Thread by @gupshupblog

Beginner's Guide to #Daaps

🧵 Thread👇

➡ What is a #Daap?

👉 Decentralized Apps --> #Daaps run on distributed and immutable #blockchain networks.

🚫 This makes them essentially impossible to censor.

👉 Dapps run everything from 🎮games, 🛒marketplaces and 💰decentralized finance (#DeFi) lending platforms.

➡ #Daaps vs Traditional Apps

⚡ A Daap (decentralized app) uses #smartcontract on a blockchain network for backend.

🔒 Daaps are highly secure & allow users to get complete ownership of their data.

⏺ Daaps are still relatively slow and involve usage costs (Eg: Gas Fees).

➡ Features of #Daaps

✔ Runs on the #blockchain

⌨ Code is opensource

🤟 Operates autonomously

🎟 Generates daap tokens

🤑 Provides value to contributing nodes

👩‍💻 Users access Daaps through tokens

💰 Miners are rewarded with tokens

➡ Advantages of #Daaps

✅ No downtime

🧐 Cannot be censored or taken down by any entity 👨‍⚖️

✊ Complex transactions successful without third party

📵 Keeps user information private

🗄 Secure storage of data on blockchain networks

➡ Risks with #Daaps

😅 Difficult to maintain

👨‍👩‍👧‍👧 Requires consensus of participants for updates

↔ Difficult to scale (yet)

⛔ Network Congestion

❌ Not very user friendly (yet)

➡ Where can #Daaps be used? (Part-1)

🛒 Decentralized marketplaces 👉 @opensea, @rarible, @NFTKEY, @KnownOrigin_io, @foundation, @Drife_official, @gitcoin

💰 Decentralized Finance (#DeFi) 👉 @CurveFinance, @MakerDAO, @LidoFinance, @anchor_protocol, @AaveAave, @AlpacaFinance

➡ Where can #Daaps be used? (Part-2)

🗃 Decentralized Cloud storage 👉 @ArweaveTeam, @BitTorrent, @storj, @Sia__Foundation, @Filecoin

🤝 Decentralized Social Networks 👉 @DTube_Official, @minds, @joinmastodon, @manyver_se

➡ Where can #Daaps be used? (Part-3)

👁 Decentralized Identity Records 👉 @ArcBlock_io, @ceramicnetwork, @identityindex

🤌 Learnt something new about #daaps?

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Source: @TheMetaRoy