What is a decentralized app?

A decentralized app (also known as a dApp or dapp) operates on a blockchain or peer-to-peer network of computers. It enables users to engage in transactions directly with one another as opposed to relying on a central authority. The user of a dApp will pay the developer an amount of cryptocurrency to download and use the program's source code.

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.

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 are some examples of Dapps?

Bitcoin and Ethereum are the most famous examples of this kind of dApp. Аррs that run on blockchains of Type 1 apps but use their own tokens. An example of such a dApp is Augur, which is built on the Ethereum blockchain. Apps using Type 2 source codes to function.