Decentralized apps (applications), or DApps, are software applications that operate on a decentralized blockchain network, enabling users to interact with the application without intermediaries or central authorities. Unlike traditional applications, which are controlled by a centralized entity, DApps run on a peer-to-peer network, making them open-source and transparent. Smart contracts govern the code and operation of DApps, and they are commonly used in the cryptocurrency ecosystem for various functions, such as decentralized finance (DeFi), digital identity verification, gaming, and social media. The decentralized nature of DApps enhances security, transparency, and resilience, giving users greater control over their data and assets.
Is DeFi a Component of Web3? DeFi is a novel financial system that is rapidly gaining momentum within Web3. This system offers unprecedented value and utility that cannot be found in conventional financial systems. Web3...
