Ethereum is the most popular blockchain app development platform today. As per market valuation, the ETH – the Ethereum Currency – ranks second among all the top cryptocurrencies ever. In its essence, it works as a platform to deploy Dapps (decentralized apps) without any need to code an entire blockchain from scratch. Hence it easies the entry of new startups into the blockchain market. In this blog, we will explore some popular and ambitious Ethereum Dapps to ascertain the potential of this platform.
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Top 5 Ethereum Dapps and Tokens by Market Capitalization:
1. EOS (EOS):
By market capitalization, EOS is the most powerful Ethereum-based token – roughly $6 billion. EOS is a platform that can be used by developers to create scalable Dapps. It is similar to the Ethereum blockchain, only a lot better. Like Ethereum it also uses smart contracts for running and hosting decentralized apps and is based on the Ethereum token.
EOS uses its own blockchain and offers an operating system like architecture that allows for both horizontal and vertical scaling. Horizontal scaling here means that multiple contracts can be executed simultaneously which will improve the speed. In this way, it combines the best of both Bitcoin and Ethereum. These unique characteristics give EOS an upper hand over Ethereum.
As far market sentiments are concerned the EOS project has ample of positive and negative publicity around. While some believe it to be a potential Ethereum killer and a game changer in the blockchain, others think it is just a scam. Well, this by large goes for all the blockchain projects so we will leave this argument for another blog.Read More: 8 Experts on the Future of Blockchain
2. VeChain Thor (VET and THOR):
VeChain aims to create a trustless and transparent supply chain management solution for industries. Vechain manufactures smart chips that can be used to track the item and automatically maintain its record in the blockchain. Using this, consumers can ensure the authenticity of the item while manufacturers can easily manage transit and distribution.
VeChain was rebranded as VeChain Thor on February 26, 2018. With this change, the company aims to shift from a logistics solution to a dapp platform. The primary token was renamed from VEN to VET and a new token was introduced called Thor Power (THOR).
VET functions as the smart payment currency to run operations on the blockchain. Businesses holding VET will be rewarded with THOR, the token that can be used to execute smart contracts and run blockchain applications. Currently, the rate of THOR generation is 0.00042 THOR per VET per day but it’ll change based on the votes on network usage.Read More: Bitcoin vs Blockchain – Adding to the Never Ending Debate
3. Tron (TRX):
Tron is a decentralized content platform that aims to remove intermediaries in the consumption and distribution of content. Currently, the distribution of content is largely dependent on centralized platforms like Apple, Google, Facebook, Alibaba etc. Using TRX (Tron’s currency) users can directly connect to content creators and consume content.
The key features of TRON include:
- Free and uncontrolled use of data for both creators and consumers of content.
- A content ecosystem that allows users to spread content and obtain digital assets in return
- The ability for creators to introduce their personal ICO around the main TRX.
- Supportive Infrastructure for the exchange of distributed digital assets and market forecasting.
The platform is still in its infancy as is expected to reach the “Eternity” by 2023. In its final stage, the platform will allow content creators to directly monetize their content by creating their own token over the TRX blockchain. This will incentivize creators and help attract more people.
4. OmiseGo (OMG):
OmiseGO is a white-label payment and banking platform that uses smart contracts and ERC-20 token (Ethereum code standard). The vision of OmiseGo is “Unbank the Banked”. With this platform, they’ll offer decentralized banking services across the globe without the need for a bank account.
Its open-wallet infrastructure allows anyone to integrate this platform into their current payment service. Hence it will work as a bridge to interconnect fragmented payment processors and decentralized blockchains. It is also a currency agnostic platform i.e. both fiat and cryptocurrencies can be actively traded.
The pre-sale of OmiseGo’s token held in July 2017 was successful enough – raising $60 million – that the company didn’t actually go for an ICO. The core company Omise has been quite influential in Southeast Asia, as a result, they were able to develop significant partnerships with companies like McDonald’s and Credit Saison. Its operations are currently based in Thailand, Japan, Singapore, and Indonesia. Soon it might expand across the Asia-Pacific region.
Read More: 5 Non-Financial Applications of Blockchain
5. ICON (ICX):
The ICON project aims to connect distinct blockchains without them having to go through a centralized system. The Korean blockchain startup uses a unique “loopchain” concept that allows the connected blockchain to maintain their individual affairs to themselves and vote on matters affecting the entire ICON community of blockchains.
The ICON Community is also an individual blockchain that has its own governing system. The Community Nodes (or C-Nodes) in the ICON protocol represent the gateways through which other individual blockchains can connect to the ICON’s network. Each individual blockchain that is a community member elects its representative called, Community Representatives (C-Reps). These C-Reps are responsible for handling governing matters like transaction verification in the ICON Republic. For this service, C-Reps are compensated with ICX, ICON’s native currency.
ICON seems just the right way to scale the current blockchain ecosystem. The project has been recently started and raised 150,000 ETH on its first token sale in October 2017. If this project is successful it can be used as the connecting bridge for communications between different institutions like hospital and insurance companies, eCommerce, and currency etc.