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Decentralized apps are one of the fastest-growing areas in the world of blockchain technology. Here’s what they are and where you might encounter them.
Decentralized apps (dApps or dapps) are software applications that operate on peer-to-peer (P2P) networks—that is, a network of peer-operated computers. Typical web or mobile applications are run by organizations that own and control their operations centrally. This means the back end of these apps is centralized, even though millions of people worldwide, including many Canadians, may use them. You know how your office has a room of computers so you and your team can work? It’s like that, but it’s bound by a community of crypto users rather than a company.
In contrast, crypto dApps are typically public and open-source software, and the blocks of information recorded on them are available to anyone who wants to see them. Ethereum is one such platform where anyone can develop dApps. It currently supports a large number of dApps with a multitude of purposes, including gaming, banking, shopping and more.
Example: “I used to think that cryptocurrencies were just an investment, but I’ve started to spend my coins on a new gaming dApp.”
What you should know about cryptocurrency tax in Canada?
If you buy and sell bitcoin, ethereum or other digital coins, find out how cryptocurrency is taxed by the CRA.
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