It seems that Web3.0-based developments are expected to drive the demand for decentralised applications across different sectors. Experts believe that formulation of decentralised applications (dApps), which refers to software that operates autonomously through the usage of smart contracts, can help amplify the Web3.0-backed use cases and make the decentralised hub more independent, secure, and transparent.
Insights provided by an industry report published by DappRadar, a decentralised platform, stated that the number of users engaged in dApps increased 396% year-over-year to 2.4 million, on a daily basis. “Web3.0-based dApps are permissionless and open-source protocols, with user’s data stored in a distributed manner across the network. DApps are thus censorship-resistant and less prone to security threats. With no third parties involved, dApps provide the facility of a direct peer-to-peer connection between users. Over the past few years, dApps have found their way to be adapted into some of the most essential use cases,” Punit Agarwal, founder and CEO, KoinX, a cryptocurrency taxation platform, told FE Blockchain.
Market reports have shown that the use of dApps, through utilisation of a decentralised infrastructure, can help avoid the constraints of a single regulatory authority. According to 101 Blockchains, a blockchain research-based platform, use cases of dApps in the Web3.0 landscape include social media applications, cloud storage, decentralised browsers, streaming applications, and messaging applications, among others.
“An application that uses decentralised protocols for some or all aspects of its operation falls under the dApp category. To be considered a dApp, key parts of the program logic within the backend must be executed on a decentralised peer-to-peer network. DApp-based developments are expected to be seen across different fields such as finance, games, marketplaces, among others, which can support protocols governing decentralised exchanges (DEXs), decentralised autonomous organisations (DAOs), and open markets,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, said.
Some of the established dApps include AAVE, Bancor, Compound Finance, dYdX, Golem, OpenSea, Siacoin, Yearn Finance, among others. Reportedly, Meta, a technology company, made the promise of having creator rates of up to 47%, which is expected to increase the interest in dApps and for creation of a decentralised creative economy. Countries such as China, Japan, USA, Switzerland, Germany, are expected make utilisation of dApp-based applications.
Moreover, it is believed that the introduction of applications introduced by dApps in conventional services can help in their transition towards Web3.0. Data provided by the blockchain council, a corporate office, the dApp sector is growing slowly with active participation from developers designing interoperable, accessible, and secure products. “DApps can help creators desire a way to avoid heavy costs, choose their own payment schedule, and keep control over their copyright law and fan base. Though learning Web3.0 techniques might be difficult for emerging artists, developers, and industry insiders believe that the creators’ economy will help benefit both artists and viewers,” Reggie Raghav Jerath, founder and CEO, Gather Network, a Web3.0 and blockchain platform, mentioned.