Ethereum takes on 1000+ dApps

Ethereum takes on 1000 dApps

On the 28th of May 2018, the ConsenSys community day was held at the Tel Aviv Stock Exchange in Israel, with the objective of promoting Ethereum in the country.

During the conference, one of the speakers — Christian Crowley, who is a business analyst at Alethio (an Ethereum analytics company) presented a report according to which 1,090 dApps have been launched on the Ethereum (ETH) platform since 2017.

For those who are unaware about the two keywords used Ethereum and dApps, here is a brief explanation :

Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.

These decentralized applications are called dApps. They are digital programs or applications that exist and run on a blockchain outside the control of a single authority, i.e. any updates are made by a consensus — nobody is in control . It is a leaderless service connecting people who provide and consume content directly.

The claims of Crowley’s report also suggested that on any average day, there are 100000 users that enter onto the Ethereum platform. The network transacts to one million user requests daily. While some of the DApps are live, some of the 1090 applications are still in development. According to DappRadar (DappRadar provides information and insights about all the existing dapps), for over 8,000 daily users the highest used app is IDEX.

To briefly explain, IDEX is a decentralized exchange where users can trade ERC20 coins without having to forgo control of their funds to exchange wallets. Decentralized exchanges tend to be slow but offer security in terms of user control of funds. ForkDelta is another decentralized exchange that successfully accrues more than 1,000 daily active users. ForkDelta offers an advantage; which is the ability to trade a token without any reviewing or approval process. Anyone can send any Ethereum token on ForkDelta and start trading right away.

Additionally, Crowley noted that developers deployed more than 700 tokens on Ethereum last year, highlighting the emergence of initial coin offerings (ICOs)- which is an unregulated means of raising funds for a new cryptocurrency ventures, as a way for startups to raise capital apart from traditional methods.

Also present at the Conference :

Vanessa Grellet, executive director of ConsenSys (New York-based Ethereum software company) ,provided a positive statement on blockchain technology as she spoke at the ‘blockchain for social impact’ section of the event. Her views followed that this technology has the potential to address major problems, such as helping thousands of Holocaust survivors who currently live in poverty.

What is the future really?

Majority of new Blockchain projects do not have a long life-cycle. According to a report from the Chinese Academy of Information and Communications Technology (CAICT), most of the projects don’t even get a chance to see what lies ahead after 18 months’ time period.

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