๐๐๐3 ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐ก๐๐ญ ๐๐๐๐ ๐๐ ๐๐จ๐ง๐๐ฒ (๐๐ญ๐๐ซ๐ญ ๐๐ซ๐ข๐ง๐ญ๐ข๐ง๐ ๐๐จ๐ฎ๐ซ๐ฌ!)
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Some common types include Decentralized Finance (called DeFi) apps that are used for lending, borrowing, and trading cryptocurrencies.
You can literally borrow/lend money on these DApps (Decentralized Applications) like you used to do in your local/traditional banks and even do more.
Examples of these are Jupiter Exchange on the Solana Blockchain, Pancakeswap on the Binance Chain and Uniswap on the Ethereum chain etc.
Another Web3 Application is the Decentralized Autonomous organizations (DAOs) for community governance.
This is majorly used to get general views or votes of a community of people supporting a web3 project. Butโฆ
Those participants must be HODLing the native token of that project to be able to participate in the voting process. Andโฆ
For participating in that DAO, you stand a chance to be rewarded by the project as well most times.
We also have other Web3 Apps like Decentralized social media platforms where you interact with other users and get rewarded in either the project token or others who partner with the social apps.
Examples of these web3 Social Apps include Phaver app, DSCVR, Farcaster, Orbs and more that reward their users for using their platforms.
These web3 social apps are exactly the same way you use your Web2 traditional apps like Twitter, LinkedIn or Facebook. Butโฆ
The main difference here is that, on Web3, you have:
- Total Control on your data
- Self Privacy
- Ability to own your content & monetize it.
- And lots more...
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