Decentralized Applications Powered By The Community
Decentralized Applications (a.k.a. dapps) are apps that run on top of the blockchain using smart contracts. Being run on top of a peer-to-peer network, dapps avoids some of the pitfalls of their centralized counterparts. This includes non-custodial data exchanges, transaction transparency, as well as censorship resistance. Most dapps also implement a token that secures their ecosystem via specific application level incentives.
In general, most dapps are created with the ultimate goal of facilitating peer-to-peer transactions without the need for an intermediary. This includes use cases such as decentralized finance, game finance, decentralized socials, as well as many more novel use cases that are currently being incubated. As dapps are only limited by code, the potential use cases are virtually endless.
Due to the open and transparent nature of most dapps, one key benefit that arises is that of composability whereby dapps are able to leverage existing dapp functionality to generate even more value for their end users.