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).
What are the top 1-3 ethereum applications that best represent for you what ethereum is / should be about?— Vitalik Non-giver of Ether (@VitalikButerin) June 23, 2019
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.
*Open credit systems - MakerDAO (plus DAI as a decentralized stable asset)— Anthony Sassano (@sassal0x) June 23, 2019
*Decentralized exchanges - Uniswap, 0x, P2P (kyber, airswap)
*New ways for social coordination - DAOs
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.
1. DAOs— Lane Rettig (@lrettig) June 23, 2019
To the best of my knowledge, spinning up a DAO is a lot cheaper and a lot faster (and accessible to more humans) in most or all jurisdictions than spinning up a foundation or b corp. This is Ethereum's killer app.— Lane Rettig (@lrettig) June 23, 2019
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.
@ethstatus has potential there, piggybacking on eth connectivity w/ whisper, as flawed as it is. PSS to the rescue I hope. I very much like the recent experiment of pushing super-minimized websites on chain. Could lead somewhere (if we solve state bloat). https://t.co/NH3YcGM4Rj— Bruno Skvorc (@bitfalls) June 23, 2019
It's quite possible that eth2 by itself will make ethsites viable!— Vitalik Non-giver of Ether (@VitalikButerin) June 23, 2019
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.