When bitcoin made the world reassess the definition of currency, it presented all a sneak-peek into the future that would run on decentralized applications – or dapps.
Educational utopians see dapps as tools to make everything you see on the internet distributed. Say, if a bank is an application governed by a central authority, bitcoin is a decentralized version of a bank that involves a lot of entities to do the same tasks of recording and maintaining financial transactions. While a bank charges hefty fees, bitcoin’s distributed network does the same job for a 99.99 percent cheaper price.
The reason is simple: Bitcoin has no boss. Its code is open-source, which means changes made to its underlying functionalities come from the process of voting. In case of, say, JP Morgan Chase, CEO Jamie Dimon takes such calls. Bitcoin rewards every participant based on their inputs while JP Morgan and every other financial institution compensate the top tier of executives the most.
The launch of Ethereum revolutionized the dapps ecosystem. Now it is easier for developers to build smart contracts and launch them atop the Ethereum blockchain – a public ledger that maintains a cryptographically-verified chain of blocks containing unmodifiable data. There is now a dapp for checking weather systems, publishing news, gambling, lending money, and many other utilities.
All participants, providing their portion of computing power to maintain and secure data of those dapps on the blockchain, get rewarded handsomely. And because there are too many of them maintaining the backend, there are also fewer worries concerning a single point of failure and downtimes.
Ethereum, meanwhile, has inspired a string of copycat projects that claim to bring something innovative on the table. There are Tron, EOS, IOST, and many other blockchain platforms competing monumentally with Ethereum for its second-largest blockchain project spot.
At CoinStats, we have curated a list of top five dapps that attracted the maximum number of users in October. Two of those apps reside on Ethereum while the other two are powered by Klaytn, the global public blockchain project launched by the South Korean internet giant Kakao. The last app works from the Steem blockchain.
Steemit is a blockchain-based blogging and social media portal, which rewards its users with the cryptocurrency STEEM for publishing and curating content. It is developed by a privately held company based in New York City with a headquarters in Virginia.
The dapp, ahead of the October close, processed about 237K Steem transactions. At the same time, around 13,000 users used the content platform, thereby becoming the fifth-largest dapp by the number of users.
Smart contracts need to communicate with the data feeds, events, and broadly accepted payment methods that centralized digital agreements rely on to provide value. By offering the building blocks needed by complicated smart contracts in the form of crucial inputs and key outputs, Chainlink – an Ethereum-based blockchain project – aims to activate the next generation of smart contracts that would step beyond tokenization to become the dominant form of digital agreement.
The dapp, ahead of the October close, processed about 58K Ether transactions. At the same time, around 22,100 users used Chainlink, thereby becoming the fourth-largest dapp by the number of users.
The MakerDAO Collateralized Debt Position (CDP) is an Ethereum-based smart contract that manages Dai Stablecoin Ecosystem (DSE). In retrospective, CDB creates Dai tokens in exchange for collateral which it holds in escrow until the borrowed Dai gets back into the system. The process makes a decentralized lending system running atop the Ethereum blockchain.
The dapp, ahead of the October close, processed about 105.9K Ether transactions. At the same time, around 52.1K users used MakerDAO, thereby becoming the third-largest dapp by the number of users.
Cosmochain is a Klaytn-based blockchain project that connects companies and users through beauty data. FitsMe, the sixth-largest beauty app on Google Play, provides values to beauty consumers within Cosmochain’s ecosystem while serving as the means for collecting beauty data from consumers.
The dapp, ahead of the October close, processed about 442.8K Klay transactions. At the same time, around 56.7K users used FitsMe, thereby becoming the second-largest dapp by the number of users.
Cloudbric, a Klaytn-based dapp, secures the entire blockchain experience for users and businesses alike, whether it’s guarding global exchanges or protecting cryptocurrency assets.
The dapp, ahead of the October close, processed about 302K Klay transactions. At the same time, around 151K users used Cloudbric, thereby becoming the leading dapp by the number of users.