What is a decentralized application?

DEFINITION of 'Decentralized Applications or dApps'. Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer, and are outside the purview and control of a single authority. Next Up. Distributed Applications (ĐApps) Decentralized Market.

What are the most popular applications of decentralized finance?

Borrowing and lending use one of the most prominent use cases for the applications of decentralized finance. In reality, users can lend their cryptocurrencies to a lending pool and earn interests based on that. Based on their criteria, many applications match the borrower and lender, getting rid of any trust issues along the way.

What is decentralized nature?

Decentralized Nature: As the name suggests, decentralized applications stores everything on a decentralized blockchain or any cryptographic technology to save the app from perils of centralized authority and emphasize on autonomous nature.

What are some examples of centralized apps?

Well-known examples of centralized apps are Twitter, Facebook, Instagram, and Netflix. Banks and other financial institutions use centralized apps to allow their customers online access to their accounts.