DAI, DAOs and DApps: Vitalik Buterin Asks Twitter Users Their Favorite Ethereum Applications

Michael LaVere
  • Ethereum co-founder Vitalik Buterin took to Twitter to ask users their favorite eth-based applications.
  • DAI, DAOs and DApps were among the favorites. 

Ethereum co-founder Vitalik Buterin took to Twitter to ask users their favorite eth-based applications. Unsurprisingly, decentralized products took the top vote, with many users sharing their experience with DAI, DAOs and decentralized applications (DApps).

DAI Provides A Decentralized Stablecoin

MakerDAO is the protocol behind the stablecoin DAI, which utilizes ethereum and cryptocurrency for collateral to remain decentralized. Each DAI is pegged to the value of 1 USD, making the currency more usable for transactions compared to highly-volatile cryptos.

Facebook has managed to garner a significant amount of excitement over Libra, but DAI represents a truly decentralized version of a stablecoin. The social media platform’s two billion users, who are likely unfamiliar with cryptocurrency, may not care about the degree of centralization in Libra. For everyone else, the ethereum-backed DAI is a good alternative for a price stable crypto.

DAO Revolution in Blockchain

Decentralized autonomous organizations (DAOs) have been called a revolutionary breakthrough for blockchain technology. DAOs are entities that operate entirely through smart contracts, which can be created on ethereum. The financial transactions and rules of the DAO are encoded on blockchains, making them capable of operating autonomously.

 

Decentralized Applications For The Win

DApps have become a global phenomenon for cryptocurrency and a source of innovation in the industry. While ethereum has ceded DApp market share since the start of the year to newcomers TRON and EOS , the eth network still provides a large number of uses.

Buterin himself highlighted UniSwapExchange, a DApp protocol for automated token exchanges via ethereum’s network.

Other users promoted the work of ETHStatus as a DApp with the potential to fight censorship and promote freedom of speech. ETHStatus is creating an ethereum-based messaging service and web browser, which Buterin said could be enabled in the ETH 2.0 update.

In all, the community of ethereum appears fixated on growth via decentralized products. While Facebook may push the world towards a controlled digital asset with Libra, eth supporters continue to develop towards decenteralization, including the recent focus on privacy-based transactions.