5 Reasons DApps Will Go Big in 2023
The new year is in and our expectations are high, especially for the world of decentralized applications. There are many reasons to be excited about DApps in 2023 and we’re here to name a few. DApps have spiked in popularity over the past few years, attracting developers to the Web3 side. But what’s in store for DApps in 2023? Let’s take a look.
What are DApps?
Before we get into the gist of it, what does the term DApps stand for? DApps is an abbreviation for “decentralized applications”. They are digital programs that run on a peer-to-peer network or a blockchain and they can’t be controlled by a single authority. This makes taking down a DApp much more challenging if there’s a community behind it. DApps can be used in different areas of life including finance, gaming, social media and more.
The infrastructure is already here. Ethereum has been around for years but it lacked the ability to scale. With the recent developments of ZK-rollup technology, there are plenty of Layer 2 solutions that make transactions on Ethereum cheaper and more accessible than ever before. Other smart contract-capable Layer 1 blockchains such as Solana, Cardano, Avalanche, Cosmos, and many others also exist. With the foundations laid, it’s only a matter of time before we see the rise of decentralized applications, bringing us a step closer to Web3. We believe DApps will be taking the main stage in 2023 and there are some good reasons why.
Reimagining the Web Experience
The internet of today is highly centralized but Web3 will be the opposite of that — decentralized. By utilizing blockchain technology, users will be able to directly participate in a global ecosystem combining creators, economies, companies, and everything else between them.
In addition, the ownership of digital assets will no longer be strictly limited to the individuals or companies that created them as Web3 will introduce true digital ownership. This decentralized version of the internet will also add cryptocurrencies to the mix, giving users an easier way to access and monetize. For example; creators on different platforms can use Web3 and the underlying blockchain technology to interact with their fans and monetize their work.
Improving Your Digital Identity
With Web3, users will get full control over their digital identities. Today, your data is being taken away and sold to third parties without you even knowing it. Blockchain technology offers unparalleled transparency and many other perks that improve the user experience.
Instead of creating a separate account for different DApps and websites, with web3 you’ll be able to utilize a single digital identity. This spells out not just convenience and a seamless user journey but also a higher degree of security. Your digital identity can be tied to your wallet, biometric data, and other unique identifiers making it impossible for malicious parties to steal it.
The Forefront of Web3
Everyone keeps talking about Web3. What they don’t tell you is that Web3 won’t appear instantaneously out of nowhere. It’ll be a long and steady process. Layer 1 blockchains were the first step toward a decentralized internet and DApps are the next one.
Websites and social platforms proved to be the definitive features of Web2 and DApps will be playing the same role for Web3. With decentralization at their core, DApps will offer users a much smoother experience with more scalability, flexibility and better control over data than ever before. These features are not just the clear advantages of DApps over their Web2 counterparts, they’re the foundations of Web3.
The Future of Finance Is Decentralized
Decentralized finance is already here. In fact, it has been around for a few years and its popularity shows no signs of dwindling. Whether it’s the fear of a global recession, record inflation, the lack of faith in traditional banking, a firm belief in blockchain technology, or a combination of all of those — DeFi is here to stay.
Lending protocols, decentralized exchanges, and many other projects will soon offer their own apps, allowing users to interact with the blockchain from the palm of their hand.
Gaming on the Next Level
We’ve already mentioned digital assets and ownership and there’s no better example of those than in gaming. Unsurprisingly, the traditional gaming industry is also highly centralized. Players are paying billions of dollars every year for different game cosmetics that they don’t actually own. Once the game is no longer supported, those assets are as good as dead.
Blockchain technology changes that, giving gamers ownership over their in-game assets by transforming them into non-fungible tokens (NFTs). Not only that, crypto gaming has also allowed millions of gamers to earn real money by playing blockchain games and then selling their earned assets on the secondary market. Many upcoming crypto games are planning a release in 2023 and we’ll be seeing more of them in the form of DApps than ever before.
A Lot To Look Out for in 2023
Blockchain technology isn’t going anywhere and thousands of projects are continuing to build, despite the bearish trend of 2022. Decentralized applications will be the hottest trend of 2023, setting the stage for the wider Web3. Despite that, it’ll be some time before DApps can directly compete with their Web2 counterparts. But, we’re already seeing Web3 features making their way into many Web2 apps. With a much deeper focus on security, user experience and convenience; DApps have our best interest in mind. Mass adoption is inevitable and it’s only a matter of time.
About Myria
Myria is a blockchain game development studio and an Ethereum Layer 2 solution, built to scale digital assets, NFTs and blockchain gaming. Myria utilizes ZK roll-up tech to supercharge its ecosystem and bring the next generation of gamers to the blockchain. Myria has a thriving community of over 300,000 users and more than 220 blockchain projects are already building on the Myria blockchain. Thanks to ZK technology, users can expect high transaction speeds, 0 gas fees and free NFT minting.
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