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Gaming, Chatting, Streaming...Oh My!

Crypto Word of the Week: Dapps

When I say dapp, I'm not referring to the friendly gesture of greeting, agreement, or solidarity between two people...

...or what anglers do when fly fishing...

...and its certainly not a modified version of dabbing...

...which, by the way, was a move popularized by Japanese pop culture for decades (ever heard of DragonBallZ?)...well, it was used well before the term "dab" was coined! Who knew, right?! When I say dapp, I'm referring to the term Decentralized Application (Dapp DApp, dApp, or dapp).

What are Decentralized Applications?

In Short, a dapp is a computer application that runs on a distributed computing system. And in the context of cryptocurrency, that distributed computing system is a blockchain. Dapps are the front-end interfaces that everyday Cryptoland citizens use to communicate and do peer-to-peer (P2P) transactions on the blockchain. The application's back-end code runs on the decentralized P2P network, while the user interface (which can be written any variety of coding languages) communicates with the back-end code for any number of computing processes.

Just Another Layer On The Stack

Dapps exist on Layer 3 (L3) of the blockchain industry stack, above high-performance networks (L2), (where you find tokens, for example). And they use L1 and L2 for security services and to provide high value products and services to their users.

Now that's a real BIS! You can get this chart here.

In truth, dapps are where the rubber meets the road. They are the vehicle a blockchain-tech company needs to give their use-case validity. And a dapp's success directly impacts the long-term valuation of the L1/L2 it supports.

Gaming, Chatting, Streaming...Oh My!

Though most decentralized apps are centered and built around decentralized financial systems and services (DeFi), as blockchain technology expands, we will began to see them being created for more and more industries, and not just for financial transactions. Already, there are dapps that provide services and utility for gaming, communications, and video streaming...and we've already talked about NFTs! Check out State of the Dapps and DappRadar. These are a couple of good site where you can get a feel of what sort of dapps are currently available.

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