PayPal, Facebook, YouTube....these are all web & mobile based apps.
We will be interacting with similar apps, except our "Log-in" will be our crypto wallet.
Q: Do I need to sign up with Email to access these decentralized apps?
A: No, Your wallet is both your bank and your log-in.
Q: If I lose access to my wallet, do I loose access to my "account" on an app?
A: Yup, your wallet is literally your master key. Keep it safe!
Q: Do these ask for permission to connect to my browser or physical wallet?
A: Yup, you have to manually approve the 'log-in', and any transaction thereafter.
Q: Who owns a decentralized network?
A: Everyone and no one. 🙂 Isn't that beautiful?
Why Decentralized Apps?
A Dapp is like a Blockbuster movie that just came out in theaters.
After a movie is made, it can be hosted at all movie theaters around the world where people can watch it.
If one theater closes down, that’s okay, you can watch the same movie at the theater 10 minutes down the road.
People are not limited to a single theater, they can enjoy the movie all over the world.
Now apply this to financial apps, they can be hosted world wide, you can even host it on your computer if you wanted, no one can shut it down!
And this is why DeFi and decentralized apps prefer to be built on Ethereum. Ethereum is the most secure and most decentralized blockchain for building.
List of some cool Dapps
- AAVE = Lend your crypto or take loans against it!
- OpenSea = NFT global marketplace!
- PoolTogether (No loss Prize savings account)
- Gains Network (Decentralized leverage trading!)