Ethereum-powered tools and services
These are applications that focus on building out financial services using cryptocurrencies. They offer the likes of lending, borrowing, earning interest, and private payments – no personal data required.
How dapps work
Dapps have their backend code (smart contracts) running on a decentralized network and not a centralized server. They use the Ethereum blockchain for data storage and smart contracts for their app logic.
A smart contract is like a set of rules that live on-chain for all to see and run exactly according to those rules. Imagine a vending machine: if you supply it with enough funds and the right selection, you’ll get the item you want. And like vending machines, smart contracts can hold funds much like your Ethereum account. This allows code to mediate agreements and transactions.
Once dapps are deployed on the Ethereum network you can’t change them. Dapps can be decentralized because they are controlled by the logic written into the contract, not an individual or a company.