Are you thinking of Decentralized apps based on Ethereum? This blog is all about that. We are going to speak a lot about the Ethereum-based Dapps and why Ethereum is nicknamed the Blockchain 2.0.
I understand that you require clarity whether or not Dapps will be a good way to earn money. This is something all of us go through before kick-starting a new venture. I'll tell you almost everything you will need to decide on this matter.
Now, this is what the Russian-Canadian founder Vitalik Buterin had to say about Ethereum.
"When I came up with Ethereum, my first thought was, 'OK, this thing is too good to be true.' As it turned out, the core Ethereum idea was good – fundamentally, completely sound." -Vitalik Buterin
This quote holds true for Ethereum and I am sure you'd agree with me. Now, let's see what Dapps are, how they function, especially on the Ethereum blockchain.
Ethereum-based Dapss do not face one-point failure as these are decentralized. Ethereum is a lot easier to use compared to blockchain and a wonderful platform for the developers to invent and test their ideas. Hence the name Blockchain 2.0.
Here are the key features of Ethereum Dapps
- It is an open-source and autonomous system. Provided there is no central authority to control the whole of one particular network.
- Hence any changes required can only be made by consensus. Never ever by one node or any authority.
- And about the data and the pre-written protocols, we know they are cryptographed into the blockchain.
- The system generates tokens based on the algorithm. This encourages users to contribute more.
The revenue model
The biggest advantage of Ethereum Dapps is that you can earn even if you don't own the app. You can just be a user, and still, get benefits from resolving bugs during the bounty or airdrop campaigns.
So, now tell me what strikes your mind after reading this blog? Do you think it is wise to develop your own Dapp or you are still into research? What's the best plan according to you? Do you have any unanswered questions? Then please feel free to comment in the boxes below. We will get back to you with interesting answers.
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