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10 Best DApps On Ethereum

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Thu, 11/08/2018 - 14:35
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  • 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

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Contents

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.

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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.

dApps

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. Development process relies on consensual decision-making across the entire network. Therefore, no legal proofs 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.

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1. Ethlance

Ethlance is a decentralized analog of Upwork, 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 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.  

Ethlance platform interface
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.

Aragon interface
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.

CryptoKitties website for breeding, buying and selling assets
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.

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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.

How voting is organized
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.

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Ethereum vs EOS: Which Blockchain for dApps is Better?

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Mon, 09/16/2019 - 07:06
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  • What’s the difference between Ethereum vs EOS blockchains? Here’s a detailed insight into the two technologies, their strong and weak points

Cover image via freepik.com
Contents

Both Ethereum and EOS have become legendary projects with a serious contribution made for the blockchain technology and the crypto community. At first glance, the blockchains seem to be similar: both leverage smart contracts for creation of dApps. However, at the core, they vary. Which blockchain is better, and where they should be used? Read the side-by-side comparison of Ethereum and EOS projects.

General info

 

Ethereum

EOS

Founded

2013

2017

Founder 

Vitalik Buterin

Block.one (Dan Larimer)

Market cap

$18 401 175 484

$3 014 176 068

Circulating supply / Overall supply

107 640 554 / 107 640 554 ETH

930 692 062 / 1 027 392 073 EOS

Current token price

$170,95

$3,24

ROI since token sale

5 937,19%

214,02%

All-time high

$1 432,88 (Jan 13, 2018)

$22,89 (Apr 29, 2018)

All-time low

$0,420897 (Oct 21, 2015)

$0,480196 (Oct 23, 2017)

The history of Ethereum

The author of Ethereum blockchain is Vitalik Buterin. In 2013, he proposed the new-generation blockchain platform (so-called Bitcoin 2.0) where users could create and run smart contracts and decentralized applications. To implement his plans, Buterin gathered the team of like-minded people and collected money in the crowdfunding campaign in the second half of 2014. In total, 31,591 BTC were collected for the development of Ethereum, which at that time amounted to $18 mln. Ethereum was launched in July 2015, and on March 2016 the platform was updated to a stable version.

An important moment in the history of Ethereum is the separation of the chain as a result of the network's hard fork in the summer of 2016. In June, an ICO DAO was held on the basis of Ethereum, the idea of ​​which was to develop a platform for automatic investment management. In total, $ 100 mln in ETH was raised, but due to an error in the smart contract of the project, more than half of this amount was stolen by an unknown hacker.

The stolen money was found and transferred to a blocked account, but it was impossible to return it to investors without a hard fork of the network. Thus, with the support of Vitalik Buterin and the majority of the Ethereum community, the blockchain was rolled back until the money was stolen and a mechanism for returning funds to DAO investors was launched. But some Ethereum users did not support the idea of ​​a hard fork used to satisfy the financial interests of a particular group of people. So they continued using the original blockchain naming their project Ethereum Classic.

The main challenge for Ethereum happened on December 2017 when CryptoKitties game appeared. This simple game for breeding unique kittens on the blockchain proved so popular that the Ethereum network could not cope with a sharp increase in the number of transactions, and the transfer fee soared from $0.2 to $4. However, the popularity of CryptoKitties didn’t last long, and the network returned to normal operation. In July 2018, a spam attack was carried out on Ethereum. According to Vitalik Buterin, this attack cost Ethereum $ 15 mln, and at its peak, the transaction fee jumped to $5.

These events indicate that Ethereum has serious scalability issues. However, they can be resolved with the transition to the Casper protocol and the introduction of sharding technology. Also, numerous teams within the Ethereum worldwide community are building so-called ‘Second Layer Solutions’. This definition refers to a circle of technologies which let make some computations off-chain and unload Ethereum mainnet. This, in turn, can increase the limited bandwidth of the network.

In 2018, Buterin has started revealing the details about Ethereum 2.0 that’s said to the ‘world’s computer’.

EOS: the story of the overwhelming start

The creator of EOS is Block.one company co-founded by the veteran and blockchain visionary Dan Larimer (co-founder of Bitshares and Steemit). The platform code is free – it’s available on Github. Community members are free to send pull requests (suggestions for changing the code), but Block.one has the final word.

There are also third-party developers who create related products: wallets, voting tools, and plugins. Often, block validators themselves in the EOS network (block producers) do this.

EOS holds the record for the crowdfunding sum gathered during the ICO – the project received contributions worth $4+ bln! The token sale lasted almost a year - from June 26, 2017 to June 1, 2018.

Why EOS was so popular among investors? High expectations for EOS were conditioned by the previous successful projects of the main platform developer Dan Larimer and the declared revolutionary platform scalability. Already at the development stage, the EOS blockchain was used by such large industry projects as Bitfinex, Bancor, Everipedia. At the same time, before the launch of the mainnet, the EOS token increased in price by 4 times.

Ethereum blockchain – the essentials of smart contracts

The Ethereum blockchain is a distributed transactional environment for operating on data and interacting with the program code of decentralized applications, the operation and security of which is ensured by cryptographic rules.

The main conceptual principles of the Ethereum blockchain are:

  • Single-element transaction recording is a digital mechanism that implies that the system and its users accept the only correct (canonical) algorithm for performing operations, which is determined by the number of calculations performed.
  • Cryptographic security – everything that happens in the blockchain is controlled by complex mathematical laws that provide reliable protection against hacking.
  • The openness of the state - the possibility of unhindered use of the network by its participants at any time.
  • Structurally, the Ethereum blockchain is a chain of unique interconnected elements called blocks that consist of grouped transactions. After writing to the network database, none of them can be subject to change.

In simpler words, the Ethereum blockchain is a platform that allows you to perform asset transfer operations between network participants and create dApps based on smart contracts.

The idea behind Ethereum is explained by Vitalik Buterin in layman’s terms:

Ethereum blockchain’s activity is supported by users (miners) who provide the network with the computing power of their equipment to perform transaction validation operations and generate new blocks (mining). For this, they receive a reward from the system in the form of ETH coins, which is the main motivation for their participation in the network.

 The role of ‘gas’

All operations in the Ethereum blockchain are carried out through transactions (signed data packets sent over the network). This can be the transfer of ETH coins, the creation of a smart contract or the launch of a code programmed in an existing smart contract.

‘Gas’ serves as the fuel for the exchange of data packets inside the Ether blockchain. We can define gas as a kind of internal currency of the network that characterizes the number of computational operations on which the power of miner equipment is spent.

All Ethereum transactions have standard information content:

  1. Hash;
  2. The number of the inclusion unit;
  3. The addresses of the wallets involved in the operation;
  4. Digital signature;
  5. Number of coins sent; 
  6. Limit and cost of gas;
  7. Commission;
  8. Arbitrary message for the recipient (optional).

In EOS network, ‘Gas’ is not used.

The peculiarities of EOS blockchain

Like Ethereum, EOS implements smart contracts and provides tools for the creation of Apps. The main advantage of EOS blockchain is use of is DPoS. How does it differ from PoS?

DPoS (Delegated Proof-of-Stake) is a consensus algorithm first developed by Dan Larimer in 2013 for his BitShares project. This protocol is also called a form of "digital democracy."

The difference between DPoS and PoS is the separation of network participants into block producers and voters. In other words, not all EOS coin holders can be directly involved in creating blocks. In order to become a validator, a network member must comply with two requirements:

  1. Possess sufficient technical capacity to maintain the smooth operation of the 24/7 node.
  2. Maintain an impeccable reputation and spend resources on building a community and obtaining the necessary user votes.

21 validators are involved in the creation of each new EOS block. But there are many more people who want to take this place. Block producers are selected by network participants, and the weight of each vote depends on the total assets of the voter. The pool of validators with the highest number of votes form a queue, from which validators are selected for the next round of creating blocks.

A voice can be transferred to another validator at any time. You can also vote for several block producers at the same time, and the votes will be of equal strength. Loss of user votes removes the validator from the game. Such a political structure forces the validators to refrain from abuse and, according to Larimer, should make collusion and excessive centralization impossible. In November 2019 after the congestion in the Ethereum network caused by one shady airdrop, Block.one decided to participate in block producer’s referendums itself.

In PoS, the chance of becoming a block validator depends on the number of coins blocked in the wallet, while in DPoS, this role is played by the votes cast for the block producer by network participants.

Unlike PoS, the coins used in voting are not blocked in the wallet but can be freely used. This will reduce the weight of the voter in the next vote. Another difference is the lack of a mandatory minimum amount of coins for voting.

How EOS differs from Ethereum?

  1. Absence of transaction fees or “gas”. EOS is free to use;
  2. In the whitepaper, developers claim that EOS will be able to process millions of transactions per second. The Ethereum network bandwidth is up to 30 transactions;
  3. EOS uses the original DPoS (Delegated Proof-of-Stake) consensus algorithm. DPoS is praised for scalability and low energy costs, but criticized for the complex management structure and the danger of centralization;
  4. The platform does not require knowledge of unique programming languages ​​- decentralized applications can be created in C ++;
  5. The network management model is a complex structure with the rules of the game prescribed in the Constitution. Relations between participants are regulated by smart contracts, and disputes are resolved by the special arbitration body of the EOS Core Arbitration Forum (ECAF).

Ethereum vs EOS side by side comparison

Here’s a detailed side-by-side comparison of Ethereum and EOS blockchains:

 

Ethereum

EOS

Token model

Both use inflation token model (tokens are re-issued in order to give bonuses to miners). Vitalik Buterin plans to remove or reduce inflation in Ethereum. EOS inflation is 5% per year.

Smart contracts

Ethereum smart contracts are written in Solidity (the programming language developed by their team) that’s similar to JavaScript. 

EOS smart contracts are written in C ++. Writing smart contracts on EOS is simpler compared to writing smart contracts on Ethereum. There’s the whole gamut of functions provided by C ++ that allows creating smart contracts faster and easier.

Transaction Payment Model

Every operation in a smart contract costs a certain amount of GAS. A block has some limited amount of GAS. It is impossible to make an infinitely complex smart contract since gas costs money and the network is protected from spam.

EOS transactions are almost free of charge. Instead of gas, there is network bandwidth that’s assigned to each user depending on his share of EOS tokens.

Transactions per second

15 TPS

~3000 TPS

Smart contract engine

Ethereum Virtual Machine

WebAssembly

Language of smart contracts

Solidity

C++

Account model

Flat model (all addresses are equal)

Hierarchical model  (main accounts and subsidiaries)

Resource sharing

In order to give one smart contract access to the resources of another (storage), you need to specifically provide the delegate call function.

One can assign various rights: which contract, address or account has access.

Consensus

Proof of Stake

Delegated Proof of Stake

Control

Off-chain

Onchain (by voting)

What about dApps?

Both EOS and Ethereum are widely used for the creation of decentralized applications (dApps). When Ethereum was the only platform with smart contracts and all necessary tools, it used to be very popular. However, the introduction of EOS, Tron, and blockchains alike changed the landscape of dApp market. Here, you can see the statistics:

EOS apps are more widespread
EOS vs Ethereum dApps statistics (image by stateofthedapps)

Evidently, the number of functioning EOS dApps is not so huge, but they are used by a larger number of people, and the volume of transactions is several times bigger.

Interesting to note, Ethereum dApps are mostly present in two spheres: gambling & games, and exchanges & finances. Those are the sectors where the use of smart contracts is crucial for solving the matters of trust.

Ethereum dApps by number and categories
Ethereum dApps transaction statistics (image by stateofthedapps)

The number of EOS applications created is not so impressive despite the ease of work with C++ language and developer tools provided by EOS. However, the quality of these dApps might be higher, and they quickly attract thousands of users.

Number of new EOS dApps
EOS new dApps statistics (image by stateofthedapps)

EOS dApps are also widely used in gambling and finance spheres, especially eCommerce. The most popular dApps based on EOS are EOS Knights, EOS Dynasty, Dice, Hold’em Poker King – all are related to games.

Bottom Line

Developed by true cryptography experts, both Ethereum and EOS blockchains provide infinite possibilities for dApp developers – their smart contracts can be used almost anywhere, in any sphere. However, the underlying technological basis of EOS is a bit more advanced, which is why the EOS dApps are more interesting for devs, not mentioning the exceptional transaction speed and close-to-zero transaction fees. Ethereum has a bright future, but the scalability issue and a few more problems should be solved by Vitalik Buterin’s team in the nearest future.

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.

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