10 Best DApps On Ethereum

Thu, 05/21/2020 - 19:45
Vera Yurina
There’s plenty of Ethereum dApps that can be used for trading, shopping, and recreational purposes. Let’s observe the Top-10 pioneers conquering the market of Ether dApps
Cover image via 123rf.com

After Bitcoin shocked the world with the revolutionary concept of the blockchain, Ethereum was the second to come up with an out-of-the-box solution. The Ethereum platform presents a mash-up of advanced technologies: decentralization, smart contracts, ERC-20 tokens, proof of stake. It’s not surprising that it grabbed the attention of developers: over 90% of blockchain dApps (decentralized applications) are based on Ethereum’s distributed ledger.

Due to the fact that the technology developed by Vitalik Buterin’s team is still in its infancy, many Ethereum apps remain stuck at the planning stage. However, a few projects have managed to make it to the market and are already utilized by users worldwide. Let’s observe the 10 top Ethereum dApps to find out what they can offer for the average user.

DApp vs a traditional application: what’s the difference?

Before we start discussing the list of dApps, let’s shed light on the difference between traditional and decentralized applications.


Usual apps

No central authority over any aspect of Dapp performance

The developer team is in charge of the application

A dApp is in the hands of end-users. They influence the process of decision making, development is more democratic.

The central authority makes mission-critical decisions and decides upon the development of app and its functions. The App and its resources are distributed according to the will of the owners/central authorities.

The trust in dApps is based on the technology itself.

The level of trust is defined by app rating. It all boils down to business reputation, previous performance, users’ reviews. Sometimes intermediaries can serve as a guarantee for the quality of service.

Ethereum dApps are open-source, their code is available and can be shared with developers. The development process relies on consensual decision-making across the entire network. Therefore, no legal proof or ratings are required.

Most apps are commercial projects that don’t allow sharing code.

Most dApps have their own cryptocurrency, and the token value is defined by the effort invested in the application. Unnecessary fees are minimized, the value of fiat currencies doesn’t play any crucial role.

The financial model includes fees and intermediaries. Apps rely on the external value of money.

DApps feature distributed security and function in a P2P network.

The central server can be hacked, which poses threats to the entire app.

Being a new type of software, Ether dApps can alter the way we process information, store data, and exchange value. Decentralized applications allow us to perform transactions in a cheaper and faster way without the need for third parties.

Now it’s time to review solutions from our Ethereum dApps list.

1. Ethlance

Ethlance is a decentralized analog of Upwork, a famous online jobs marketplace based in the USA about ten years ago. It helps freelancers and companies from all over the world to find each other. Unlike Upwork that charges a 10-20% fee, Ethlance is totally free—its decentralized nature allows concluding contracts without commission. There's no registration fee, which makes it one of the best dApps for the self-employed.  

Image by Ethlance

2. Bancor

Unlike traditional exchanges, Bancor was created to ensure liquidity between Ethereum-based assets with the help of smart tokens. It does not match sellers and buyers. After organizing a successful ICO, the platform enjoyed an abundant flow of users, but the number of customers today is far from impressive: according to DappRadar, only 204 people use the app daily, and ETH turnover is zero. Probably, new features and proper marketing can kick things up a notch.

3. LocalEthereum

At the moment, LocalEthereum is 4th on the list of the best Ethereum apps for exchange: the number of users per 24 hours is 218. LocalEthereum simplifies the process of trading between individuals as LocalBitcoins did for BTC transactions (that’s where the project name comes from).

LocalEthereum drives transactions with an escrow smart contract that locks sellers’ ETH until the money from the buyer is received via a wire transfer, in-person cash handoff, or other ways. In case of disputes, the smart contract will find an arbitrator (today, only LocalEthereum performs this function, but other reputable parties can be added soon). Ether will go to one of those parties—there are no exceptions to the rule.

4. Aragon

This is an interesting Ethereum dApp that’s designed for managing decentralized autonomous organizations also called DAOs. Any organization or a company can get the status DAO to add to the level of transparency and make entity governance more efficient. It also allows for eliminating unnecessary mediators that can be replaced by smart contracts. Aragon is fueled by its native ANT token that can be obtained on Bittrex.

Image by Aragon

5. Idex

The leader of exchange Ethereum dApps, Idex hosts over 1,300 users daily and boasts daily 4,400 ETH turnover. The platform is designed for trading between Ethereum and other ERC-20 tokens. While users of GDAX, Binance, and Kraken give power to the hands of exchange operators, Idex uses the "publicly verifiable" smart contract and is free from hacking threats. There’s only one thing disturbing its perfect decentralized nature: Idex uses a centralized server to queue transactions in the order book, but the white paper mentions it will be fixed.

6. Cryptokitties

The Ethereum platform is a versatile technology - it enables the creation of essential software for trading and shopping, and yet can serve to develop a recreational app. A good case in point is Cryptokitties — a peculiar mix of 90's tamagochi video games and online trading.

Cryptokitties is an Ethereum blockchain-powered game where players can raise, breed and sell their virtual cats (also called 'cryptocollectibles'). Just like Ether and Bitcoins, the cats are unique: in fact, each of them is an ERC-721 token. CryptoKitties co-founder Arthur Camara claims that they can be used to tokenize real-world assets, too.

Image by Cryptokitties

Cryptokitties is still one of the most popular Ether dApps, but its daily userbase was far larger a year ago, when the newly launched game attracted attention from investors, players and crypto enthusiasts. Today, about 398 users per 24 hours enjoy the game, and the daily turnover of 111 ETH proves that it still has appeal to them. Despite the fact that CryptoKitties falls into dApps category, it runs in a centralized database, and mostly works from one Internet portal.

7. Radex

Readex serves as a dApp platform for decentralized exchange of Ethereum tokens (ERC20) and ERC223 token standard. It was one of the first services of its kind to integrate the Saturn protocol for EVM blockchains.

8. Gnosis

One of the most interesting dApps, Ethereum based Gnosis is designed for predictions. Say, you want to know the market prediction for an auction or a hockey match. Using Gnosis and its native GNO token (it can be bought on Bittrex), you can find answers to your questions and discover the prices you’re interested in. Besides, you can make bets and vote. The application is in beta phase, but it’s already quite popular.

Image by Gnosis

9. Golem

Where to get computing power or find someone to share it with? Use Golem, one of the best Ethereum dApps for P2P communication. It serves as a decentralized marketplace where you can buy or sell computing power. Golem supercomputers can be used after paying in native GNT token (it can be bought on Bittrex). Tokens are also used to reward those who share their extra computing power in the network.

10. Prism

How to use Ethereum for investment with maximum gains? Prism dApp is here to help: this is a decentralized asset portfolio based on Ethereum blockchain. Through the use of Prism, a trader can invest ETH in cryptocurrencies and set the percent of holdings they need. Since the platform is based on smart contracts, the user doesn’t have to deal with passwords and seeds for several exchanges.

Aside from these apps, we highly recommend trying:

  • ForkDelta;

  • Etheremon;

  • Augur;

  • 333ETH;

  • Ninja Prediction;

  • The Token Store.

Bottom line

When it comes to creating a dApp, Ethereum offers a myriad of possibilities for developers and helpful features for users. But what we are witnessing is only the dawn of the dApp era — the platforms described above can be a primitive prototype of the truly revolutionary software. Anyway, giving them a try is still worth it — there’s already something to reap benefits from.

About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions, can be contacted at vera.yurina@u.today

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