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Bootcamp Women in Web 3Introduction to Blockchain, Cryptocurrencies, and Wallets
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Since the creation of Bitcoin (BTC) over a decade ago, blockchains have evolved considerably, providing a variety of new functionalities and use cases beyond cryptocurrencies. One of the most significant developments has been the construction of Decentralized Applications (DApps), which harness blockchain technology to enhance various sectors and services.
DApps are digital applications or programs developed using smart contracts that run on blockchains instead of centralized servers. With a wide range of services, these applications resemble traditional mobile apps. They have key features such as open-source code, decentralization, and a tokenized system for access and rewards.
DApps operate through smart contracts, whose backend code runs on distributed peer-to-peer networks. These contracts enforce predefined rules through computer code and execute when certain conditions are met. Once deployed on the blockchain, contracts are difficult to change or destroy, ensuring the application's continuity.
Open Source: Their code is open to all, ensuring transparency.
Decentralization: Unlike regular applications, DApps operate on a public blockchain, eliminating central control.
Community Rules: The DApps community agrees on cryptographic rules, such as Ethereum's Proof of Work and Proof of Stake.
Incentives: DApps reward users with tokens for validating activities.
Since the creation of Bitcoin (BTC) over a decade ago, blockchains have evolved considerably, providing a variety of new functionalities and use cases beyond cryptocurrencies. One of the most significant developments has been the construction of Decentralized Applications (DApps), which harness blockchain technology to enhance various sectors and services.
DApps are digital applications or programs developed using smart contracts that run on blockchains instead of centralized servers. With a wide range of services, these applications resemble traditional mobile apps. They have key features such as open-source code, decentralization, and a tokenized system for access and rewards.
DApps operate through smart contracts, whose backend code runs on distributed peer-to-peer networks. These contracts enforce predefined rules through computer code and execute when certain conditions are met. Once deployed on the blockchain, contracts are difficult to change or destroy, ensuring the application's continuity.
Open Source: Their code is open to all, ensuring transparency.
Decentralization: Unlike regular applications, DApps operate on a public blockchain, eliminating central control.
Community Rules: The DApps community agrees on cryptographic rules, such as Ethereum's Proof of Work and Proof of Stake.
Incentives: DApps reward users with tokens for validating activities.
Compared to centralized applications, DApps offer greater security and resilience to attacks by not relying on a single point of failure. Additionally, users have greater control over their personal information and can access financial services in a decentralized manner. The integration of cryptocurrencies also facilitates transactions within the applications.
Although promising, DApps still face challenges such as scalability, difficulty in making modifications, and the need to reach a solid user base for effective operation. Network congestion and lack of consensus for implementing changes are significant obstacles that must be overcome.
DApps are being used in a variety of sectors, including GameFi, Decentralized Finance (DeFi), entertainment, and governance.
Uniswap: A decentralized exchange DApp launched in 2018 on Ethereum. It allows the exchange of ERC-20 tokens without relying on buyers and sellers for liquidity. It charges a 0.3% fee per transaction and launched its UNI token in September 2020.
Pancake Swap: A decentralized exchange that uses Uniswap's source code. However, it operates in the Binance Smart Chain ecosystem, allowing the exchange of BEP-20 tokens instead of ERC-20. It offers a smoother user experience with lower fees than Uniswap. Its governance token is CAKE.
1 Inch: Started as a decentralized exchange based on Ethereum but has evolved to enable multi-platform trading. It allows users to leverage liquidity from hundreds of other decentralized exchanges based on different blockchains. It stands out for its advanced trading tools such as limit orders, and its native token 1INCH offers additional benefits.
Aave: An open-source liquidity protocol in the DeFi world that allows users to lend, borrow, stake, and earn interest. It stands out for conducting flash loans in seconds and its governance token AAVE.
Upland: A game based on EOS that combines the metaverse with the real world, focusing on simulating real estate trading backed by blockchain technology. It offers a play-to-earn model and affordable properties backed by blockchain.
Block Survey: A blockchain-based form creation platform that ensures data security and confidentiality. It stands out for not storing survey data on its servers, ensuring absolute anonymity.
Steemit: A blockchain-based blogging and social media platform that rewards users for their content and participation.
OpenSea: The leading marketplace for trading non-fungible tokens (NFTs), allowing users to trade, list, and create NFTs on multiple blockchains. It is known for its wide range of NFT projects and large active user base.
Audius: A music streaming platform that uses blockchain to provide direct payments to artists and allows the creation of music NFTs.
TRACEDonate: A DApp that provides transparency and traceability for charity donations, ensuring that funds are allocated to intended causes.
MakerDAO: An Ethereum-based credit service that allows users to lock ETH tokens as collateral and receive stable DAI tokens in return.
Rarible: An NFT marketplace that allows users to trade, create, and list NFTs on multiple blockchains, with its governance token RARI.
DApps are expanding the functionality of the web by enhancing conventional applications with blockchain technology. As user interest in DApps continues to grow, we are likely to see an increase in adoption and innovation in this space. However, current challenges must be addressed for DApps to reach their full potential and achieve mass adoption in the future.
Compared to centralized applications, DApps offer greater security and resilience to attacks by not relying on a single point of failure. Additionally, users have greater control over their personal information and can access financial services in a decentralized manner. The integration of cryptocurrencies also facilitates transactions within the applications.
Although promising, DApps still face challenges such as scalability, difficulty in making modifications, and the need to reach a solid user base for effective operation. Network congestion and lack of consensus for implementing changes are significant obstacles that must be overcome.
DApps are being used in a variety of sectors, including GameFi, Decentralized Finance (DeFi), entertainment, and governance.
Uniswap: A decentralized exchange DApp launched in 2018 on Ethereum. It allows the exchange of ERC-20 tokens without relying on buyers and sellers for liquidity. It charges a 0.3% fee per transaction and launched its UNI token in September 2020.
Pancake Swap: A decentralized exchange that uses Uniswap's source code. However, it operates in the Binance Smart Chain ecosystem, allowing the exchange of BEP-20 tokens instead of ERC-20. It offers a smoother user experience with lower fees than Uniswap. Its governance token is CAKE.
1 Inch: Started as a decentralized exchange based on Ethereum but has evolved to enable multi-platform trading. It allows users to leverage liquidity from hundreds of other decentralized exchanges based on different blockchains. It stands out for its advanced trading tools such as limit orders, and its native token 1INCH offers additional benefits.
Aave: An open-source liquidity protocol in the DeFi world that allows users to lend, borrow, stake, and earn interest. It stands out for conducting flash loans in seconds and its governance token AAVE.
Upland: A game based on EOS that combines the metaverse with the real world, focusing on simulating real estate trading backed by blockchain technology. It offers a play-to-earn model and affordable properties backed by blockchain.
Block Survey: A blockchain-based form creation platform that ensures data security and confidentiality. It stands out for not storing survey data on its servers, ensuring absolute anonymity.
Steemit: A blockchain-based blogging and social media platform that rewards users for their content and participation.
OpenSea: The leading marketplace for trading non-fungible tokens (NFTs), allowing users to trade, list, and create NFTs on multiple blockchains. It is known for its wide range of NFT projects and large active user base.
Audius: A music streaming platform that uses blockchain to provide direct payments to artists and allows the creation of music NFTs.
TRACEDonate: A DApp that provides transparency and traceability for charity donations, ensuring that funds are allocated to intended causes.
MakerDAO: An Ethereum-based credit service that allows users to lock ETH tokens as collateral and receive stable DAI tokens in return.
Rarible: An NFT marketplace that allows users to trade, create, and list NFTs on multiple blockchains, with its governance token RARI.
DApps are expanding the functionality of the web by enhancing conventional applications with blockchain technology. As user interest in DApps continues to grow, we are likely to see an increase in adoption and innovation in this space. However, current challenges must be addressed for DApps to reach their full potential and achieve mass adoption in the future.
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