars (SBD) or Steem Power (SP) tokens.
Steem is like any regular cryptocurrency such that it can be powered up into Steem Power tokens, traded for Steem Dollars, transferred to other accounts or simply traded across various cryptocurrency exchanges.
Steem Power tokens, on the other hand, are vested into the platform and serve as a metric of how much influence a user has within the Steem network. The more Steem Power a user holds, the more power they have to influence the value of any posts or comments they upvote and thus earn curation rewards in the process.
Lastly, Steem Dollars are stable-value currency tokens that are pegged to the U.S. dollar in a one-to-one ratio. Steem Dollars can be traded for Steem or transferred to other accounts for various commercial purposes.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Shiraz Jagati
An Indian startup has built a decentralized notification protocol dubbed Ethereum Push Notification Service (EPNS) allowing DApps to send push notifications to Ethereum wallet users.
Speaking to Cointelegraph, EPNS founder Richa Joshi said that they developed the protocol after finding a striking similarity between how applications operated in the early days of the internet and how they operate on Web 3.0.
She explained that Gmail or Orkut did not send notifications in their early days as they do now. Users would have to check back every time to see if they received any new emails or messages.
That changed when Apple launched notifications for internet applications in 2010, Joshi added, saying:
“All of a sudden, services began to reach out to users whenever an action was required from their end. It increased the engagement rate by 7x and massively improved user experience.”
From that perspective, she said, DApps, smart contracts and other decentralized services on Web 3.0 work similarly to early day GMail and Orkut. Joshi emphasized that this was what intrigued them to bring push notifications to the decentralized world and pull the industry out of the “stone age era of communication.”
Further explaining how EPNS works, she stated that EPNS is a decentralized communication layer that follows the Web 3.0 ethos and is “capable of carrying notifications to any platform including crypto wallets, mobile apps or even web browsers.”
Joshi said that EPNS would serve the same purpose for decentralized apps and services as Apple Push Notification Service does for iOS platforms. It will act as the decentralized middleware and verify the source, ensure spam protection, and only let notifications through to a wallet user if they have consented to receive them. She added that users will have complete control over whether they receive notifications:
“The protocol allows users to be in direct control of what services they get notifications from, it imposes rules on the services including spam protection for users, limiting their ability to add wallets as subscribers, etc.”
DApps and other decentralized services will have a better chance at pushing their services to the cryptocurrency community with the help of push notifications.
Similar to how the Chromium-based Brave browser rewards its users for viewing ads, EPNS would also provide incentives to cryptocurrency wallet users that opt-in for push notifications sent through the notification protocol. Additionally, cryptocurrency wallet providers that allow EPNS to send notifications to their users will also receive a part of the revenue generated from the system, Joshi concluded.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Mohammad Musharraf
We’re a day off from my regular weekly posting of the landscape recap and for good reason — this morning I released the latest edition of my Blockchain Landscape (included below for download) that provides an overview of the industry highlighting over 900 global companies, venture funds, and working groups. If this is the first version you’ve seen of the landscape, consider it your guiding roadmap to further navigate the industry.
Now for this week’s deep dive. Bitcoin drives half of Square’s Cash App revenue in the 4th Quarter (2019). The central bank of Sweden has started testing its digital version of cash, the e-krona. New partnerships aim to bring NFTs to the NFL, MLB, Soccer, Formula 1, and UFC (Dapper Labs). Enterprise blockchain startups are suddenly cool, learn why. International Data Corporation (IDC) predicts that, by 2023, Chinese companies will have invested $2.7 billion into blockchain technology. South Korea’s Central Bank is building a new blockchain system for the bond market. LiquidApps releases a customizable enterprise blockchain. Unikrn is putting racetrack NFTs on ethereum. Nexus Mutual, a DeFi insurance firm, has paid its first payout in-form of two claims worth approximately $31,000 after the bZx attacks.
I even found room to cram in plenty of research (Q1 2020 Blockchain Landscape (NEW & UPDATED) & DApps Landscape) along with insights on venture capital (new funds + M&A activity!!), infrastructure, DApps, Bitcoin, Economics, Exchanges, and Stablecoins. For MORE and to keep you up to speed, here’s a snapshot of the top stories this week around the industry.
📈 JPMorgan Says Blockchain Is Laying Foundation for Digital Money
JPMorgan Chase & Co. stated that the emergence of linked databases like the blockchain has modernized the payment industry by laying a foundation for digital money. But the challenge arises with the rapid adoption like Facebook’s Libra fell short of attaining scale due to short-term liquidity issues. Still, blockchain could be a promising technology for banks and financial institutions, if implemented with a planned structure…read more
📖 Sweden is now testing its digital version of cash, the e-krona
The central bank of Sweden has started testing its digital version of cash, the e-krona, by launching a year-long pilot project. In collaboration with the consulting giant Accenture, the project will be carried out using distributed ledger technology inspired by the blockchains that run cryptocurrencies. The bank is still reviewing the possibility of issuing a digital complement to cash, which will require the involvement of the Swedish public as well…read more
📖 How blockchain is changing the face of soccer
Blockchain is playing a salient part in soccer as paradoxical as it may sound, the blockchain technology would help football to get back to its traditional roots. Some of the soccer clubs are using blockchain platforms to engage fans around the world. Socios is the platform that sells a limited number of blockchain-based Fan Tokens to supporters in return for a voice at the clubs…read more
📈 New Partnership Aims to Bring Blockchain Sports Tokens to the NFL, MLB
Blockchain sports firm Chiliz has partnered with marketing agency Lagardere Sports and Entertainment, which would allow American sports fans to interact with their favorite teams by using blockchain-based tokens. The blockchain-based platform Socios will be implemented in the major sports leagues such as the National Football League (NFL) and Major League Baseball (MLB), having average team valuations are in the billions of dollars. The partnership will help Chiliz to mark its footprint for the first time with further opportunities for business expansion…read more
📖 What Changed? Enterprise Blockchain Startups Are All Of A Sudden Cool
The blockchain industry has observed an upside trajectory with exciting and new technology innovations, partnerships, and vast numbers of companies and institutions investing in enterprise blockchain companies from the financial year 2019. Some experts still believe that that blockchain space is too new or that it’s not solving real issues, but the validation received from big players like Google, Samsung, Wells Fargo, and Salesforce speaks loudly…read more
💰 China blockchain industry to boom to $2.7 billion by 2023
The International Data Corporation (IDC) predicts that, by 2023, Chinese companies will have invested $2.7 billion into blockchain technology. That’s $700,000 more than a prediction the IDC made in November when it predicted Chinese companies would spend $2 billion on blockchain in the same time period, with a compound annual growth rate of 65.7 percent. Other predictions include that 10% of Chinese cities will adopt blockchain-based digital currencies by 2023, and 40% of Chinese financial institutions will move from SWIFT — the international payment system that’s dominated by the US — and central bank infrastructure, to blockchain-based cross border payment systems…read more
📈 The State of Blockchain: Experts Weigh in on Adoption Around the World
Blockchain utilization is detonating far and wide. In any case, despite the innovation’s numerous vocal supporters, the spread of innovation is never a never-ending point. Radoslav Dragov, the blockchain lead for the International Data Corporation, clarified that various variables could make ideal conditions from investment to talent, however, pending regulation, and overall government attitude towards the technology may slow its adoption. IDC anticipated blockchain spending to be $2.7 billion in 2019, an expansion of 80% more than in 2018…read more
Hacker Makes $1M Exploiting DeFi / Steemit Shifting to Tron / JPMorgan Quorum & ConsenSys Talk Merger / China Using Blockchain Against Coronavirus
To say a lot happened this past week would be is an understatement. It seems that 2020 has no intention of slowing down based on all the recent happenings of the blockchain, DApps & DLT landscapes. Let’s take a deep breath and calmly try to go through it all. Beginning with Steemit announcing a shift (blockchain and token) to the Tron Network. bZx, the eighth-largest DeFi project according to DeFi Pulse, suffered two attacks last weekend netting roughly $1m USD following the intro of “flash loans.” — I’ve included plenty of great overviews about this and its overall impact. Visa has granted Coinbase the power to issue Bitcoin debit cards. Japanese official calls for urgent development of digital Yen to counter China. Forbes released its second annual Blockchain 50 list representing enterprises that are embracing the technology. BitGo gains entry to the digital securities world through the acquisition of Harbor. Social network Voice opens to beta users, DApp Audius is featured in the Apple Store, Enjin launches game development platform on Ethereum. Not to be outdone, we have updates from JPMorgan’s continued talks about merging Quorum with ConsenSys, Libra, Deutsche Telekom, Telefonica and Orange, and surprisingly so much more.
I even found room to cram in plenty of research (Q4 2019 Blockchain Landscape & DApps Landscape — UPDATE coming February 27th, 2020) & books (on Digital Assets & Enterprise Blockchain) along with insights on venture capital (new funds + M&A activity!!), infrastructure, DApps, Bitcoin, Economics, Exchanges, and Stablecoins. For MORE and to keep you up to speed, here’s a snapshot of the top stories this week around the industry.
📈 Steemit to Shift Its Proprietary Blockchain and Token to Tron Network
Steemit, blockchain-based blogging & social networking website, has entered into a partnership with cryptocurrency firm, The Tron Foundation. The strategic partnership will enable the company to shift the old Steem (STEEM) token to a new STEEM token based on the Tron blockchain. The collaboration will also complement the existing TRX users with the new Tron-based STEEM token as well as a new accelerator program towards the developer community…read more
📈 JPMorgan in talks to merge blockchain unit Quorum with startup ConsenSys
JPMorgan is in talks to merge its marquee blockchain unit Quorum with Brooklyn-based startup ConsenSys.The deal is likely to be announced within the next six months, but financial terms are still unclear. JPMorgan said it would use Quorum to issue a digital currency called JPMorgan Coin that JPM designed to make instant payments using blockchain. The company stated the merger with ConsenSys was chosen as the best path forward as both organizations work with Ethereum and have had joint initiatives in the past…read more
📖 What Changed? Enterprise Blockchain Startups Are All Of A Sudden Cool
Ethereum is up 102.89 percent year-to-date, while Bitcoin and Ripple are up 34 percent and 46 percent, respectively. These are all positive numbers for the sentiment in the blockchain ecosystem, but something else is creating a positive trend too, and that is the amount of established companies and institutions heavily investing in enterprise blockchain companies. This comes as a surprise for some as they still think that the blockchain space is too new or that it’s not solving real issues, but the validation received from Google, Samsung, Wells Fargo, and Salesforce speaks loudly…read more and for more by Biser Dimitrov
📈 Everything You Ever Wanted to Know About the DeFi ‘Flash Loan’ Attack
bZx (bZx Team), the eighth-largest decentralized finance project according to DeFi Pulse, suffered two attacks last weekend following the introduction of “flash loans,” a new DeFi feature that limits a trader’s risk while improving the upside. Led by CEO Tom Bean, the bZx team was attending ETHDenver, a major ethereum conference in Colorado’s capital, on Friday when an unknown attacker drained about $350,000 worth of ether from Fulcrum, the startup’s lending platform. As a post-mortem from the firm describes, the attacker took advantage of pricing data and a bug within the bZx protocol’s code to secure the payout…read more
📖 Visa Grants Coinbase Power To Issue Bitcoin Debit Cards
Credit card giant Visa has granted its principal membership to a cryptocurrency company for the first time. Officially awarded to cryptocurrency exchange Coinbase in December 2019, however, was not revealed to the public until February 2020, the membership cuts out a crucial, and expensive middleman from the process of issuing a debit card that lets users spend their own bitcoin, ether & XRP anywhere Visa is accepted…read more
💰 Japanese Official Calls for Urgent Development of Digital Yen to Counter China
According to Liberal Democratic Party Lawmaker Kozo Yamamoto, Japan should create its own digital Yen currency in the next two to three years. The need to develop a digital Yen is to counter regional rival China’s attempt to issue its own cryptocurrency. He remarked the inclusion of Central Bank Digital Currency (CBDC) in the government’s mid-year policy guidelines, followed by a similar proposal from Minister Akira Amari…read more
📈 China taps blockchain technology to boost financing for businesses hit by virus
Privately-run, smaller businesses are among the hardest hit by the virus’s disruptions. China’s foreign exchange regulator launched the “cross-border finance blockchain services platform pilot” in March 2019. As of Feb. 3, it had processed $15.9 billion in loans to nearly 2,500 businesses, three-fourths of which were medium and mid-sized enterprises. “The cross-border financial blockchain services platform can play a bigger role, and help small enterprises improve the efficiency and convenience of getting export trade financing and other financial credit support,” said Henry Ma, chief information officer at WeBank…read more
📖 Voice Launches
On February 14th [2020], Voice launch with its initial rollout of beta invitations. Fred Krueger pulls back the curtains on what we know so far…read more
📖 10 Leading Women in Blockchain Today
The team at HedgeTrade this week released their list of the “ most promising female entrepreneurs in the cryptosphere” Each of which is outstanding and I highly recommend following them. Without any further adieu, the top 10 kicks off with Faith Chimerem Titus (of eWealthAtlantic), joyce kim (of Stellar), Heidi Chakos, Raine Revere, Christine Perry, Naomi Brockwell, Elaine Ou, Leigh Cuen (of Coindesk), Jenia Barkanova (of Skale Networks), and last be not least Camila Russo (of The Defiant)…read more
📖 Blockchain 50 List
The team at Forbes has released its second annual Blockchain 50 list representing enterprises that are embracing the technology underlying cryptocurrencies like bitcoin and using it to speed up business processes, increase transparency and potentially save billions of dollars. To qualify, Blockchain 50 members must be generating no less than $1 billion in revenue annually or be valued at $1 billion or more…read more
♎ Libra Minus Facebook: Why Celo Is 2020’s Buzzy Token Project
Polychain CEO Olaf Carlson-Wee said, “In the best case, Celo is WhatsApp for money.” The Celo mobile app has a chance to bring broad swaths of people to the world of blockchain technology and crypto. The team behind cLabs is combining the ethereum and Libra models with a $30 million war chest from the likes of Polychain Capital and Andreessen Horowitz. “We have a real sample merchant to test this project, and we also connect with retailers and restaurants that are interested in Libra. Meanwhile, we plan to launch a digital wallet this year, which Libra will also list as a beta version,” Dighton-Mason said…read more
📖 This Ethereum-Based dApp Was Just Featured by Apple Store to 4.5 Million Followers
Backed by $5.5 million in venture capital, Audius, an Ethereum-based decentralized application (DApp), has been featured to 4.5 million Apple Store followers. The push from Apple will set the Audius’s DApp on track for mainstream adoption, making it one of the biggest rivals for the leading European online music sharing platform, SoundCloud…read more
📖 Enjin Launches Game Development Platform on Ethereum
📖 Decred, The Resilient Stronghold by Checkmate
📖 The DAPP Network Unlocks New Value Chains for Enterprise by LiquidApps
Join me on February 27th, 2020 as I share insights on the State of the Blockchain Industry for Q1 2020. We’ll go more into how 2019, quickly became a defining year for the blockchain/DLT landscape. We witnessed a surge of enterprise and government adoption, increased focus on infrastructure, decentralized applications (DApps) & finance (DeFi), along with the building anticipation of 2020.
This new decade is due to be the landscape’s most significant yet with massive planned releases (Libra, Digital Currencies, Protocols, etc.), infrastructure improvements throughout, and a tipping point for initial consumer adoption. Furthermore, I’ll go in-depth on the overall state of the industry, change from 2019 through Q1 2020, and provide you with a roadmap to navigate the rapidly emerging decentralized future successfully — along with your top questions.
There’s an endless war fought for the attention of blockchain developers. Projects like Ethereum, EOS, $EOS▲0.77% and TRON all push their different visions of the tech, often with attempts to define success by how many dapps each network supports, and how big their userbases are.
Well, over the past few months, cryptocurrency gamblers have left Ethereum’s gambling dapps en masse, with data showing they’re now betting on casino dapps hosted by rival blockchains.
Today, Hard Fork reviewed data pulled from DappRadar, a service that tracks dapp usage across those three blockchains, to see exactly what kinds of dapp activity each network is attracting.
More than half of ETH’s top dapps are blockchain-based games
Back in late January, data showed just 2 percent of Ethereum‘s US-dollar transactional volumes could be attributed to gambling dapps.
By contrast, 70 percent of overall traffic on EOS was the result of cryptocurrency betting activity; for TRON, more than 95 percent of its network activity was gambling-related.
For this research, we focused purely on the number of related transactions processed (not their value) in the past 24 hours, which is DappRadar’s default setting for sorting dapps.
Looking at Ethereum, just two of the top 25 dapps relate to gambling, and more than half are blockchain-based games like CryptoKitties.
Around one-quarter of Ethereum‘s top dapps are platforms for trading and converting tokens and cryptocurrencies, like exchange service IDEX. Two are labeled “marketplaces,” which act as auction houses for collectible Ethereum-based tokens.
EOS and TRON have SO many ‘gambling and ‘high-risk’ dapps
In comparison to Ethereum, most top dapps hosted on EOS and TRON are either labelled as “gambling” or “high-risk” platforms. Remember: just 8 percent of Ethereum‘s most-used dapps wear that label.
For TRON, 18 of the top 25 dapps hosted on its network are flagged as such. Indeed, just two of TRON‘s current “most-used” dapps were found to be actual “games,” and 20 percent of its top dapps are for exchanging and converting various tokens.
“Please do your own due diligence before investing in dapps in the High-risk category (or in any dapp in general),” DappRadar warns. “If it sounds too good to be true, we advise you to stay away and do not invest in that specific dapp.”
But perhaps the most worrisome is the EOS network. According to DappRadar, 17 of its top 25 dapps are straight-up gambling platforms (68 percent). Two are games, two are exchange/conversion services, and one a “high-risk” platform.
This means that 72 percent of the most-used EOS dapps (at pixel time) are either for gambling or come with explicit user warnings to ensure their online safety.
There are three labeled “Other,” which appear to generally be platforms that aim to reward users for using their native tokens in a variety of ways, such as interacting with other users using the dapp.
Gambling was meant to be an ‘early use-case,’ but 10 years later…
At some point, this industry will need to discuss “transaction quality.” Ethereum uses Proof-of-Work to come to consensus. This (currently) attaches fees to transactions, payable by the user and collected by network participants. This effectively protects the network against being flooded by useless “spam” transactions, as it costs money to submit them for processing.
“Delegated Proof-of-Stake” networks like EOS do not feature such transaction fees in their economic model – “actions” on those blockchains are considered free (or almost feeless), which could be seen as attractive by dapp developers with apps featuring fast-moving and repetitive activity like dice and roulette games.
Earlier this week, finance industry bulwark Weiss Ratings released its annual list top cryptocurrencies. It announced the EOS network was first when it came to the sheer amount transactions processed – 14 times that of Bitcoin and eight times Ethereum’s total count.
Weiss ultimately placed EOS as the number one cryptocurrency, after awarding it high scores using proprietary metrics related to technology and adoption. Taking a look at the data, though, it’s pretty obvious “adoption quality” is one metric nobody has figured out how to define, yet.
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