Hello world, it's Siraj! Let's go through 3 Dapps you have to see.
The first example is an Israeli startup called La'Zooz. La'Zooz is a decentralized version of Uber.
Uber is a centralized ride sharing app, which means all data, requests, and decisions go through a central server
owned by Uber. Uber decides how much riders get paid and can see where you're going whenever they want to
La'Zooz is decentralized because it's owned by the community instead of a few people who own a giant
server. The app uses its own internal currency called Zooz tokens.
These tokens are cryptocurrency like Bitcoin, except there are no miners that maintaining the network with
computing power. So no proof of work algorithm, instead, the miners are drivers who maintain the network
with the amount of miles they've driven. They get rewarded with Zooz tokens based on how much they
drive. It's an algorithm called proof of movement. Riders pay the drivers with these same tokens for rides.
So how does everyone get tokens? Well Zooz has something called a crowdsale.
A crowdsale in a dapp is kind of like an IPO on day one. The creators of the dapp decide how many
tokens they want to create, and then sell them at some initially decided price. These tokens act as both currency
in the app as well as equity. Since you are an early adopter, you should be rewarded for being one of the
first to use the dapp. The more valuable the dapp becomes, the more valuable the tokens become.
So you can trade the tokens for fiat currency to spend on other things if you'd like. Since the app is peer to peer
that means data moves from phone to phone with no server intermediary. And the app is open source so if
you wanna develop for it or setup a team of developers to contribute , you can do that. You can post a proposal
For how much you'd like to get paid as well. Same for designers or marketers. The community decides on fund
allocation. There are different ways to reach consensus and these are being experimented on with currently.
but overall its a more democratic system where the people who use the app get to participate
in how the app itself is run. The founders created a legal corporation and the by-laws require that they obey the
will of the community vote. So looks like they're already off to a good start.
The second example is called OpenBazaar. OpenBazaar is a decentralized Ebay. Ebay decides what you can
and cannot sell, takes a hefty cut of all transactions, and you have be in a country that allows Ebay to use Ebay.
OpenBazaar is a platform that lets buyers and sellers connect directly to sell their good without involving
a third party to host the data and charge a transaction fee. The creators really wanted to build on the idea of
a truly free trade platform. I mean there never really has been anything like the bazaars of the past on the internet
Bazaars were peer to peer marketplaces where buyers and sellers could interact directly w/ one another
without any middleman in between able to observe the transaction. OpenBazaar doesn't have its own token.
but it does use Bitcoin for payments. They've got some amazing dope algorithms to solve some interesting
problems. For example, when it comes to the issue of identity, they use an algorithm called proof of burn.
to ensure that a seller can't create a million stores to avoid bad reputation. Proof of burn means everytime a
user opens a store, they have to send some bitcoins to disappear or burn. So its really expensive to make
multiple stores. The app is also open source, so anyone can contribute but if they want to get a team
of people to continually maintain the app with quality, unlike a lot of other open source projects,
they should issue an internal token eventually for incentivazation.
Third third example is Synereo. Synereo is a decentralized social network.
This has been tried a few times before and failed. I'm looking at you Diaspora. It always fails because the tech
was never there and its been a security nightmare to keep user data secure. But i think synereo has a
good shot at making a valuable social network. It uses it's own currency called the amp. In traditional social
networks like FB and Twiitter, the middleman gets all the money from advertisers. But since theres no middleman
since the app is p2p. If someone wants to pay for your data or attention, they'll pay you directly with Amps
All users get a reputation score based on how many people like the content they post. The higher the rep
the more valuable your content is. Since the network is p2p no one can shut it down like the Chinese gov did
to FB. And you own your data. No one at FB can peer into your private messages w/ friends since your data
is stored locally instead of on a server. Those are the few i could find that I thought were pretty cool
Dapps are the future of software. Open source, democratic, and fair compensation for all users.
There are more out there and many many more to be created in the future.
Check out the links in the description below for more info, and please subscribe for more technology videos!
Thanks for watching!