What is Decentralized Applications (dApps) in Kenya
What are Decentralized Applications in Kenya revealed. We tested and verified the best guide to Decentralized Applications for Kenyan Traders.
This is a complete guide to Decentralized Applications in Keny.
In this in-depth guide you’ll learn:
- What is a Decentralized Application?
- What isdecentralized web apps?
- What aredApp wallets?
- What is a dApp browser?
- How can I trade Bitcoin with $5 (602 KES)?
- Which brokers offer a signup bonus on a $5 (602 KES) deposit?
And lots more…
So if you’re ready to go “all in” with the best-tested guide on Decentralized apps in Kenya…
Let’s dive right in…
What is Decentralized Applications (dApps) in Kenya (Updated 2023)
👉 Today, most applications function on centralized networks managed by a governing body. Social networking networks, banks, and streaming services, for instance, save your information on centralized servers.
👉 When you access these applications, a request is made to their servers, and if your credentials (username and password) are legitimate, the response is sent to you.
👉 This centralization is efficient, but it creates enormous volumes of user information. This means exposure to unwelcome breaches, intrusive advertising, and Big Tech corporations like Google and Amazon profiting off your data.
👉 Fortunately, these flaws have increased data security awareness, prompting more interest in privacy-preserving alternatives such as blockchain technology.
👉 Decentralized Blockchain networks eliminate the need for Big Tech intermediaries. This feature is made feasible by both shared consensus and smart contracts. For instance, suppose you wish to transfer a friend some crypto:
➡️ With DApps, you just sign into your cryptocurrency wallet, pick the amount you want to transfer, and confirm the transaction; a smart contract then manages the trade. Concurrently, blockchain validators collaborate to confirm your transaction and create a permanent record on a blockchain.
➡️ In contrast, with web2 (centralized technology), transmitting US dollars to a friend takes place on a centralized network. This indicates that a bank oversees all aspects of your transaction. They own the data and determine if a transaction is legitimate.
👉 Decentralized applications (DApps) are the blockchain-based counterpart to these conventional applications. DApps are a set of smart contracts that are linked. Each smart contract performs a particular job inside the application behind the scenes.
👉 It is vital for Kenyans to notice that DApps often resemble regular applications, except they are based on blockchain technology. Consequently, DApps share characteristics that are not present on centralized platforms:
➡️ No single breakdown point: DApps are more dependable than regular applications since blockchain networks cover numerous nodes. Because Instagram’s servers are centralized, all users lose access to the application if it fails. It is significantly less probable that a DApp would go down since each node must fail simultaneously.
➡️ Blockchain technology’s decentralized nature necessitates source code available to all network participants. Furthermore, in an environment devoid of intermediaries, consumers must identify and validate each program to prevent fraud and malicious software.
➡️ Lacking a central authority, blockchains must rely on consensus processes to guarantee the legitimacy of all transactions. When a DApp transaction happens, the whole network verifies the transaction.
➡️ Tokens of utility: Like how you would pay for access to conventional applications, many DApps include a utility token that governs platform economics. Among other use cases, several utility tokens allow DApp governance, in-app transactions, and incentive schemes.
For what are dApps used?
👉 The decentralized network of the future, Web3, and Web 2.0 technologies are connected via the DApps of today. DApps often function with standard web browsers like Google Chrome or Firefox but use smart contracts to connect to the underlying blockchain networks.
👉 Thus, although DApps have a similar front end, their back ends are decentralized databases rather than centralized servers.
👉 Since blockchain technology is still relatively novel, there are fewer DApps than traditional applications. The ecosystem has started to diversify. However, Kenyans can expect many of the most well-liked dApps to appear in the following categories:
➡️ Decentralized exchanges (DEXs): Users often use web browsers to access these DApps. The DEX web address (URL) will take you to a page where you may link a cryptocurrency wallet. You may then begin engaging with the DEX DApp and participating in supported activities like liquidity pools, lotteries, NFT markets, and more after this is finished.
➡️ Crypto wallet DApps are essential components of the decentralized ecosystem. Cryptocurrency wallets may be either custodial or non-custodial and must purchase, sell, and exchange cryptocurrencies. Because the platform is in possession of your private keys, which function as your account PIN, custodial wallets, including those on centralized cryptocurrency exchanges (CEXs), are custodial. On the other hand, you oversee non-custodial wallets, so nobody else can access your private keys.
➡️ Games: Decentralized gaming is one of the most well-liked areas of the blockchain ecosystem. Non-fungible tokens (NFTs) are included in well-known game DApps like Axie Infinity, Splinterland, and My DeFi Pet to guarantee that players keep the value they create in the metaverse.
➡️ Social media: social media DApps like Steemit let people connect online, just social media platforms like Facebook and Instagram do. Instead of holding and making money from your data, social media DApps reverse the flow of value and reward you for using the network.
Pros and Cons of dApps
|✔️ Pros||❌ Cons|
|Decentralization provides several advantages over centralized network applications. However, the absence of a third party is the primary benefit of the novel smart contract.||While decentralized apps may provide a future free of corporations, the industry is actively attempting to tackle many fundamental concerns.|
|An app like Venmo enables users to send money to anybody, but there is a charge for transferring cash to a bank account. Moreover, the arrival of moving fiat typically takes days.||First, the absence of a central authority may result in delayed updates and platform modifications. One party may change their software as they see fit. A DApp, however, needs majority approval from the governing body, even for a small bug repair.|
|On the other hand, sending funds via a decentralized application incurs no or nominal fees. This saves consumers money on transaction fees, and because decentralized transactions are almost instantaneous, it also saves them time.||This may take weeks or even months while users argue the benefits and drawbacks of every proposed enhancement.|
|DApps do not operate on centralized servers, of course. Since there is no physical equipment to target, decentralized systems are immune to attack. This not only makes the network more secure but also ensures that there is no downtime. These programs are always accessible.||Additionally, DApps need a large user base to function successfully, including nodes, governance, and users. However, accessing DApps at this early stage may be challenging, and many users lack the necessary support.|
|DApps may be implemented in almost any business, including gaming, healthcare, government, and even file storage. Thus, DApp use is very identical to that of conventional programs.||In the future, accessing a DApp could be downloaded easily. However, currently, users must download a browser that supports DApps, transmit the needed cryptocurrency to a wallet, and engage from there.|
|While consumers benefit from backend updates, the authentic experience should remain the same. This method of engaging with programs is called Web 3.0, which also refers to the decentralization of data.||While tech-savvy individuals should have no difficulty with this, most consumers will not know where to begin.|
|At its inception, the Internet was a realm filled with information that anybody could access. Large corporations eventually harnessed or concentrated it. While these companies supply it “for free,” it is at the expense of our personal information, which they subsequently sell for profit.|
|Companies are, therefore, in charge of this information and are aware of what their consumers choose to purchase, how much money they have, and who they know.|
|This control also implies that they may withdraw it. Enter Web 3.0, where the use of DApps does not compromise privacy.|
|Instead, a user may choose to disclose just the necessary information for, for instance, a medical exam or a loan, as well as who can view it and for how long. Companies might also pay for this access, guaranteeing that the users will benefit.|
|Additionally, there is the issue of trust. It is difficult to trust anybody in a world where huge organizations with great security leak identities, email addresses, and passwords.|
How can Kenyans build their own dApps?
👉 The creation of decentralized applications is not as easy as the development of centralized applications or conventional software. The processes required to construct a decentralized application are detailed in the following sections.
👉 The initial step of the dApp development process is identifying the appropriate business use case. The best approach is to identify the issue and determine if decentralization is the optimal solution.
👉 Consider a supply chain scenario in which we wish to pay equipment or raw materials suppliers as soon as the item arrives. Remember that blockchain has five advantages:
👉 The second phase is to develop a proof of concept (POC) for stakeholders to comprehend the concept. After establishing the POC and demonstrating it to the appropriate individuals, you must construct aesthetic and technical designs.
👉 If you must construct a smart contract or user interface to show the end-to-end cycle, you should keep the POC minimal. Ensure that the POC cycle can be completed within 2-4 weeks.
👉 After completing the POC, begin working on the platform’s aesthetic and technological designs and determine its appearance. As numerous Distributed Ledger Technology (DLT) platforms are accessible, the technological aspect of dApp development is vital.
👉 You must choose the appropriate platform depending on your needs for speed, scalability, consensus process, and public or private network capabilities.
👉 Once development is complete, run the product on the test network, thoroughly examine the code, and resolve any issues or mistakes before going live.
👉 After thoroughly evaluating the code and features, and if you are satisfied that everything is working as it should, the fifth and last step is to release your dApp to the production server.
👉 Kenyans must remember that there is no room for mistakes in the production environment, unlike conventional applications for which developers may build the code, deploy it, and adjust it as necessary.
👉 In the case of a public blockchain, each action completed on a live smart contract incurs a certain gas charge. Consequently, it is crucial to guarantee that the programs are written effectively and without mistakes.
10 Best dApps in Kenya
👉 Aave is a decentralized application (DApp) on the Ethereum blockchain that allows users to borrow and lend assets from one another in exchange for interest. To do so, customers must link their Ethereum wallet to the decentralized application. In some ways, it resembles Compound.
👉 However, Aave separated itself from the competition by offering quick loans. Flash loans are loans that are only valid for a single blockchain transaction. In addition, it makes unsecured debt possible.
👉 This is conceivable because the transaction may be reversed if the loan is not returned. From smart contracts, pools have derived the assets for quick loans.
👉 Flash loan interest rates on Aave are modest, at just 0.30 percent. In addition, fast loans enabled arbitrage possibilities. To do this, traders could get a loan, execute an arbitrage transaction, and repay the loan plus any accumulated interest.
👉 Using ERC-20 tokens, users may speculate on the price of real-world assets such as other crypto assets, currencies, equities, and precious metals (among others). These tokens, known as synthetic assets or ‘synths,’ can monitor the values of these assets.
👉 Users on Synthetix must lock up Synthetic Network Tokens (SNX) as collateral to generate the platform’s native stablecoin, Synthetic USD. In the same way, users on Maker DAO must lock up ETH as collateral to produce the stablecoin DAI (sUSD).
👉 Synthetix has partnered with Chainlink and their oracle technology to provide decentralized price feeds to gather real-world asset price information.
👉 Compound is yet another Ethereum-based borrowing and lending decentralized application. It facilitates the lending and borrowing of bitcoin between users.
👉 The smart contract protocol is used for everything. On the other side, by increasing the available funds, lenders might benefit from cryptocurrency in the form of interest. Users must first link an Ethereum wallet, such as MetaMask, to transact.
👉 cTokens are Compound’s native token. So, for example, a user who deposits ETH will get cETH as a return. If a user deposits USDT, for example, they will get cUSDT in return using the same logic.
👉 Lenders and borrowers may track the value of their loans and interest payments with the help of these tokens.
👉 MakerDAO dubbed the “Godzilla of DeFi” by CoinDesk, has been operational since Ethereum’s inception in 2015. The DAI stablecoin, which is tied to the US dollar, may be borrowed via this lending site. MakerDAO’s decentralized nature has made it so popular as a lending platform.
👉 There are no limits on where you may use MakerDAO since it is a decentralized application. Anyone around the globe may make use of it. If you utilize a loan service provided by a bank, the lender will do a credit check and verify your identification.
👉 The DAI accepts ETH and other Ethereum-based (ERC-20) tokens, such as BAT, as collateral. However, this digital asset is frozen until the borrower is ready to pay back the loan in full, plus any associated costs. After that happens, the ETH will be made available.
👉 However, if the price of ETH falls below a particular threshold, the asset will be liquidated to repay the borrowed DAI and any associated fees. These liquidations or their threat stabilizes the MakerDAO system’s administration.
👉 Augur is promoted as “your worldwide, no-limit betting platform.” It lets users speculate on real-world events, including elections, economics, and sports. In 2015, it conducted an Initial Coin Offering (ICO) and raised 2,000 BTC and 100,000 ETH.
👉 The transferable tokens known as Reputation are at the core of the Augur platform (REP). You can use these tokens to cast bets, challenge the result of a bet, or buy participation tokens.
👉 The tokens have been given the term “Reputation” since one may win them by correctly predicting the outcome of a contested bet. They can also be obtained by placing a bet and then reporting the results of that bet.
👉 Users participate in buying and selling shares based on an event’s result. The developers of Augur saw their product as the solution to a “broken” betting environment, where consumers often find that their betting limits are reduced, and their accounts are cancelled.
👉 Because Augur is completely peer-to-peer and decentralized, this scenario is not possible.
👉 The first decentralized exchange (DEX) to operate on the EOS blockchain is Newdex. It is the most popular EOS decentralized application (DApp) by volume as of December 2020. Additionally, it utilizes the TRON blockchain in its operations.
👉 As with other decentralized exchanges (DEXs), Newdex does not demand KYC and does not have direct access to your cash. However, a diverse selection of EOS trading pairs is accessible to trade, including BOS and TLOS. Side chains may also be traded.
👉 This decentralized application now has an edge in terms of the number of transactions it can process per second because of EOS’s improved scalability over Ethereum (TPS).
👉 On the other hand, after Ethereum 2.0 has been completely deployed, this benefit may not be as significant. Despite this, Newdex is a fantastic choice for consumers seeking alternatives to Ethereum.
👉 Mobile devices can now serve as light client nodes according to Status, which bills itself as “The Mobile Ethereum Client.”
👉 Utilizing the Ethereum Blockchain Network provides a safe and reliable means of exchanging information, navigating content, and making financial transactions on the distributed web.
👉 Moreover, to access the whole Ethereum ecosystem, you can utilize the DApps from any device.
👉 Kenyans can negotiate the terms of smart contracts and settle financial obligations directly inside the DApps messaging system. In addition, the app’s peer-to-peer technology means there is no need to worry about server outages.
👉 Gnosis is an Ethereum Blockchain-based platform for prediction markets comparable to Augur. The objective of this top decentralized application is to let users make accurate predictions about real-world events like elections and market prices.
👉 Gnosis compensates users with GNO tokens or other cryptocurrencies if they make correct predictions per the project’s policies. In addition, Gnosis allows developers to build their own customized prediction markets using the platform’s development tools.
👉 Shapeshifts Prism is an effort built on the Ethereum Blockchain. It offers a decentralized asset portfolio market and employs executable distributed code contracts, or EDCCs, to construct customized market portfolio management tools.
👉 Using Prism, anybody may invest in different cryptocurrencies and specify the holding percentage they choose. In addition, Prism removes the need for third parties and the time-consuming process of storing and maintaining several private keys and wallets.
👉 Because the project is based on Ethereum smart contracts, it is unnecessary to remember several exchange passwords and keys. In addition, it offers an interactive user interface that shows a person’s investment portfolio and records all transactions in real-time.
👉 Aragon is a significant contribution to the DApps series. The Ethereum Blockchain-based technology may be used to create and manage decentralized organizations. The Aragon Foundation administers the open-source project, Aragon.
👉 The project’s objective is to remove the need for human trade by enabling anyone to utilize the Ethereum Blockchain to manage whole businesses and organizations.
👉 The platform was created to enable the creation and administration of decentralized autonomous organizations (DAOs) (decentralized autonomous organizations). Aragon also includes ANT, the platform’s token, which allows voting on future product development decisions.
👉 The DAO concept created by Aragon may be used by any organization, corporation, non-profit, or foundation. It is expected to increase organizational openness and governance effectiveness.
👉 Aragon also helps remove unnecessary third parties by substituting them with Ethereum Blockchain-based smart contracts. Furthermore, the software promises to provide a simple digital area for all by eliminating regional restrictions and bureaucracy.
The Best CFD Brokers in Kenya
👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 trading platform broker in Kenya
👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.
👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.
Best MetaTrader 5 / MT5 Forex Platform broker in Kenya
👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.
Best Forex platform for beginners in Kenya
👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.
👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.
Best Minimum Deposit Forex platform in Kenya
👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.
Best ECN Forex platform in Kenya
👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.
👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.
Best Islamic / Swap-Free Forex platform in Kenya
👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.
Best trading platform Forex Trading App in Kenya
👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.
👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Best Lowest Spread Forex platform in Kenya
👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.
Best Nasdaq 100 Forex platform in Kenya
👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.
👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.
Best Volatility 75 / VIX 75 Forex platform in Kenya
👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.
Best NDD Forex platform in Kenya
👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.
Best STP Forex platform in Kenya
👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.
Best sign up bonus trading platform in Kenya
👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.
👉 The fast evolution of the dApp market makes Ethereum the Blockchain platform of choice for developers. There are many dApps, each serving a unique function.
👉 Kenyans can participate in dApps either by developing their own, becoming users, or investing in the coins behind the protocols behind dApps.
What types of dApps can Kenyans expect?
dApps are categorized according to those who have native blockchains, those who leverage the blockchain of a Type 1 app, and those who use the protocol of Type 2 applications.
What is the most popular dApp in Kenya?
Some of the most popular dApps in Kenya are Axie Infinity, Raydium, Uniswap, PancakeSwap, and more.
How do dApps make money in Kenya?
Unlike traditional commercial apps, decentralized applications (dApps) generate revenue not via advertising or in-app purchases but through the sale of tokens, ICOs, donations, and transaction fees.
Which blockchain in Kenya has the most dApps?
For several reasons, dApp creation is now centred on the Ethereum network. First, to speed up the process of launching new projects and cutting down on development time, Ethereum employs a user-friendly interface for developers.
How can Kenyans access dApps?
Kenyans can browse different dApps using a dApp browser or use Trust Wallet and crypto exchanges.