Decentralized apps or dApps are similar to regular applications (apps), but the main distinction is that they use smart contracts to run on a peer-to-peer network like a blockchain.

On these platforms, several users can produce and consume information without any oversight or interference from a single individual.

DappRadar, a website that provides a comprehensive list of thousands of dapps developed on networks like Ethereum, BNB Chain, and Polygon, is a good place to start research into dapps.

Decentralized finance applications like decentralized exchanges (DEX) are currently among the most well-known dapps. DEX allow users to exchange one cryptocurrency for another without the need for a centralized gatekeeper that are usually found on exchanges like Binance and Coinbase.

Here are some of the features of dApps:

Open Source: The codebases of dApps are publicly accessible and open source. Changes are made to the app’s layout or functionality only with the approval of the majority.
Decentralized: To provide security and transparency, dApps should be decentralized with all data and processes maintained on a public, decentralized blockchain.
Incentive: Dapps provide their users with rewards in the form of cryptographic tokens. Users are given incentives to promote the Blockchain dApp ecosystem by using these liquid assets.
Protocol: A specific protocol is used by dApps to prove their worth. This entails demonstrating the worth of a specific procedure in a way that makes it simple for others to confirm it.