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.
Why Decentralized Apps?
Have you ever used Wikipedia?
Now it's not a decentralized app, but the way it works, is decentralized.
Everyone in the world having the ability to edit a wikipedia page, gives it more accuracy.
This enables fact checking on a global scale, and while there can be bad actors, they are quickly dismissed during the fact-checking stage before publishing changes to the actual article.
If a 21-person company called HiFrance started a wikipedia competitor, but only those 21 employees could edit and create articles, that would be a centralized source of 'facts'.
I prefer my sources to be fact checked by the world, rather than 21 people .
Q: Who owns a decentralized network?
A: Everyone and no one. 🙂 Isn't that beautiful?
This means people can build applications on this "globally owned" network, which can't be shut down by a pro censorship government, or by a unethical C.E.O
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
- Compound (Automated Lending and borrowing Pools)
- Rarible (NFT art marketplace)
- PoolTogether (No loss lottery savings account)
- Sablier (automated crypto payroll)