Thread by @RyanSAdams

The term dapp on Ethereum should die

Thread

1/ Smart contracts on Ethereum aren’t dapps, they’re functions, subprograms, routines

Dapp implies a holistic user experience, a UI. It’s a carryover term we stole from Web/Mobile (We added a “d” to the word app—how clever!)

2/ Ethereum is a different computing paradigm. It's slow, inefficient, but exceptionally good at one thing—storing & programming digital value

And I don’t mean a representation of digital value like electronic fiat, but actual value over IP: digital bearer assets

3/ So Ethereum isn't a world computer for all compute, it’s a world computer for digital value

And smart-contracts are the subprograms written on this world computer, implanted like circuits on a chip

4/ These smart-contract subprograms on Ethereum are composable like lego blocks. They're open, permissionless, anyone can use them

Token, Collectible, Stablecoin, Loan, & Trade these are the programs of the digital value computer—thousands will be created

5/ While some smart-contracts on Ethereum will prove useless & others will break, the ones that thrive will be used in even more programs & end-user applications, gradually becoming more sophisticated

Some end-user applications may be decentralized, but most probably won’t

6/ Together, the Ethereum digital value computer & its set of composable smart-contract subprograms compete as an alternative to all layers of the traditional financial stack: including money, banks, & end-user applications

Dapps falls way short of this vision

7/ But Eth 2.0 is The World Computer!

Even in Eth 2.0 I think the core value proposition of the Ethereum Computer remains storing & computing digital value, not as a general purpose computer for all decentralized compute--I expect to live in a world of many computers