With the advent of solidity programming language and the rise of Ethereum, “an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality” the rise of decentralized applications officially began. As of today, there are over 1,600 dapps in operation, ranging from games, gambling and media to payment options, finance, governance, identity and beyond. Generally speaking a dapp is equipped with the following features: i) open-source ii) autonomous iii) no central authority iv) data/records stored in a public, decentralized blockchain v) user-consensus, and vi) a cryptographic token that is used for transactions and incentivization.

With these qualities, paired with all of the innovation spinning out of the decentralized and open-source atmosphere, a new economic form is being established, one that integrates and upholds the virtues and sensibilities that many conventional economic systems have lost.

Free & Secure

In the light of recent security breaches protection of data and user information is being taken far more seriously. The economy of the future is being built around decentralized platforms and dapps, and will focus on providing what technology users increasingly crave: security, choice, utility and freedom. While platforms and dapps implementing blockchain technology with user-focused governance models arguably form with security, transparency, and user-value central to their model, it will remain essential that users and developers alike seek out and populate environments that uphold and maintain that which they value.

The continued development of a vast array of decentralized platforms means users have choice in the digital environment that best aligns with their specific needs and values. This is leading to a marketplace of healthy competition where platforms must compete for users to populate their network, meaning that those platforms which maintain an adherence to security and service, those that are upholding the will of their users, will grow and succeed, and those that are not, will lose users to their superior counterparts.

Eliminating the risks of centralization

When considering the reasons why decentralized applications are poised to replace traditional centralized services and experience mass adoption, security and the integrity of data are at the top of of the list.

Replacing older channels of distribution would necessitate content delivery dapps, dapp stores, and other decentralized applications to be hosted, not on centralized networks like the Google Play Store, but on a decentralized system. Encouraging and upholding the dictates, or lack thereof, of true decentralization means the technology community and users will be able to eliminate the censorious and discriminatory mediation that comes with centralized platforms like the Apple App Store, which recently tightened its rules on the type of cryptocurrency-oriented apps that could be listed.

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