The way mobile phones have become an inseparable part of our life can be known from the feeling when you realize that you have left your phone back at home! The panic strikes suddenly at that moment! Followed by the feeling of being disconnected from the rest of the world. Yes! mobile phones are instead now an integral part of our lives as most of us spend a large chunk of time in them, be it while we are stuck in traffic or cozying up in bed. More than mobile phones, apps have played an important role in addressing our needs, leading to the development of dApps.
dApps or Decentralized Apps are those apps operating on a peer-to-peer network of computers and such dApps are built on blockchain-based decentralized ledged on a decentralized network. There are umpteen uses of dApps ranging from normal web browsing to decentralized finance, gaming, and social media. dApps attained their present level of popularity after a long evolution and in 2023 we will see a majority of developers shifting their focus over the application layer instead of building infrastructure.
Let’s have a look over paradigms over where dApps development will happen and how dApps will evolve in the year 2021.
New generation of dApps will emerge in different arenas
Gaming industry
The gaming industry is a whooping over $220.79 billion as of now and in web2 technology, the mere gaming skins industry is around $50 billion. What is worth noting is that all these in-game assets are not owned by players outside the game! Here, Web3 can play a role to address this issue in gaming by turning skins into non-fungible tokens (NFT). We have heard about play-to-earn games which are dominant in the Web3 gaming market, but these games are typically utilitarian and appeal to a limited number of people.
Web3-based play-to-earn games offer opportunities for players to earn a living from gaming and overall, they have endless potential. As per certain reports, play-to-earn games are projected to have robust growth followed by large amounts of investments into the blockchain gaming industry will let us see higher-quality games.
Digital Identity management
The secure and immutable nature of blockchain makes it a popular option for the creation of portable digital identities (DID), which allows users to effortlessly transfer information and assets across different networks. Blockchain empowers individuals by allowing them to truly own their own data while retaining privacy that meets the criteria demanded by both Web2 and Web3 platforms.
The portable Digital Identities can be taken to next level of data security and increased scalability by applications by utilizing infrastructure. dApps made that possible for developers where they can build such products that would let users move across different platforms while retaining sovereignty of their information and identities.
In the upcoming year, we will see users have such portable DIDs at their fingertips provided dApps are developed at a rapid pace making them more accessible.
Web3 functionality
Existing web2 apps that command millions of active users on a daily and monthly basis can use decentralization and tokenization as avenues for increased growth and monetization. Developers can certainly redesign existing fintech payment apps as they can leverage the addition of crypto payment rails and blockchain technology.
Such integration in web2 apps would let them verify information or improve fund-on-file tokenization and further web3 can lead them to creator-focused platforms.
Conclusion
dApps will see their realm greatly expanding as a great amount of key infrastructure development was already made in 2022. A senior dApp developer at Rejolut says that a lot of development would also occur around the Metaverse. As many financial transactions would involve Metaverse and that would require securing the personal details of users. dApps would see their development around features of security features of blockchain, private keys, and data encryption to leverage the actual potential.
