How to Choose the Right DeFi dApp? Dos and Don'ts

Web 3.0</strong></a>” keeps popping up, in one context or another. It has come to a point where even my friends, who otherwise have nothing to do with crypto, are asking me - <strong>what in the world is this “Web 3.0” that we keep hearing about?</strong></p>\n<p>I have to admit - it’s not a simple question to answer! There’s no one, set definition for the term, and experts seem to use advanced tech-speak and complicated terminology when defining the concept. Well, I’m up to the challenge - we’ll try to discuss the topic in an easy-to-understand manner.</p>\n<p>We’ll be focusing on Web 3.0. Specifically, I’ll be answering questions such as <strong>what Web 3.0 is, how it works, and how Web 1.0 & Web 2.0 are different from Web 3.0.</strong></p>\n<h2>What is Web3?</h2>\n<p>According to the fancy definition:</p>\n<p>Web3 is an idea for a new iteration of <strong>the World Wide Web-based on blockchains</strong>, which incorporates concepts including decentralization and token-based economics.</p>\n<p>But what does Web3 actually mean?</p>\n<p><img title=\"What is Web 3.0: What is Web 3.0?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bc5733ae9.o.jpg/" alt=\"What is Web 3.0: What is Web 3.0?\" width=\"1000\" height=\"600\" /></p>\n<p>As with most seemingly-complex topics, in order to understand Web 3.0 - also known as “the new internet” -, we should probably first explore the earlier iterations of the concept - namely, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-1-0/">Web 1.0</strong></a>, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-2-0/">2.0.
/n
Web 1.0</h3>\n<p>Web 1.0 can be viewed as the very beginning of the internet. It’s kind of mutually agreed upon that this version of the web lasted <strong>from the 1980s, up to the early 2000s</strong>. The defining characteristic of this form of the web is the fact that users were only able to view the information online, without really being able to customize their experience while doing so. Let’s call it - <strong>“The Read Only”</strong> Internet, where users were <strong>CONSUMERS</strong> of the data.</p>\n<p>In general, even this was a completely new concept. People would be used to accessing all of their information in newspapers and books - Web 1.0 basically digitalized this experience.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: Web 1.0.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bc82968d0.o.jpg/" alt=\"What is Web 3.0: Web 1.0.\" width=\"1000\" height=\"600\" /></p>\n<p>Specifically, you could visit static web pages, and read up on topics that interested you. In most cases, you couldn’t create personal profiles, and <strong>your whole browsing experience would be directed around accessing the information that you’re searching for</strong>. In other words, there was nothing “personal” about this form of the internet - it purely revolved around consuming the information.</p>\n<p>Being a completely new concept, naturally, Web 1.0 had a lot of obvious downsides. One of them, as I just mentioned - <strong>lack of personalization</strong>. However, this version of the internet experience was also very <strong>slow</strong>, and users would have to possess a lot of patience in order to receive or send a piece of information.</p>\n<h3>Web 2.0</h3>\n<p>With time, as the internet became more and more popular, it started expanding in functionality, too. <strong>The rise of social media platforms and data collection channels marked the beginning of what we now call Web 2.0</strong> - in other words, the current version of the internet that we all know and use.</p>\n<p>If you were to ask what defines this version of the web? The answer would be - you.</p>\n<p>Web 2.0 brought the ability to <strong>INTERACT</strong>, not just to consume. Like to create social profiles, identify yourself to large tech companies, and thus, customize your experience on the internet. The web became much more personal, with your browsing experiences tailored to your personal preferences, wants, and needs. <strong>User connections and social participation became the key factors of this form of the internet</strong>. </p>\n<p>The whole idea and purpose of the internet was changed. Web 2.0 is more about showing yourself by sending or receiving data instantly via live streams, video sharing, or instant messaging. The content type was transformed from <strong>static to dynamic</strong>. Data became instantly accessible.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: It started expanding in functionality.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bcc5539cf.o.jpg/" alt=\"What is Web 3.0: It started expanding in functionality.\" width=\"1000\" height=\"550\" /></p>\n<p><strong>Facebook and Google</strong> are the usual examples when it comes to the earlier-mentioned companies. These two brands are <strong>data collection and personalization GIANTS</strong> - it has come to a point where you could say that they know what you like and dislike better than you do, yourself!</p>\n<p>The platforms collect and analyze your information, and then sell it off to third-party advertisers so that they could do a better job at targeting their ads at you. These processes have become so advanced that you might simply think about wanting to purchase a plush teddy bear, and start seeing ads for your local toy store the next day!</p>\n<p>Now, naturally, there’s no “black magic” involved. However, such joke-examples just go to show <strong>how much personal info we give up, and how far the aforementioned processes have come over the years</strong>.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: Personal preferences, wants, and needs.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bd969fd21.o.jpg/" alt=\"What is Web 3.0: Personal preferences, wants, and needs.\" width=\"1000\" height=\"550\" /></p>\n<p>As you can probably imagine, the biggest concern for Web 2.0 is user data privacy. While we do actively choose to give up our personal information to these large data aggregation platforms, it has come to the point where people have started to search for <strong>alternative ways to use the internet</strong> - ways that wouldn’t involve <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized/">centralized institutions controlling everything that we see online.</p>\n<p>This is where the concept of Web 2.0 VS Web 3.0 comes in.</p>\n<h3>Web 3.0</h3>\n<p>The simplest definition of Web 3.0 is a “<strong>decentralized internet</strong>”. It’s a form of the web that would allow users to frankly remain <strong>anonymous</strong> while using it, and only share data that they themselves feel comfortable with sharing. That said, this form of the internet would also be much faster, and utilize data analysis. <strong>The Internet will become smarter because of quantum-computers and self-learning algorithms or AI</strong>.</p>\n<p>The experience of the Web 3.0 internet will also change. We will start hearing more about the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">Metaverse, <strong>Virtual or Augmented Realities as a data medium</strong>. Data types will go from purely dynamic to live data, and, in most cases, will change and be produced instantly, on the go.</p>\n<p>Web 3.0 wouldn’t be controlled by any of the earlier-mentioned centralized institutions. Instead, it would be completely decentralized - meaning, <strong>lacking any central companies or brands that would dominate the space</strong>. So, no presidents or CEOs!</p>\n<p>How is this possible? Well, currently, Web 3.0 is explored through the lens of crypto technology. <strong>For example,</strong> <strong>Bloomberg has also described Web3 as a concept that “would build financial assets, in the form of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens, into the inner workings of almost anything you do online”.</strong></p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: Web 2.0 vs Web 3.0.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bebe3aa25.o.jpg/" alt=\"What is Web 3.0: Web 2.0 vs Web 3.0.\" width=\"1000\" height=\"600\" /></p>\n<p>Let’s get something straight - cryptocurrencies aren’t necessarily associated with Web 3.0, at least inherently. It’s perfectly possible to create a decentralized version of the internet without any of the currently-existing crypto assets. That being the case, though, cryptocurrencies and the technology behind them help to conceptualize this goal much easier.</p>\n<p>Now, cryptocurrencies are built on blockchains - let’s call them, special databases that are mostly decentralized. In order to earn cryptocurrencies, oftentimes, you have to participate in a process known as “<strong>mining</strong>” - basically, you need to plug your computer into the network, and dedicate its resources for calculations, to help confirm the transactions happening on the said cryptocurrency's blockchain.</p>\n<p><strong>This way, you become an active participant in the network and help keep it decentralized.</strong></p>\n<p>Lastly, in order to send and receive cryptocurrencies, you need a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">wallet - an app where your crypto assets are able to be kept safe and sound. Each wallet has two codes - <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-address/">a public address</a></strong>, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">a private key</strong></a>. The former is used for transacting with cryptocurrencies, while the latter is your secret key that is used to access the wallet, in the first place! </p>\n<p>I promised not to get too much into tech difficulties, so I’ll stop here. But why do I tell you all of this? </p>\n<p>Simply because all of these terms and concepts are <strong>relevant to Web 3.0</strong>!</p>\n<p>Within Web 3.0, individuals would probably use their cryptocurrency wallets in place of social profiles. These wallets would be used to verify your profile, and log onto certain websites, as well as to confirm actions that you’d perform on the internet - liking your friend’s profile picture, purchasing a digital drawing, or participating at a pop star gig in a Metaverse. Blockchain technology would help to perform all of these processes anonymously.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: User data privacy.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bf5ff2b4e.o.jpg/" alt=\"What is Web 3.0: User data privacy.\" width=\"1000\" height=\"600\" /></p>\n<p>Now, naturally, as you can probably imagine, a decentralized version of the internet would bring with itself a lot of trouble, among other things. One of the benefits of our current version of the web is the fact that <strong>there’s strict moderation involved, and illegal content is quickly removed from the mainstream websites</strong>.</p>\n<p>Who would moderate such websites if the web would be lacking any central authority? This is where the concept of “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-the-dao/">DAOs” comes in.</p>\n<p>A “DAO” is a “Decentralized Autonomous Organization”. The term sounds very fancy, but the idea itself is actually rather simple to understand, fundamentally.</p>\n<p>Imagine that, in Web 3.0, each website would have <strong>a dedicated cryptocurrency of its own</strong> (these would be known as Web 3.0 coins). If you would own some of that cryptocurrency, you could participate in the decision-making processes of that website - what content to leave up and what to remove, what should be the color scheme of the site, should there be a paywall for users to be able to join, and so on.</p>\n<p>Together with other holders of said cryptocurrency, you would be able to <strong>vote</strong> on the important questions relating to that website. This would form the aforementioned DAO - <strong>a decentralized organization that makes the core decisions behind how a website functions.</strong></p>\n<p style=\"text-align: center;\"><strong><img title=\"What is Web 3.0: DAO.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bf9599cbd.o.jpg/" alt=\"What is Web 3.0: DAO.\" width=\"1000\" height=\"600\" /></strong></p>\n<p>Before we continue, let’s have a quick overview of what we’ve already discussed, up to this point.</p>\n<p>Web 3.0 is a decentralized version of the internet. <strong>It’s a conceptualized follow-up of Web 2.0</strong>, the current form of internet that you and I are familiar with. Web 3.0 aims to tackle things such as data privacy, large corporate entities controlling what we see on the internet, and, most importantly, user privacy. Also, it will bring us to the new mediums of data experience with Meataverses, VRs, and instant data aggregation. </p>\n<p>While Web 3.0 does not require cryptocurrencies to function, theoretically, the concept itself is much easier to understand when you learn how blockchains and crypto wallets work. This allows you to imagine <strong>how cryptocurrency wallets could replace online profiles, and how DAOs could be the answer to keeping things civil and legal</strong>.</p>\n<p>One more thing that you need to be aware of is something known as “<strong>the Web 3.0 Foundation</strong>”. Admittedly, it sounds like the core organization behind Web 3.0, right?</p>\n<p>Well, it’s not, really. The Web 3.0 Foundation is a group that aims to “support different projects that want to increase decentralization on the internet”.</p>\n<p>A noble mission - indeed! However, the organization is often criticized for being rather biased. For example, it offers grants to developers, but only those who would use the popular cryptocurrency <strong>Polkadot’s blockchain</strong> to create their projects. The entirety of the foundation itself is centered around said blockchain, so you can see why there are people who aren’t too excited about this organization.</p>\n<p>This leads me to my final point and something that I want to leave you off with. As I’ve hinted at throughout the entirety of this section, as of now, <strong>Web 3.0 is still just a rough idea, and a concept</strong>. Meaning, while there are theories of what this version of the internet should look like, and ideas of how it can be developed, it’s still very much <strong>in its infancy stage</strong>!</p>\n<p>Following that, many companies and organizations may try to capitalize on this, and influence how people view the concept, in the first place. Do not fall for it! While the idea of a decentralized web is very exciting, there are still many, many questions that need to be answered, and problems that need to be tackled until this concept becomes even remotely viable. <strong>Such as, what will happen if the biggest part of DAO’s votes will be concentrated in one person’s hands?</strong> <strong>Do we get back to the centralized internet? How to avoid that?</strong></p>\n<p>And so, that’s it! If you would like to learn more about the world of crypto, check out the section - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">What are NFTs?</strong></a>\"</p>","meta_title":"What is Web 3.0: A New Concept of the Internet","meta_description":"Find out what is Web 3.0 & how it is different from Web 1.0 & Web 2.0. What are the advantages & disadvantages of a decentralized internet?","meta_keywords":"web 3.0 definition / what does 3.0 mean, web3 foundation, the new internet / internet 3.0, web 3.0 crypto, web3 wallet, web 3.0 examples, what is a component of web 3.0 that describes things in a way that computers can understand?, web2 vs web3 / web 2.0 vs web 3.0","order":5,"language":"en","created_at":"2022-05-02T06:23:06.000000Z","updated_at":"2023-03-10T08:17:31.000000Z","modified_content":"<p>Everywhere you look online, it seems like the term “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web 3.0</strong></a>” keeps popping up, in one context or another. It has come to a point where even my friends, who otherwise have nothing to do with crypto, are asking me - <strong>what in the world is this “Web 3.0” that we keep hearing about?</strong></p>\n<p>I have to admit - it’s not a simple question to answer! There’s no one, set definition for the term, and experts seem to use advanced tech-speak and complicated terminology when defining the concept. Well, I’m up to the challenge - we’ll try to discuss the topic in an easy-to-understand manner.</p>\n<p>We’ll be focusing on Web 3.0. Specifically, I’ll be answering questions such as <strong>what Web 3.0 is, how it works, and how Web 1.0 & Web 2.0 are different from Web 3.0.</strong></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Web3? (Animated Explanation + Examples)\"\n title=\"What is Web3? (Animated Explanation + Examples)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Web 3.0: The Future of the Internet</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Web 3.0: The Future of the Internet\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"X_ushcDQZ5U\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Web3? (Animated Explanation + Examples)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/X_ushcDQZ5U/hq720.jpg/"/n alt=\"What is Web3? (Animated Explanation + Examples)\"\n title=\"What is Web3? (Animated Explanation + Examples)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Web3? (Animated Explanation + Examples)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"X_ushcDQZ5U\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is Web3?</h2>\n<p>According to the fancy definition:</p>\n<p>Web3 is an idea for a new iteration of <strong>the World Wide Web-based on blockchains</strong>, which incorporates concepts including decentralization and token-based economics.</p>\n<p>But what does Web3 actually mean?</p>\n<p><img title=\"What is Web 3.0: What is Web 3.0?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bc5733ae9.o.jpg/" alt=\"What is Web 3.0: What is Web 3.0?\" width=\"1000\" height=\"600\" /></p>\n<p>As with most seemingly-complex topics, in order to understand Web 3.0 - also known as “the new internet” -, we should probably first explore the earlier iterations of the concept - namely, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-1-0/">Web 1.0</strong></a>, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-2-0/">2.0.
/n
Web 1.0</h3>\n<p>Web 1.0 can be viewed as the very beginning of the internet. It’s kind of mutually agreed upon that this version of the web lasted <strong>from the 1980s, up to the early 2000s</strong>. The defining characteristic of this form of the web is the fact that users were only able to view the information online, without really being able to customize their experience while doing so. Let’s call it - <strong>“The Read Only”</strong> Internet, where users were <strong>CONSUMERS</strong> of the data.</p>\n<p>In general, even this was a completely new concept. People would be used to accessing all of their information in newspapers and books - Web 1.0 basically digitalized this experience.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: Web 1.0.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bc82968d0.o.jpg/" alt=\"What is Web 3.0: Web 1.0.\" width=\"1000\" height=\"600\" /></p>\n<p>Specifically, you could visit static web pages, and read up on topics that interested you. In most cases, you couldn’t create personal profiles, and <strong>your whole browsing experience would be directed around accessing the information that you’re searching for</strong>. In other words, there was nothing “personal” about this form of the internet - it purely revolved around consuming the information.</p>\n<p>Being a completely new concept, naturally, Web 1.0 had a lot of obvious downsides. One of them, as I just mentioned - <strong>lack of personalization</strong>. However, this version of the internet experience was also very <strong>slow</strong>, and users would have to possess a lot of patience in order to receive or send a piece of information.</p>\n<h3>Web 2.0</h3>\n<p>With time, as the internet became more and more popular, it started expanding in functionality, too. <strong>The rise of social media platforms and data collection channels marked the beginning of what we now call Web 2.0</strong> - in other words, the current version of the internet that we all know and use.</p>\n<p>If you were to ask what defines this version of the web? The answer would be - you.</p>\n<p>Web 2.0 brought the ability to <strong>INTERACT</strong>, not just to consume. Like to create social profiles, identify yourself to large tech companies, and thus, customize your experience on the internet. The web became much more personal, with your browsing experiences tailored to your personal preferences, wants, and needs. <strong>User connections and social participation became the key factors of this form of the internet</strong>. </p>\n<p>The whole idea and purpose of the internet was changed. Web 2.0 is more about showing yourself by sending or receiving data instantly via live streams, video sharing, or instant messaging. The content type was transformed from <strong>static to dynamic</strong>. Data became instantly accessible.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: It started expanding in functionality.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bcc5539cf.o.jpg/" alt=\"What is Web 3.0: It started expanding in functionality.\" width=\"1000\" height=\"550\" /></p>\n<p><strong>Facebook and Google</strong> are the usual examples when it comes to the earlier-mentioned companies. These two brands are <strong>data collection and personalization GIANTS</strong> - it has come to a point where you could say that they know what you like and dislike better than you do, yourself!</p>\n<p>The platforms collect and analyze your information, and then sell it off to third-party advertisers so that they could do a better job at targeting their ads at you. These processes have become so advanced that you might simply think about wanting to purchase a plush teddy bear, and start seeing ads for your local toy store the next day!</p>\n<p>Now, naturally, there’s no “black magic” involved. However, such joke-examples just go to show <strong>how much personal info we give up, and how far the aforementioned processes have come over the years</strong>.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: Personal preferences, wants, and needs.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bd969fd21.o.jpg/" alt=\"What is Web 3.0: Personal preferences, wants, and needs.\" width=\"1000\" height=\"550\" /></p>\n<p>As you can probably imagine, the biggest concern for Web 2.0 is user data privacy. While we do actively choose to give up our personal information to these large data aggregation platforms, it has come to the point where people have started to search for <strong>alternative ways to use the internet</strong> - ways that wouldn’t involve <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized/">centralized institutions controlling everything that we see online.</p>\n<p>This is where the concept of Web 2.0 VS Web 3.0 comes in.</p>\n<h3>Web 3.0</h3>\n<p>The simplest definition of Web 3.0 is a “<strong>decentralized internet</strong>”. It’s a form of the web that would allow users to frankly remain <strong>anonymous</strong> while using it, and only share data that they themselves feel comfortable with sharing. That said, this form of the internet would also be much faster, and utilize data analysis. <strong>The Internet will become smarter because of quantum-computers and self-learning algorithms or AI</strong>.</p>\n<p>The experience of the Web 3.0 internet will also change. We will start hearing more about the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">Metaverse, <strong>Virtual or Augmented Realities as a data medium</strong>. Data types will go from purely dynamic to live data, and, in most cases, will change and be produced instantly, on the go.</p>\n<p>Web 3.0 wouldn’t be controlled by any of the earlier-mentioned centralized institutions. Instead, it would be completely decentralized - meaning, <strong>lacking any central companies or brands that would dominate the space</strong>. So, no presidents or CEOs!</p>\n<p>How is this possible? Well, currently, Web 3.0 is explored through the lens of crypto technology. <strong>For example,</strong> <strong>Bloomberg has also described Web3 as a concept that “would build financial assets, in the form of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens, into the inner workings of almost anything you do online”.</strong></p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: Web 2.0 vs Web 3.0.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bebe3aa25.o.jpg/" alt=\"What is Web 3.0: Web 2.0 vs Web 3.0.\" width=\"1000\" height=\"600\" /></p>\n<p>Let’s get something straight - cryptocurrencies aren’t necessarily associated with Web 3.0, at least inherently. It’s perfectly possible to create a decentralized version of the internet without any of the currently-existing crypto assets. That being the case, though, cryptocurrencies and the technology behind them help to conceptualize this goal much easier.</p>\n<p>Now, cryptocurrencies are built on blockchains - let’s call them, special databases that are mostly decentralized. In order to earn cryptocurrencies, oftentimes, you have to participate in a process known as “<strong>mining</strong>” - basically, you need to plug your computer into the network, and dedicate its resources for calculations, to help confirm the transactions happening on the said cryptocurrency's blockchain.</p>\n<p><strong>This way, you become an active participant in the network and help keep it decentralized.</strong></p>\n<p>Lastly, in order to send and receive cryptocurrencies, you need a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">wallet - an app where your crypto assets are able to be kept safe and sound. Each wallet has two codes - <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-address/">a public address</a></strong>, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">a private key</strong></a>. The former is used for transacting with cryptocurrencies, while the latter is your secret key that is used to access the wallet, in the first place! </p>\n<p>I promised not to get too much into tech difficulties, so I’ll stop here. But why do I tell you all of this? </p>\n<p>Simply because all of these terms and concepts are <strong>relevant to Web 3.0</strong>!</p>\n<p>Within Web 3.0, individuals would probably use their cryptocurrency wallets in place of social profiles. These wallets would be used to verify your profile, and log onto certain websites, as well as to confirm actions that you’d perform on the internet - liking your friend’s profile picture, purchasing a digital drawing, or participating at a pop star gig in a Metaverse. Blockchain technology would help to perform all of these processes anonymously.</p>\n<p style=\"text-align: center;\"><img title=\"What is Web 3.0: User data privacy.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bf5ff2b4e.o.jpg/" alt=\"What is Web 3.0: User data privacy.\" width=\"1000\" height=\"600\" /></p>\n<p>Now, naturally, as you can probably imagine, a decentralized version of the internet would bring with itself a lot of trouble, among other things. One of the benefits of our current version of the web is the fact that <strong>there’s strict moderation involved, and illegal content is quickly removed from the mainstream websites</strong>.</p>\n<p>Who would moderate such websites if the web would be lacking any central authority? This is where the concept of “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-the-dao/">DAOs” comes in.</p>\n<p>A “DAO” is a “Decentralized Autonomous Organization”. The term sounds very fancy, but the idea itself is actually rather simple to understand, fundamentally.</p>\n<p>Imagine that, in Web 3.0, each website would have <strong>a dedicated cryptocurrency of its own</strong> (these would be known as Web 3.0 coins). If you would own some of that cryptocurrency, you could participate in the decision-making processes of that website - what content to leave up and what to remove, what should be the color scheme of the site, should there be a paywall for users to be able to join, and so on.</p>\n<p>Together with other holders of said cryptocurrency, you would be able to <strong>vote</strong> on the important questions relating to that website. This would form the aforementioned DAO - <strong>a decentralized organization that makes the core decisions behind how a website functions.</strong></p>\n<p style=\"text-align: center;\"><strong><img title=\"What is Web 3.0: DAO.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-web-3-6270bf9599cbd.o.jpg/" alt=\"What is Web 3.0: DAO.\" width=\"1000\" height=\"600\" /></strong></p>\n<p>Before we continue, let’s have a quick overview of what we’ve already discussed, up to this point.</p>\n<p>Web 3.0 is a decentralized version of the internet. <strong>It’s a conceptualized follow-up of Web 2.0</strong>, the current form of internet that you and I are familiar with. Web 3.0 aims to tackle things such as data privacy, large corporate entities controlling what we see on the internet, and, most importantly, user privacy. Also, it will bring us to the new mediums of data experience with Meataverses, VRs, and instant data aggregation. </p>\n<p>While Web 3.0 does not require cryptocurrencies to function, theoretically, the concept itself is much easier to understand when you learn how blockchains and crypto wallets work. This allows you to imagine <strong>how cryptocurrency wallets could replace online profiles, and how DAOs could be the answer to keeping things civil and legal</strong>.</p>\n<p>One more thing that you need to be aware of is something known as “<strong>the Web 3.0 Foundation</strong>”. Admittedly, it sounds like the core organization behind Web 3.0, right?</p>\n<p>Well, it’s not, really. The Web 3.0 Foundation is a group that aims to “support different projects that want to increase decentralization on the internet”.</p>\n<p>A noble mission - indeed! However, the organization is often criticized for being rather biased. For example, it offers grants to developers, but only those who would use the popular cryptocurrency <strong>Polkadot’s blockchain</strong> to create their projects. The entirety of the foundation itself is centered around said blockchain, so you can see why there are people who aren’t too excited about this organization.</p>\n<p>This leads me to my final point and something that I want to leave you off with. As I’ve hinted at throughout the entirety of this section, as of now, <strong>Web 3.0 is still just a rough idea, and a concept</strong>. Meaning, while there are theories of what this version of the internet should look like, and ideas of how it can be developed, it’s still very much <strong>in its infancy stage</strong>!</p>\n<p>Following that, many companies and organizations may try to capitalize on this, and influence how people view the concept, in the first place. Do not fall for it! While the idea of a decentralized web is very exciting, there are still many, many questions that need to be answered, and problems that need to be tackled until this concept becomes even remotely viable. <strong>Such as, what will happen if the biggest part of DAO’s votes will be concentrated in one person’s hands?</strong> <strong>Do we get back to the centralized internet? How to avoid that?</strong></p>\n<p>And so, that’s it! If you would like to learn more about the world of crypto, check out the section - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">What are NFTs?</strong></a>\"</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-web-3-0","youtube_video":{"id":10,"channel_id":1,"sort":60,"video_title":"What is Web3? (Animated Explanation + Examples)","description":"Web 3.0, more commonly known as simply Web3, is an idea of a new and improved Internet. Faster, smarter, and completely anonymous, the idea of a New Internet has been spreading like wildfire!\n\nAs user privacy concerns have been popping up more and more over the last few years, the idea of a decentralized and anonymous New Internet has become the talk of the town. In this video, I’ll explain to you what Web 3.0 is in simple terms, and by using everyday examples and analogies, so by the end of the video, you will know exactly what makes Web 3.0 so revolutionary and exciting!\n\nWhat are your opinions on the Web3 predictions? Share your thoughts in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to Web3\n1:09 What is Web3?\n1:42 What is Web1.0?\n3:27 What is Web2.0?\n5:39 Web2.0 vs Web3\n9:19 What is DAO?\n10:14 Quick Overview\n11:08 Web3 Foundation\n11:50 Wrap-up: What is Web3?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#Web3.0 #WhatIsWeb3 #GuideToWeb3 #Web3 #NewInternet #Blockchain #Crypto","video_id":"X_ushcDQZ5U","duration":798,"view_count":943,"thumbnail_url":"https://i.ytimg.com/vi/X_ushcDQZ5U/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-01-24 17:55:51","created_at":"2022-02-21T13:20:28.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"prevSection":{"id":14,"featured_image_id":6512,"original_id":null,"youtube_video_id":14,"author_id":42,"translator_id":null,"chapter_id":6,"title":"What Are dApps and How Do They Work?","slug":"what-are-dapps-in-crypto","definition":"Did you know that you can earn real-life profits by breeding and growing creatures in a game? Well, you can, if the game is a dApp.","status":"published","content":"<p>In this section, I will tell you <strong>all about dApps!</strong></p>\n<p>You probably have different applications installed on your computer - things like a calendar, Facebook, a weather app, some games, and so on.</p>\n<p>Just like you have all of these apps on your computer or phone, there are also dApps - or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications</strong></a> -, as well. However, there is one big difference between dApps and your common apps. Be patient though, I'll talk about that in a sec.</p>\n<p>Now, in this section, I’ll cover what dApps are, in the first place, talk about the most common dApp types, and also ponder on how these pieces of software could affect your life, in the future.</p>\n<p><em>Let’s get to it!</em></p>\n<h2>What are dApps?</h2>\n<p>So - to begin with, let’s establish what are dApps in crypto.</p>\n<p>As I’ve mentioned at the beginning of this section, a “dApp” stands for decentralized application. To continue with the earlier example, dApps aren’t too different from the apps that you have on your devices - games, news applications, social media platforms, and the like.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-1.o.jpg/" alt=\"What are dApps in crypto: Decentralized application.\" width=\"800\" height=\"450\" /></p>\n<p>The key difference, however, lies in the <strong>underlying platform that hosts the app.</strong> So, if you’re using, say, TikTok, all of your information is sent back to the servers of the company - in other words, your data is collected and stored by a centralized institution.</p>\n<p>With dApps, however, this is not the case. Instead, decentralized applications <strong>don’t have a single, governing authority</strong> - <em>it’s in the name, really!</em> All dApps are built not on company-specific servers, but on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-blockchain/">public blockchains</strong></a>.</p>\n<p>Now, a blockchain is a special database that’s used to store information. The things that make it special are that it’s <strong>decentralized</strong> (belonging to no single authority), and that it <strong>stores information in chronological order.</strong> I won’t go further in-depth with the topic, but for the sake of this section, I’ll also mention that <strong>everyone is able to view the transactions</strong> (sales, trades, exchanges, and so on) happening on public blockchains.</p>\n<p>If you’d like to understand how blockchains work in a more thorough manner, check out the <a href=https://www.bitdegree.org/"/crypto/learn/what-is-blockchain/">section dedicated to this topic</strong></a>.</p>\n<p>So - decentralized applications are built on blockchains. <em>What’s the big deal?</em></p>\n<p>Well, the “big deal” here is that, when you’re using a dApp, your <strong>data won’t be siphoned and sent to a centralized institution,</strong> so that they could then sell it to third-party advertisers. On top of that, dApps are governed differently, too - instead of a company making decisions, you have the community behind the dApp responsible for its well-being.</p>\n<p>Such communities are referred to as DAOs. Since it’s a bit of a complex topic, I won’t be discussing it here - make sure to check the <a href=https://www.bitdegree.org/"/crypto/learn/what-is-a-dao-in-crypto/">section about this topic</strong></a> to get a thorough understanding of the whole picture! Suffice to say that, with dApps, the whole community is incentivized to take care of the applications.</p>\n<p>The easiest way to understand everything we’ve talked about up until this point is this: imagine that there are two online social media platforms, like Facebook. Say, the first one is just like the one we have now - the “traditional” Facebook, owned by Meta.</p>\n<p>Now, let’s call the other platform “Decentralized Facebook”. That’s because, while it looks and interacts completely the same as Facebook, it does not belong to Mark Zuckerberg’s company - instead, it’s built on the blockchain and is completely decentralized.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-2.o.jpg/" alt=\"What are dApps in crypto: Traditional Facebook VS Decentralized Facebook.\" width=\"800\" height=\"276\" /></p>\n<p>With traditional Facebook, your personal information is being collected on a regular basis. This information is then sold to advertisers so that they could target those pesky ads at you better. Your personal privacy is invaded, and sold off, for the sake of ad money.</p>\n<p>Decentralized Facebook, on the other hand, acts nothing like that. It only sees the information that you choose to provide, and if you’d like, you are able to remain anonymous on the dApp. No targeted ads, no information gathering.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-3.o.jpg/" alt=\"What are dApps in crypto: Two versions of Facebook.\" width=\"801\" height=\"465\" /></p>\n<p>On top of that, with our current Facebook, Meta (the company behind the platform) makes all of the decisions on what to change, improve, or update. They aren’t too concerned with what the community wants, or what’s best for the social fabric - instead, they only care about their bottom line, even if the cost is less convenient for the user.</p>\n<p>On the flip side, a dApp version of Facebook would be looked over by the community behind it. And who knows what the platform needs better than the actual people who actively use it, every single day?!</p>\n<p>All dApps are run with the help of <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</a>. </strong>These are automated agreements that are programmed and set on the blockchain - generally speaking, once a smart contract is engaged, it cannot be stopped, changed, or altered. If you’d like to learn more about smart contracts, make sure to check out the section<strong> \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-smart-contracts/">What are Smart Contracts</a>?\".</strong></p>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;\">Lastly, as a quick note, in order to start using dApps for yourself, in most cases, you will need to have a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">cryptocurrency wallet</strong></a>, as well as some funds within it.</span></p>\n<h2>The Main Types of dApps</h2>\n<p>Now, we’ve established that <strong>dApps are applications that are based on blockchains, and that allow people to use them anonymously, securely, and without fear of data aggregation.</strong></p>\n<p>In order for you to get a better understanding of the topic, though, let’s take a look at some of the most popular examples of the different types of dApps that are out there.</p>\n<p>First up, <strong>gaming dApps.</strong> Without a doubt, these are some of the most popular decentralized applications that have come out of the industry. If you’ve heard about <strong>NFT gaming</strong> or “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-play-to-earn-play2earn/">Play-2-Earn” games, most all of them can be considered dApps.</p>\n<p>Think about <strong>Axie Infinity,</strong> one of the most popular cryptocurrency games on the market. Within the game, you breed and grow creatures called Axies, battle other players, and are able to sell your Axie pets for real-world profits. With all of the amazing features of the game, it’s also decentralized, and built on a blockchain.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-4.o.jpg/" alt=\"What are dApps in crypto: Gaming dApps.\" width=\"800\" height=\"425\" /></p>\n<p>What this means is that you can inspect the code behind the game, check all of its transactions, and play anonymously - no formal registrations, no “self-doxing” (or, revealing sensitive information about yourself), none of that!</p>\n<p>Next up, <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized cryptocurrency exchanges</a>.</strong></p>\n<p>A crypto exchange platform is a place where people go to exchange different crypto assets. By default, these platforms are centralized and follow the “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-know-your-customer-kyc/">Know Your Customer</strong></a>” financial guidelines - in other words, if you want to trade cryptocurrencies on them, you will need to provide your personal information, ID, residential address, and so on.</p>\n<p>Think of the process as you would do with a bank. In order to open a bank account, all of these procedures need to be passed, as well. However, with a bank, you can be sure that you’re providing information to a reliable, established business.</p>\n<p>With cryptocurrency exchanges, though, things aren’t always that simple. Many exchanges, to this day, aren’t really well-established, and you might not even be aware of who you’re dealing with.</p>\n<p>On top of that, <strong>crypto exchanges do still get hacked,</strong> on a rather frequent basis. You risk not only losing your cryptocurrencies but also getting your personal information leaked, as well!</p>\n<p>Now, with a decentralized cryptocurrency exchange (also known as a DEX), most of those concerns are nullified. You won’t need to reveal your personal information, DEXes usually don’t hold your crypto assets, and you are able to trade some niche crypto assets on them, as well!</p>\n<p>The last example that I want to give you while talking about what are dApps is that of the <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">metaverse.
/n
Now, if you’ve spent any time online in the past half a year or so, you might have heard the big news - Mark Zuckerberg, the CEO of Facebook, has announced that his company will now be called Meta and that they will invest in creating metaverse-based technology.</p>\n<p>This is a HUGE topic, so I would highly suggest you’d go and check the section <strong>\"<a href=https://www.bitdegree.org/"/crypto/learn/what-is-the-metaverse/">What is the Metaverse?</a>\". </strong>In short, though, Mark isn’t the first guy to come up with the concept - a “metaverse” is actually just a <strong>digital world</strong> where you can have your own avatar, and interact with other people!</p>\n<p>Where do dApps come in, you might ask? Well, when you’re baking a cake, a cake tin is absolutely necessary - if you try to make a cake without one, it will probably turn out a blob - formless, squished, and unappealing.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-5.o.jpg/" alt=\"What are dApps in crypto: Mark Zuckerberg investing in metaverse-based technology.\" width=\"800\" height=\"350\" /></p>\n<p>The same logic applies to the metaverse, as well! If the underlying technology is poorly-made, the concept itself will be a fluke, too. On the flip side, if the metaverse was built on a decentralized application, this would give it a huge leap in the right direction.</p>\n<p><em>How so? </em>Well, users would be able to remain <strong>anonymous, </strong>all of their transactions and interactions would be <strong>recorded on the blockchain,</strong> and everything happening within the metaverse would be <strong>provably fair.</strong> In other words, everything related to the digital world would be following the rules of the smart contract lying underneath!</p>\n<p>Now, I really don’t want to get any techier than I already have, so I’ll stop with the dApp examples here. That being said, my point through all of this was that dApps have <strong>infinite potential</strong> - there are countless examples and possibilities of how they can be integrated into our lives!</p>\n<h2>dApps in the Future</h2>\n<p>With time, everything is slowly advancing and getting more intricate - it’s certain that decentralized applications will only improve in the future, too! Which dApps could we see sticking around, though - which of them have the best potential?</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-6.o.jpg/" alt=\"What are dApps in crypto: dApps in the future.\" width=\"800\" height=\"251\" /></p>\n<p>Well, people probably asked these questions in the early 2000s, when tech stocks were dominating the financial landscape - no one knew which companies would survive and go on to become multi-billion dollar businesses, and which ones would fail!</p>\n<p>When it comes to dApps, <strong>decentralized exchanges</strong> <strong>and projects such as the metaverse</strong> are surely going to stick around in people's minds, at least for some time - projects like these serve some awesome purposes and can be useful in advancing the technology sector, as a whole.</p>","meta_title":"What are dApps in Crypto? The Most Popular Types","meta_description":"Have you ever wondered what are dApps in crypto? If you have, you'll definitely find everything you need to know about dApps right here!","meta_keywords":"what are dapps in crypto, dapps meaning","order":3,"language":"en","created_at":"2022-05-03T11:29:19.000000Z","updated_at":"2023-05-16T11:22:46.000000Z","modified_content":"<p>In this section, I will tell you <strong>all about dApps!</strong></p>\n<p>You probably have different applications installed on your computer - things like a calendar, Facebook, a weather app, some games, and so on.</p>\n<p>Just like you have all of these apps on your computer or phone, there are also dApps - or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications</strong></a> -, as well. However, there is one big difference between dApps and your common apps. Be patient though, I'll talk about that in a sec.</p>\n<p>Now, in this section, I’ll cover what dApps are, in the first place, talk about the most common dApp types, and also ponder on how these pieces of software could affect your life, in the future.</p>\n<p><em>Let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What are dApps in Crypto? (Explained with Animations)\"\n title=\"What are dApps in Crypto? (Explained with Animations)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: What Are dApps and How Do They Work?</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"What Are dApps and How Do They Work?\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"LVASq8IVYA8\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What are dApps in Crypto? (Explained with Animations)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/LVASq8IVYA8/hq720.jpg/"/n alt=\"What are dApps in Crypto? (Explained with Animations)\"\n title=\"What are dApps in Crypto? (Explained with Animations)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What are dApps in Crypto? 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To continue with the earlier example, dApps aren’t too different from the apps that you have on your devices - games, news applications, social media platforms, and the like.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-1.o.jpg/" alt=\"What are dApps in crypto: Decentralized application.\" width=\"800\" height=\"450\" /></p>\n<p>The key difference, however, lies in the <strong>underlying platform that hosts the app.</strong> So, if you’re using, say, TikTok, all of your information is sent back to the servers of the company - in other words, your data is collected and stored by a centralized institution.</p>\n<p>With dApps, however, this is not the case. Instead, decentralized applications <strong>don’t have a single, governing authority</strong> - <em>it’s in the name, really!</em> All dApps are built not on company-specific servers, but on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-blockchain/">public blockchains</strong></a>.</p>\n<p>Now, a blockchain is a special database that’s used to store information. The things that make it special are that it’s <strong>decentralized</strong> (belonging to no single authority), and that it <strong>stores information in chronological order.</strong> I won’t go further in-depth with the topic, but for the sake of this section, I’ll also mention that <strong>everyone is able to view the transactions</strong> (sales, trades, exchanges, and so on) happening on public blockchains.</p>\n<p>If you’d like to understand how blockchains work in a more thorough manner, check out the <a href=https://www.bitdegree.org/"/crypto/learn/what-is-blockchain/">section dedicated to this topic</strong></a>.</p>\n<p>So - decentralized applications are built on blockchains. <em>What’s the big deal?</em></p>\n<p>Well, the “big deal” here is that, when you’re using a dApp, your <strong>data won’t be siphoned and sent to a centralized institution,</strong> so that they could then sell it to third-party advertisers. On top of that, dApps are governed differently, too - instead of a company making decisions, you have the community behind the dApp responsible for its well-being.</p>\n<p>Such communities are referred to as DAOs. Since it’s a bit of a complex topic, I won’t be discussing it here - make sure to check the <a href=https://www.bitdegree.org/"/crypto/learn/what-is-a-dao-in-crypto/">section about this topic</strong></a> to get a thorough understanding of the whole picture! Suffice to say that, with dApps, the whole community is incentivized to take care of the applications.</p>\n<p>The easiest way to understand everything we’ve talked about up until this point is this: imagine that there are two online social media platforms, like Facebook. Say, the first one is just like the one we have now - the “traditional” Facebook, owned by Meta.</p>\n<p>Now, let’s call the other platform “Decentralized Facebook”. That’s because, while it looks and interacts completely the same as Facebook, it does not belong to Mark Zuckerberg’s company - instead, it’s built on the blockchain and is completely decentralized.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-2.o.jpg/" alt=\"What are dApps in crypto: Traditional Facebook VS Decentralized Facebook.\" width=\"800\" height=\"276\" /></p>\n<p>With traditional Facebook, your personal information is being collected on a regular basis. This information is then sold to advertisers so that they could target those pesky ads at you better. Your personal privacy is invaded, and sold off, for the sake of ad money.</p>\n<p>Decentralized Facebook, on the other hand, acts nothing like that. It only sees the information that you choose to provide, and if you’d like, you are able to remain anonymous on the dApp. No targeted ads, no information gathering.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-3.o.jpg/" alt=\"What are dApps in crypto: Two versions of Facebook.\" width=\"801\" height=\"465\" /></p>\n<p>On top of that, with our current Facebook, Meta (the company behind the platform) makes all of the decisions on what to change, improve, or update. They aren’t too concerned with what the community wants, or what’s best for the social fabric - instead, they only care about their bottom line, even if the cost is less convenient for the user.</p>\n<p>On the flip side, a dApp version of Facebook would be looked over by the community behind it. And who knows what the platform needs better than the actual people who actively use it, every single day?!</p>\n<p>All dApps are run with the help of <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</a>. </strong>These are automated agreements that are programmed and set on the blockchain - generally speaking, once a smart contract is engaged, it cannot be stopped, changed, or altered. If you’d like to learn more about smart contracts, make sure to check out the section<strong> \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-smart-contracts/">What are Smart Contracts</a>?\".</strong></p>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;\">Lastly, as a quick note, in order to start using dApps for yourself, in most cases, you will need to have a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">cryptocurrency wallet</strong></a>, as well as some funds within it.</span></p>\n<h2>The Main Types of dApps</h2>\n<p>Now, we’ve established that <strong>dApps are applications that are based on blockchains, and that allow people to use them anonymously, securely, and without fear of data aggregation.</strong></p>\n<p>In order for you to get a better understanding of the topic, though, let’s take a look at some of the most popular examples of the different types of dApps that are out there.</p>\n<p>First up, <strong>gaming dApps.</strong> Without a doubt, these are some of the most popular decentralized applications that have come out of the industry. If you’ve heard about <strong>NFT gaming</strong> or “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-play-to-earn-play2earn/">Play-2-Earn” games, most all of them can be considered dApps.</p>\n<p>Think about <strong>Axie Infinity,</strong> one of the most popular cryptocurrency games on the market. Within the game, you breed and grow creatures called Axies, battle other players, and are able to sell your Axie pets for real-world profits. With all of the amazing features of the game, it’s also decentralized, and built on a blockchain.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-4.o.jpg/" alt=\"What are dApps in crypto: Gaming dApps.\" width=\"800\" height=\"425\" /></p>\n<p>What this means is that you can inspect the code behind the game, check all of its transactions, and play anonymously - no formal registrations, no “self-doxing” (or, revealing sensitive information about yourself), none of that!</p>\n<p>Next up, <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized cryptocurrency exchanges</a>.</strong></p>\n<p>A crypto exchange platform is a place where people go to exchange different crypto assets. By default, these platforms are centralized and follow the “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-know-your-customer-kyc/">Know Your Customer</strong></a>” financial guidelines - in other words, if you want to trade cryptocurrencies on them, you will need to provide your personal information, ID, residential address, and so on.</p>\n<p>Think of the process as you would do with a bank. In order to open a bank account, all of these procedures need to be passed, as well. However, with a bank, you can be sure that you’re providing information to a reliable, established business.</p>\n<p>With cryptocurrency exchanges, though, things aren’t always that simple. Many exchanges, to this day, aren’t really well-established, and you might not even be aware of who you’re dealing with.</p>\n<p>On top of that, <strong>crypto exchanges do still get hacked,</strong> on a rather frequent basis. You risk not only losing your cryptocurrencies but also getting your personal information leaked, as well!</p>\n<p>Now, with a decentralized cryptocurrency exchange (also known as a DEX), most of those concerns are nullified. You won’t need to reveal your personal information, DEXes usually don’t hold your crypto assets, and you are able to trade some niche crypto assets on them, as well!</p>\n<p>The last example that I want to give you while talking about what are dApps is that of the <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">metaverse.
/n
Now, if you’ve spent any time online in the past half a year or so, you might have heard the big news - Mark Zuckerberg, the CEO of Facebook, has announced that his company will now be called Meta and that they will invest in creating metaverse-based technology.</p>\n<p>This is a HUGE topic, so I would highly suggest you’d go and check the section <strong>\"<a href=https://www.bitdegree.org/"/crypto/learn/what-is-the-metaverse/">What is the Metaverse?</a>\". </strong>In short, though, Mark isn’t the first guy to come up with the concept - a “metaverse” is actually just a <strong>digital world</strong> where you can have your own avatar, and interact with other people!</p>\n<p>Where do dApps come in, you might ask? Well, when you’re baking a cake, a cake tin is absolutely necessary - if you try to make a cake without one, it will probably turn out a blob - formless, squished, and unappealing.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-5.o.jpg/" alt=\"What are dApps in crypto: Mark Zuckerberg investing in metaverse-based technology.\" width=\"800\" height=\"350\" /></p>\n<p>The same logic applies to the metaverse, as well! If the underlying technology is poorly-made, the concept itself will be a fluke, too. On the flip side, if the metaverse was built on a decentralized application, this would give it a huge leap in the right direction.</p>\n<p><em>How so? </em>Well, users would be able to remain <strong>anonymous, </strong>all of their transactions and interactions would be <strong>recorded on the blockchain,</strong> and everything happening within the metaverse would be <strong>provably fair.</strong> In other words, everything related to the digital world would be following the rules of the smart contract lying underneath!</p>\n<p>Now, I really don’t want to get any techier than I already have, so I’ll stop with the dApp examples here. That being said, my point through all of this was that dApps have <strong>infinite potential</strong> - there are countless examples and possibilities of how they can be integrated into our lives!</p>\n<h2>dApps in the Future</h2>\n<p>With time, everything is slowly advancing and getting more intricate - it’s certain that decentralized applications will only improve in the future, too! Which dApps could we see sticking around, though - which of them have the best potential?</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-are-dapps-6.o.jpg/" alt=\"What are dApps in crypto: dApps in the future.\" width=\"800\" height=\"251\" /></p>\n<p>Well, people probably asked these questions in the early 2000s, when tech stocks were dominating the financial landscape - no one knew which companies would survive and go on to become multi-billion dollar businesses, and which ones would fail!</p>\n<p>When it comes to dApps, <strong>decentralized exchanges</strong> <strong>and projects such as the metaverse</strong> are surely going to stick around in people's minds, at least for some time - projects like these serve some awesome purposes and can be useful in advancing the technology sector, as a whole.</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-are-dapps-in-crypto","youtube_video":{"id":14,"channel_id":1,"sort":48,"video_title":"What are dApps in Crypto? (Explained with Animations)","description":"What are dApps in crypto?\n\n“dApp” stands for “decentralized application”. It’s a type of app built on a blockchain, and coded with the logic of smart contracts. \n\nPopular types of dApps include decentralized exchanges “DEXs”, blockchain-based “Play-to-Earn” games, NFT marketplaces, and so on. In order to use dApps, all that you will need to have is a cryptocurrency wallet, and some funds within it. In this video, I will break down the concept of dApps in a simple manner, as well as mention some popular examples of well-known decentralized applications.\n\nHave you ever used a dApp before? If so, which one? Do share your experience, in the comment section below!\n\nVideo Time Table:\n\n0:00 Introduction to What are Dapps in Crypto\n0:54 What are dApps in Crypto?\n5:02 Gaming dApps\n5:45 Decentralized Cryptocurrency Exchanges (DEX)\n6:54 dApps in the Metaverse\n8:19 Wrap-up: What are dApps in Crypto?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatAredAppsinCrypto #dAppsMeaning #dApps #WhatisadApp #dAppsinCrypto","video_id":"LVASq8IVYA8","duration":562,"view_count":968,"thumbnail_url":"https://i.ytimg.com/vi/LVASq8IVYA8/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-03-03 14:52:59","created_at":"2022-03-03T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"chapterTitle":"dApps & Defi","cryptoBookSection":{"id":471,"featured_image_id":11150,"original_id":null,"youtube_video_id":148,"author_id":42,"translator_id":null,"chapter_id":6,"title":"Picking the Right dApps: Dos and Don'ts","slug":"defi-dapps","definition":"Did you know that the main points you need to consider when choosing a reliable dApp are its TVL, its audits, the exposure of the team and community, and the underlying technology?","status":"published","content":"<p>In this section, we’re going to talk about DeFi dApps, and how to pick the right one!</p>\n<p>DeFi dApps are a huge, sophisticated topic. No wonder, people tend to feel lost and intimidated by its complexity. In the previous <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-dapps-in-crypto/">section about dApps</strong></a>, only the basic theory about what they are was covered. It’s time to go deeper and learn how to evaluate them, and choose the best dApps.</p>\n<p>It’s very easy to get lost in the dApp maze, since there are so many of them. And when things are so confusing, it’s difficult to know where to even begin. If you’re reading this section, chances are you’ve already experienced this confusion yourself. But then, that’s why you’re here!</p>\n<p>In this section, we’re going to examine <strong>what are the criteria of a good, trustworthy dApp, and what makes the best dApps stand out from the crowd</strong>. I’ll give you a brief description of every aspect worth paying attention to, and how to compare them. In the end, what now seems like a mess, will look like something way more approachable!</p>\n<p><em>Now, let’s get to it!</em></p>\n<h2>What’s Up With dApps?</h2>\n<p>So, decentralized applications, or dApps, have gained a lot of popularity in recent years due to their ability to enable <strong>peer-to-peer transactions on decentralized networks</strong>. Being created on a daily basis, DeFi dApps seem like a revolutionary way of interacting with money and the internet, in general. Sounds good. But, things are never that simple!</p>\n<p>Let’s look at it this way:</p>\n<p>Here’s John. He’s eager to learn things, and so it happens that he just found out about one particular dApp. It’s a promising-looking decentralized lending protocol, and the reason why it got John's attention was the fact that it promises high returns to anyone who chooses to invest into it. Sounds good, sounds tempting. But, that’s how many financial mistakes are made - by jumping straight into action, without critical evaluation. There’s no such thing as free lunch, after all.</p>\n<p>However, John has read the <strong>Crypto 101 Handbook</strong>. He's better than that, and he’s not gonna act without conducting research beforehand. So, here are the steps that John will have to take in order to make sure that this dApp is legit.</p>\n<h3>Total Value Locked (TVL)</h3>\n<p>First of all, TVL - a very important metric. Three letters that fit everything underneath them. In this case - literally. “TVL” stands for “Total Value Locked”, and is <strong>a</strong> <strong>metric that is used to measure the total value of assets locked into a dApp</strong>. In other words - how much have people already invested in it.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Total Value Locked (TVL)\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_01.jpg/" alt=\"DeFi dApps: Total Value Locked (TVL)\" width=\"1000\" height=\"845\" /></p>\n<p>It's a good indicator of the popularity and adoption of the dApp examples in question, as well as the level of trust that users have in them. The higher the TVL, the more assets are being held in the dApp, the more active dApp development takes place, and the more popular it is.</p>\n<p>Here’s a simple analogy. If you were to deposit money into a bank, you’d probably choose an institution that has a solid reputation and years of experience, instead of simply depositing your hard-earned money into a ‘Bank 3000’ that you found behind a corner of an abandoned factory. The same goes for DeFi dApps.</p>\n<p>So, let’s say a particular decentralized lending protocol has a TVL of $4.5 billion. Not only is it a green flag because of how large the number is, but it’s been increasing over time, as well. That’s yet another optimistic signal about the actual financial health of the dApp in question.</p>\n<p>An important thing to keep in mind is the fact that <strong>this does not mean that the investment will be 100% safe</strong>, and that it will guarantee returns. Yet, it’s a convenient way to evaluate the potential risks.</p>\n<h3>Audits</h3>\n<p>Another important indicator is an audit. Before choosing a dApp contract address, it’s essential to evaluate it, since this ensures the security and reliability of the code behind it.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Audit.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_02.jpg/" alt=\"DeFi dApps: Audit.\" width=\"1000\" height=\"420\" /></p>\n<p>So, what does that mean? <strong>An audit is a thorough examination of the dApp’s codebase by a team of experts.</strong> It’s conducted in order to identify and fix any vulnerabilities or bugs that may be lurking within the dApp’s architecture. It literally is the DeFi version of a structural inspection that’s performed on buildings. You don’t wanna buy an apartment in a house that has walls built out of cereal boxes, now do you?</p>\n<p>Whenever you visit a project’s website, you should easily find an ‘Audits’ section on it. Reliable companies and the most popular dApps don’t hide it, or make it impossible for users to verify this info themselves. Now, after having checked that a particular dApp has made their audit information public, you can take an extra step. <strong>Search up the names of the audit companies, and see whether they actually exist.</strong> You can tell that by looking up their social media platforms, and checking out their official websites.</p>\n<h3>Community & Team</h3>\n<p>Okay, next up on the list is community and team. It’s an important indicator that isn’t ignored by the best and most popular dApps.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Community and team.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_03.jpg/" alt=\"DeFi dApps: Community and team.\" width=\"1000\" height=\"560\" /></p>\n<p>The best way to view the importance of community and team surrounding a particular dApp is this:</p>\n<p>Let’s say that a dApp is an apartment. In this case, the architects and the construction team represent the team behind a particular dApp. They’re either reliable or not.</p>\n<p>And the community is the neighborhood in which this apartment is being built. It’s either pleasant to be in… or not.</p>\n<p>When studying dApp examples to select the best dApp, <strong>the importance of a strong community and an open, transparent team behind it are significant</strong>, as these factors speak to the credibility and stability of the project.</p>\n<p>If people stick to it - this means they find value in it, and don’t get pushed away by dishonest and unreliable cash grabbers. The same applies to the developers. If the minds behind a project are unreliable… How can their product be different?</p>\n<p>The first thing to look for is to <strong>see if the team behind the dApp development has publicly disclosed their identities</strong>. This demonstrates their commitment and accountability to the project.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Social media presence.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_04.jpg/" alt=\"DeFi dApps: Social media presence.\" width=\"1000\" height=\"760\" /></p>\n<p><strong>Social media is another factor</strong>. Active social media presence and consistent engagement with the community show that the team is not hiding, and they’re proud of the product they’ve created. They want the public to see, and discover it.</p>\n<p>Imagine you’re suddenly in need of someone to take care of your dog for the weekend. Would you trust your dog to a stranger who has an anonymous Facebook profile? If a public business has to hide something as simple as the founders’ names, it definitely sends out a suspicious signal.</p>\n<p>So the lesson here is clear. <strong>Check out the team</strong>, make sure they’re actual, real people who don’t try to hide under layers of anonymity. That’s done by making sure that their socials are active.</p>\n<h3>Technology</h3>\n<p>Okay, next stop - technology. The importance of technology when navigating through DeFi dApps is crucial. It ensures that the dApp is built on a relevant and reliable platform, and that it serves a specific and useful purpose.</p>\n<p>The point here is intuitive. No matter how posh and expensive your laptop may be, if it still runs on Windows 98, you’re about to have a bad time.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Compatibility.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_05.jpg/" alt=\"DeFi dApps: Compatibility.\" width=\"1000\" height=\"470\" /></p>\n<p>Choosing a dApp that is built on a relevant blockchain network ensures compatibility and interoperability with other dApps and services on the same network. To translate this into down-to-earth language, you can say that <strong>you have to make sure the dApp of your choice is actually compatible with the most vibrant, buzzing, and promising ecosystems out there.</strong></p>\n<p>Therefore, a dApp that runs on an outdated or irrelevant blockchain network, or lacks the features or functionality you need, may not be a wise investment. It’s simply headed toward a dead-end. By the way, if you wanna learn more about blockchains, in general, check out <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-blockchain/">this section</strong></a>!</p>\n<h2>What Not to Do When Choosing dApps?</h2>\n<p>So, the things that I mentioned up to this point are the “dos” of how to evaluate a dApp. <strong>Logically, the “don’ts” are exactly the opposite of them.</strong> But we gotta make sure the lesson is clear. Based on everything I’ve said previously, we can list 6 ‘don’ts’ that are best to always keep in mind:</p>\n<ul>\n<li>Don't choose a dApp contract address that hasn't been audited. Without an audit, there is a higher risk of security breaches, loss of funds, and other issues that can harm users.</li>\n<li>Don't choose a dApp that has a weak community or a team that is not open and transparent.</li>\n<li>Don’t choose a dApp with low levels of activity on their socials.</li>\n<li>Don't choose a dApp that’s built on unknown, obscure blockchain networks.</li>\n<li>Don’t choose a dApp for which you can’t find any data on how many funds are locked across its protocols.</li>\n</ul>\n<p>If you keep in mind all the ‘Dos’ and ‘Don’ts’ that were emphasized up until now, it’s sure to make your journey through the DeFi jungle easier, safer, and more pleasant!</p>","meta_title":"How to Choose the Right DeFi dApp? Dos and Don'ts","meta_description":"Are you interested in DeFi dApps but have no idea how to pick the right one? Find out all the things you should and shouldn't do right here!","meta_keywords":"defi dapps, dapps examples, dapp contract address, best dapps, dapp development, most popular dapps","order":4,"language":"en","created_at":"2023-03-10T08:01:38.000000Z","updated_at":"2023-05-08T05:35:00.000000Z","modified_content":"<p>In this section, we’re going to talk about DeFi dApps, and how to pick the right one!</p>\n<p>DeFi dApps are a huge, sophisticated topic. No wonder, people tend to feel lost and intimidated by its complexity. In the previous <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-dapps-in-crypto/">section about dApps</strong></a>, only the basic theory about what they are was covered. It’s time to go deeper and learn how to evaluate them, and choose the best dApps.</p>\n<p>It’s very easy to get lost in the dApp maze, since there are so many of them. And when things are so confusing, it’s difficult to know where to even begin. If you’re reading this section, chances are you’ve already experienced this confusion yourself. But then, that’s why you’re here!</p>\n<p>In this section, we’re going to examine <strong>what are the criteria of a good, trustworthy dApp, and what makes the best dApps stand out from the crowd</strong>. I’ll give you a brief description of every aspect worth paying attention to, and how to compare them. In the end, what now seems like a mess, will look like something way more approachable!</p>\n<p><em>Now, let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)\"\n title=\"How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Picking the Right dApps: Dos and Don'ts</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Picking the Right dApps: Dos and Don'ts\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"7PZgvdPWwWQ\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/7PZgvdPWwWQ/hq720.jpg/"/n alt=\"How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)\"\n title=\"How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"7PZgvdPWwWQ\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What’s Up With dApps?</h2>\n<p>So, decentralized applications, or dApps, have gained a lot of popularity in recent years due to their ability to enable <strong>peer-to-peer transactions on decentralized networks</strong>. Being created on a daily basis, DeFi dApps seem like a revolutionary way of interacting with money and the internet, in general. Sounds good. But, things are never that simple!</p>\n<p>Let’s look at it this way:</p>\n<p>Here’s John. He’s eager to learn things, and so it happens that he just found out about one particular dApp. It’s a promising-looking decentralized lending protocol, and the reason why it got John's attention was the fact that it promises high returns to anyone who chooses to invest into it. Sounds good, sounds tempting. But, that’s how many financial mistakes are made - by jumping straight into action, without critical evaluation. There’s no such thing as free lunch, after all.</p>\n<p>However, John has read the <strong>Crypto 101 Handbook</strong>. He's better than that, and he’s not gonna act without conducting research beforehand. So, here are the steps that John will have to take in order to make sure that this dApp is legit.</p>\n<h3>Total Value Locked (TVL)</h3>\n<p>First of all, TVL - a very important metric. Three letters that fit everything underneath them. In this case - literally. “TVL” stands for “Total Value Locked”, and is <strong>a</strong> <strong>metric that is used to measure the total value of assets locked into a dApp</strong>. In other words - how much have people already invested in it.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Total Value Locked (TVL)\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_01.jpg/" alt=\"DeFi dApps: Total Value Locked (TVL)\" width=\"1000\" height=\"845\" /></p>\n<p>It's a good indicator of the popularity and adoption of the dApp examples in question, as well as the level of trust that users have in them. The higher the TVL, the more assets are being held in the dApp, the more active dApp development takes place, and the more popular it is.</p>\n<p>Here’s a simple analogy. If you were to deposit money into a bank, you’d probably choose an institution that has a solid reputation and years of experience, instead of simply depositing your hard-earned money into a ‘Bank 3000’ that you found behind a corner of an abandoned factory. The same goes for DeFi dApps.</p>\n<p>So, let’s say a particular decentralized lending protocol has a TVL of $4.5 billion. Not only is it a green flag because of how large the number is, but it’s been increasing over time, as well. That’s yet another optimistic signal about the actual financial health of the dApp in question.</p>\n<p>An important thing to keep in mind is the fact that <strong>this does not mean that the investment will be 100% safe</strong>, and that it will guarantee returns. Yet, it’s a convenient way to evaluate the potential risks.</p>\n<h3>Audits</h3>\n<p>Another important indicator is an audit. Before choosing a dApp contract address, it’s essential to evaluate it, since this ensures the security and reliability of the code behind it.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Audit.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_02.jpg/" alt=\"DeFi dApps: Audit.\" width=\"1000\" height=\"420\" /></p>\n<p>So, what does that mean? <strong>An audit is a thorough examination of the dApp’s codebase by a team of experts.</strong> It’s conducted in order to identify and fix any vulnerabilities or bugs that may be lurking within the dApp’s architecture. It literally is the DeFi version of a structural inspection that’s performed on buildings. You don’t wanna buy an apartment in a house that has walls built out of cereal boxes, now do you?</p>\n<p>Whenever you visit a project’s website, you should easily find an ‘Audits’ section on it. Reliable companies and the most popular dApps don’t hide it, or make it impossible for users to verify this info themselves. Now, after having checked that a particular dApp has made their audit information public, you can take an extra step. <strong>Search up the names of the audit companies, and see whether they actually exist.</strong> You can tell that by looking up their social media platforms, and checking out their official websites.</p>\n<h3>Community & Team</h3>\n<p>Okay, next up on the list is community and team. It’s an important indicator that isn’t ignored by the best and most popular dApps.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Community and team.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_03.jpg/" alt=\"DeFi dApps: Community and team.\" width=\"1000\" height=\"560\" /></p>\n<p>The best way to view the importance of community and team surrounding a particular dApp is this:</p>\n<p>Let’s say that a dApp is an apartment. In this case, the architects and the construction team represent the team behind a particular dApp. They’re either reliable or not.</p>\n<p>And the community is the neighborhood in which this apartment is being built. It’s either pleasant to be in… or not.</p>\n<p>When studying dApp examples to select the best dApp, <strong>the importance of a strong community and an open, transparent team behind it are significant</strong>, as these factors speak to the credibility and stability of the project.</p>\n<p>If people stick to it - this means they find value in it, and don’t get pushed away by dishonest and unreliable cash grabbers. The same applies to the developers. If the minds behind a project are unreliable… How can their product be different?</p>\n<p>The first thing to look for is to <strong>see if the team behind the dApp development has publicly disclosed their identities</strong>. This demonstrates their commitment and accountability to the project.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Social media presence.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_04.jpg/" alt=\"DeFi dApps: Social media presence.\" width=\"1000\" height=\"760\" /></p>\n<p><strong>Social media is another factor</strong>. Active social media presence and consistent engagement with the community show that the team is not hiding, and they’re proud of the product they’ve created. They want the public to see, and discover it.</p>\n<p>Imagine you’re suddenly in need of someone to take care of your dog for the weekend. Would you trust your dog to a stranger who has an anonymous Facebook profile? If a public business has to hide something as simple as the founders’ names, it definitely sends out a suspicious signal.</p>\n<p>So the lesson here is clear. <strong>Check out the team</strong>, make sure they’re actual, real people who don’t try to hide under layers of anonymity. That’s done by making sure that their socials are active.</p>\n<h3>Technology</h3>\n<p>Okay, next stop - technology. The importance of technology when navigating through DeFi dApps is crucial. It ensures that the dApp is built on a relevant and reliable platform, and that it serves a specific and useful purpose.</p>\n<p>The point here is intuitive. No matter how posh and expensive your laptop may be, if it still runs on Windows 98, you’re about to have a bad time.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"DeFi dApps: Compatibility.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/defi_dapps_05.jpg/" alt=\"DeFi dApps: Compatibility.\" width=\"1000\" height=\"470\" /></p>\n<p>Choosing a dApp that is built on a relevant blockchain network ensures compatibility and interoperability with other dApps and services on the same network. To translate this into down-to-earth language, you can say that <strong>you have to make sure the dApp of your choice is actually compatible with the most vibrant, buzzing, and promising ecosystems out there.</strong></p>\n<p>Therefore, a dApp that runs on an outdated or irrelevant blockchain network, or lacks the features or functionality you need, may not be a wise investment. It’s simply headed toward a dead-end. By the way, if you wanna learn more about blockchains, in general, check out <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-blockchain/">this section</strong></a>!</p>\n<h2>What Not to Do When Choosing dApps?</h2>\n<p>So, the things that I mentioned up to this point are the “dos” of how to evaluate a dApp. <strong>Logically, the “don’ts” are exactly the opposite of them.</strong> But we gotta make sure the lesson is clear. Based on everything I’ve said previously, we can list 6 ‘don’ts’ that are best to always keep in mind:</p>\n<ul>\n<li>Don't choose a dApp contract address that hasn't been audited. Without an audit, there is a higher risk of security breaches, loss of funds, and other issues that can harm users.</li>\n<li>Don't choose a dApp that has a weak community or a team that is not open and transparent.</li>\n<li>Don’t choose a dApp with low levels of activity on their socials.</li>\n<li>Don't choose a dApp that’s built on unknown, obscure blockchain networks.</li>\n<li>Don’t choose a dApp for which you can’t find any data on how many funds are locked across its protocols.</li>\n</ul>\n<p>If you keep in mind all the ‘Dos’ and ‘Don’ts’ that were emphasized up until now, it’s sure to make your journey through the DeFi jungle easier, safer, and more pleasant!</p>","preview_url":"https://www.bitdegree.org/crypto/learn/defi-dapps","youtube_video":{"id":148,"channel_id":1,"sort":4,"video_title":"How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)","description":"How to pick the right DeFi dApps?\n\nDecentralized applications (commonly referred to simply as dApps, or DeFi dApps) are an essential keyword in the world of decentralized finance. If you haven’t dealt with DeFi dApps before, everything can get really confusing, real quick!\n\nIn this video, I will tell you how to evaluate dApps! I’ll cover all of the important criteria to consider before actually choosing a dApp to invest your time, money, and interest in. It’s important to understand how to tell good dApp examples apart from the shady ones; therefore, learning the dos and don’ts of picking the right dApp is essential!\n\nHave you ever used any dApp? If so, what was it? Make sure to share your experiences in the comments below the video!\n\nVideo Time Table:\n0:00 Introduction to How to Pick the Right DeFi dApp\n1:09 What's a dApp?\n2:10 Total Value Locked\n3:24 Audit\n4:22 Community & Team\n5:58 Technology\n6:52 dApp Evaluation Don'ts\n7:44 Wrap-up: How to Pick the Right DeFi dApp?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#dapps #DeFidapps #Bestdapp","video_id":"7PZgvdPWwWQ","duration":506,"view_count":84,"thumbnail_url":"https://i.ytimg.com/vi/7PZgvdPWwWQ/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-05-05 14:47:16","created_at":"2023-05-05T23:00:03.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":11150,"uuid":"bead04d0-c7ab-484a-9a26-c279078cdafa","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/defi-dapps-featured-image.jpg","path":"crypto/storage/optimized/defi-dapps-featured-image.jpg","original_path":"crypto/storage/original/defi-dapps-featured-image.jpg","name":"defi-dapps-featured-image.jpg","original_name":"defi-dapps-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"64.91KB"}},"chapterList":[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-blockchain.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/blockchain-101.jpg","rating":100,"sections":[{"slug":"what-is-blockchain","title":"What is the Blockchain?","featured_image_id":6412,"status":"published","chapter_id":1,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-blockchain","featured_image":{"id":6412,"uuid":"152ba579-ce8d-488a-9e06-bcd99e976b7d","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","original_path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.jpg","name":"what-is-blockchain-626fbe085a0cd.o.jpg","original_name":"what-is-blockchain.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.86KB"},"youtube_video":null},{"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","featured_image_id":7205,"status":"published","chapter_id":1,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/decentralized-blockchain","featured_image":{"id":7205,"uuid":"c5d6f6a7-4914-4d6b-9fdd-e94dfb0bae82","public_url":"https://assets.bitdegree.org/crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","path":"crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","original_path":"crypto/storage/media/decentralized-blockchain-featured-image.jpg","name":"decentralized-blockchain-featured-image.o.jpg","original_name":"decentralized-blockchain-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"136.00KB"},"youtube_video":null},{"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","featured_image_id":7397,"status":"published","chapter_id":1,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/blockchain-transaction","featured_image":{"id":7397,"uuid":"e60dff45-4c5d-4b44-a2c1-a27e49f700e7","public_url":"https://assets.bitdegree.org/crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","path":"crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","original_path":"crypto/storage/media/blockchain-transaction-featured-mage.jpg","name":"blockchain-transaction-featured-mage.o.jpg","original_name":"blockchain-transaction-featured-mage.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"85.83KB"},"youtube_video":null},{"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","featured_image_id":7442,"status":"published","chapter_id":1,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/crypto-fees","featured_image":{"id":7442,"uuid":"f554012e-7fe1-4636-9718-81abd3499361","public_url":"https://assets.bitdegree.org/crypto/storage/media/crypto-fees-featured-image.o.jpg","path":"crypto/storage/media/crypto-fees-featured-image.o.jpg","original_path":"crypto/storage/media/crypto-fees-featured-image.jpg","name":"crypto-fees-featured-image.o.jpg","original_name":"crypto-fees-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"78.90KB"},"youtube_video":null},{"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in 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All Crypto From

Scratch!

Crypto 101 Handbook

Chapter 1: Blockchain

1.1

What is the Blockchain?
1.2

Anonymous & Decentralized Blockchains: The Cornerstone of Crypto
1.3

What is a Blockchain Transaction in Crypto?
1.4

The Different Types of Crypto Fees Explained
1.5

The Key Notion Behind the Concept of Bridging in Crypto
1.6

Different Types of Blockchains: What to Look Out For?
Chapter 2: Cryptocurrencies

2.1

What is a Cryptocurrency?
2.2

How Does Cryptocurrency Work?
2.3

Is Cryptocurrency a Good Investment? The Pros & Cons
2.4

Coin VS Token: How Do They Differ?
2.5

What are Stablecoins, Altcoins & Wrapped Coins?
2.6

Bitcoin: the Pioneer of the Crypto World
2.7

The Ultimate Blockchain for dApp Creation: Ethereum
2.8

What is Cardano and What is It Used For?
2.9

Shiba Inu: the Dogecoin Killer
2.10

Is Solana an Improved Version of Ethereum?
2.11

The Bridge Between Blockchains: Polkadot
2.12

Polygon: the Essential Scaling Solution for Ethereum
2.13

The Practical Use of Crypto
Chapter 3: Crypto Exchanges

3.1

How do Cryptocurrency Exchanges Work?
3.2

DEX VS CEX: Two Sides of the Crypto Exchange Industry
3.3

Crypto Day Trading: The Difference Between Buying, Trading, and Swapping
3.4

KYC & AML: The Key to Complying With Legal Industry Standards
3.5

From Fiat to Crypto: How to Buy Crypto for the First Time
3.6

Taking Profits: Turning Crypto Into Fiat
3.7

You’ve Got Crypto: What Can You Do With It?
Chapter 4: Crypto Wallets

4.1

What is a Crypto Wallet?
4.2

Hot Wallet VS Cold Wallet: Which One to Pick?
4.3

What are Non-Custodial Crypto Wallets?
4.4

Metamask: The Leading Non-Custodial Wallet
4.5

The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?
Chapter 5: NFTs

5.1

What are Non-Fungible Tokens (NFTs)?
5.2

NFT Trading: The Ins and Outs
5.3

Tips and Tricks of Choosing the Right NFTs
5.4

How to Store NFTs: Best Practices
5.5

How to Create Your Own NFTs?
5.6

Making Passive Money with NFTs
Chapter 6: dApps & Defi

6.1

What is Decentralized Finance (DeFi)?
6.2

DeFi 2.0: The New Version of Decentralized Finance
6.3

What Are dApps and How Do They Work?
6.4

Picking the Right dApps: Dos and Don'ts
6.5

Web 3.0: The Future of the Internet
6.6

What is the Core Purpose of Smart Contracts?
6.7

The Notion of a Decentralized Autonomous Ogranization (DAO)
6.8

What is the Goal of Staking Crypto Assets?
6.9

What is a Liquidity Pool and How Does It Work?
6.10

Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry
6.11

The Main Yield Farming Techniques
6.12

Crypto Oracles: The Link Between Blockchain and Outside World Data
6.13

The Peculiarities of Decentralized Crypto Gambling
6.14

Metaverse: A New Perception of Reality
Chapter 7: Trading & Investing

7.1

Where Can You Trade Cryptocurrencies?
7.2

Investing in Crypto: What Investing Options Do You Have?
7.3

ICO vs IDO vs IEO: Which One is the One?
7.4

What are Crypto Airdrops and How to Get Them?
7.5

How to Get Free Crypto Assets?
7.6

What is Crypto Arbitrage: The Main Principles
7.7

What is FUD: How to Use It to Your Advantage While Investing in Crypto?
7.8

Investing in Cryptocurrency: How to Manage Your Risks?
7.9

What is a Rug Pull in Crypto?
7.10

How to Spot and Avoid Rug Pulls?
7.11

The Key Legal Techniques of Avoiding Crypto Taxes
Chapter 8: Crypto Analysis

8.1

Bearish and Bullish Markets: Do They Matter?
8.2

5 Best Crypto Technical Analysis Indicators You Must Know About
8.3

Technical Analysis: What are Candlesticks, Trendlines, and Patterns?
8.4

Crypto Tracking: How to Track Your Favorite Coins & Tokens?
8.5

Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy
Chapter 9: Mining

coming soon

Chapter 10: Crypto Terms

10.1

All Crypto Terms

Handbook Cover Page

Chapter 6: dApps & Defi

Picking the Right dApps: Dos and Don'ts

Did you know that the main points you need to consider when choosing a reliable dApp are its TVL, its audits, the exposure of the team and community, and the underlying technology?

Medium

7 minutes

Watch Video

In this section, we’re going to talk about DeFi dApps, and how to pick the right one!

DeFi dApps are a huge, sophisticated topic. No wonder, people tend to feel lost and intimidated by its complexity. In the previous section about dApps, only the basic theory about what they are was covered. It’s time to go deeper and learn how to evaluate them, and choose the best dApps.

It’s very easy to get lost in the dApp maze, since there are so many of them. And when things are so confusing, it’s difficult to know where to even begin. If you’re reading this section, chances are you’ve already experienced this confusion yourself. But then, that’s why you’re here!

In this section, we’re going to examine what are the criteria of a good, trustworthy dApp, and what makes the best dApps stand out from the crowd. I’ll give you a brief description of every aspect worth paying attention to, and how to compare them. In the end, what now seems like a mess, will look like something way more approachable!

Now, let’s get to it!

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What’s Up With dApps?

So, decentralized applications, or dApps, have gained a lot of popularity in recent years due to their ability to enable peer-to-peer transactions on decentralized networks. Being created on a daily basis, DeFi dApps seem like a revolutionary way of interacting with money and the internet, in general. Sounds good. But, things are never that simple!

Let’s look at it this way:

Here’s John. He’s eager to learn things, and so it happens that he just found out about one particular dApp. It’s a promising-looking decentralized lending protocol, and the reason why it got John's attention was the fact that it promises high returns to anyone who chooses to invest into it. Sounds good, sounds tempting. But, that’s how many financial mistakes are made - by jumping straight into action, without critical evaluation. There’s no such thing as free lunch, after all.

However, John has read the Crypto 101 Handbook. He's better than that, and he’s not gonna act without conducting research beforehand. So, here are the steps that John will have to take in order to make sure that this dApp is legit.

Total Value Locked (TVL)

First of all, TVL - a very important metric. Three letters that fit everything underneath them. In this case - literally. “TVL” stands for “Total Value Locked”, and is a metric that is used to measure the total value of assets locked into a dApp. In other words - how much have people already invested in it.

It's a good indicator of the popularity and adoption of the dApp examples in question, as well as the level of trust that users have in them. The higher the TVL, the more assets are being held in the dApp, the more active dApp development takes place, and the more popular it is.

Here’s a simple analogy. If you were to deposit money into a bank, you’d probably choose an institution that has a solid reputation and years of experience, instead of simply depositing your hard-earned money into a ‘Bank 3000’ that you found behind a corner of an abandoned factory. The same goes for DeFi dApps.

So, let’s say a particular decentralized lending protocol has a TVL of $4.5 billion. Not only is it a green flag because of how large the number is, but it’s been increasing over time, as well. That’s yet another optimistic signal about the actual financial health of the dApp in question.

An important thing to keep in mind is the fact that this does not mean that the investment will be 100% safe, and that it will guarantee returns. Yet, it’s a convenient way to evaluate the potential risks.

Audits

Another important indicator is an audit. Before choosing a dApp contract address, it’s essential to evaluate it, since this ensures the security and reliability of the code behind it.

So, what does that mean? An audit is a thorough examination of the dApp’s codebase by a team of experts. It’s conducted in order to identify and fix any vulnerabilities or bugs that may be lurking within the dApp’s architecture. It literally is the DeFi version of a structural inspection that’s performed on buildings. You don’t wanna buy an apartment in a house that has walls built out of cereal boxes, now do you?

Whenever you visit a project’s website, you should easily find an ‘Audits’ section on it. Reliable companies and the most popular dApps don’t hide it, or make it impossible for users to verify this info themselves. Now, after having checked that a particular dApp has made their audit information public, you can take an extra step. Search up the names of the audit companies, and see whether they actually exist. You can tell that by looking up their social media platforms, and checking out their official websites.

Community & Team

Okay, next up on the list is community and team. It’s an important indicator that isn’t ignored by the best and most popular dApps.

The best way to view the importance of community and team surrounding a particular dApp is this:

Let’s say that a dApp is an apartment. In this case, the architects and the construction team represent the team behind a particular dApp. They’re either reliable or not.

And the community is the neighborhood in which this apartment is being built. It’s either pleasant to be in… or not.

When studying dApp examples to select the best dApp, the importance of a strong community and an open, transparent team behind it are significant, as these factors speak to the credibility and stability of the project.

If people stick to it - this means they find value in it, and don’t get pushed away by dishonest and unreliable cash grabbers. The same applies to the developers. If the minds behind a project are unreliable… How can their product be different?

The first thing to look for is to see if the team behind the dApp development has publicly disclosed their identities. This demonstrates their commitment and accountability to the project.

Social media is another factor. Active social media presence and consistent engagement with the community show that the team is not hiding, and they’re proud of the product they’ve created. They want the public to see, and discover it.

Imagine you’re suddenly in need of someone to take care of your dog for the weekend. Would you trust your dog to a stranger who has an anonymous Facebook profile? If a public business has to hide something as simple as the founders’ names, it definitely sends out a suspicious signal.

So the lesson here is clear. Check out the team, make sure they’re actual, real people who don’t try to hide under layers of anonymity. That’s done by making sure that their socials are active.

Technology

Okay, next stop - technology. The importance of technology when navigating through DeFi dApps is crucial. It ensures that the dApp is built on a relevant and reliable platform, and that it serves a specific and useful purpose.

The point here is intuitive. No matter how posh and expensive your laptop may be, if it still runs on Windows 98, you’re about to have a bad time.

Choosing a dApp that is built on a relevant blockchain network ensures compatibility and interoperability with other dApps and services on the same network. To translate this into down-to-earth language, you can say that you have to make sure the dApp of your choice is actually compatible with the most vibrant, buzzing, and promising ecosystems out there.

Therefore, a dApp that runs on an outdated or irrelevant blockchain network, or lacks the features or functionality you need, may not be a wise investment. It’s simply headed toward a dead-end. By the way, if you wanna learn more about blockchains, in general, check out this section!

What Not to Do When Choosing dApps?

So, the things that I mentioned up to this point are the “dos” of how to evaluate a dApp. Logically, the “don’ts” are exactly the opposite of them. But we gotta make sure the lesson is clear. Based on everything I’ve said previously, we can list 6 ‘don’ts’ that are best to always keep in mind:

Don't choose a dApp contract address that hasn't been audited. Without an audit, there is a higher risk of security breaches, loss of funds, and other issues that can harm users.

Don't choose a dApp that has a weak community or a team that is not open and transparent.

Don’t choose a dApp with low levels of activity on their socials.

Don't choose a dApp that’s built on unknown, obscure blockchain networks.

Don’t choose a dApp for which you can’t find any data on how many funds are locked across its protocols.

If you keep in mind all the ‘Dos’ and ‘Don’ts’ that were emphasized up until now, it’s sure to make your journey through the DeFi jungle easier, safer, and more pleasant!

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Handbook Cover Page

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All Crypto From

Scratch!

Crypto 101 Handbook

Picking the Right dApps: Dos and Don'ts

Video Explainer: Picking the Right dApps: Dos and Don'ts

What’s Up With dApps?

Total Value Locked (TVL)

Audits

Community & Team

Technology

What Not to Do When Choosing dApps?

Top Reviews

Best Exchanges

Best Crypto Wallets

Latest Tutorials

Crypto Guides

Project