We all use applications. Whether it is for social networking, managing our lives, or listening to music, apps of all kinds have managed to weave their way into pretty much every facet of our lives. It doesn’t matter if it’s a web, desktop, or mobile app – they all tend to work in the same way by being downloaded and installed for use.
However, a revolution is currently underway with a new, potentially disruptive group of apps emerging: the decentralized application (dApp).
What are dApps?
Decentralized applications (dApps) are digital apps or programs that exist and run on a blockchain or P2P network rather than a single computer and are outside the purview and control of a single authority. In a short while, we will look at what they are, how they affect people, and how companies can promote them successfully. First we need to look at what inspired their creation in the first place. We’ll also talk about why they present a good alternative to old-school, traditional apps.
Problems with traditional apps
At the moment, the odds are that people use at least a dozen apps on a weekly basis. Apps, in general, have made getting things done a lot easier, and most popular apps have an easy-to-use interface. However, despite the utility and benefits that current apps provide, there are quite a few disadvantages that end up making them less desirable than they first seem. The top three include data misuse, vendor lock-in, and censorship.
First of all, there is the potential for data harvesting and misuse since some apps collect more personal data than we would be comfortable sharing if we knew what it was used for. In some cases, the data can be sold to third parties without our knowledge or leaked if the app is hacked.
Secondly, there is the problem of vendor lock-in. When you try to stop using an app or service, it is incredibly impractical and expensive. It can also be a frustrating experience when you are forced to use an app that you are not happy with because you are stuck in a contract. In some cases, the company behind the app makes it extremely challenging for you to move your settings/data to another app.
Lastly, some users experience the opposite problem where they are not allowed to use certain apps because of local restrictions, censorship, and monopolies. This is especially common on social media since many social media companies have their own agenda. They are also under the control of local regulators and governments to restrict users.
So, the question is, what if there was an alternative to traditional apps?
This is where decentralized apps (dApps) come in. They are essentially apps that are connected to a blockchain (like Ethereum or Binance Smart Chain) through smart contracts. Smart contracts can be described simply as LEGO-like chunks of code that are used to automate tasks such as sending a payment, using an in-game item, or placing a bid. dApps, like any other app, have a user interface with which a user interacts.
How dApps differ from traditional apps
The user tells the app what to do by selecting options, entering information, clicking buttons, etc. However, this is where dApps start to differ from the traditional apps we know so well. Smart contracts communicate everything a user does in the dApp back to the underlying blockchain. dApps have a number of unique properties that give them powerful capabilities as a result.
The blockchain technology that was created to revolutionize the finance industry has not only found a home in a variety of industries. It has also begun to provide a variety of use cases on the mobile landscape. The dApp market has grown to the point where entrepreneurs worldwide from various industries have started crowding the space in search of blockchain app developers. All of this while learning their way around the domain and identifying use cases for blockchain applications that will allow them to reap the benefits of their investment.
They run on a decentralized network
dApps run on a decentralized blockchain network hosted by thousands or even millions of nodes or computers. Each node or computer stores a copy of the dApp, and there is not a single entity in charge of them. Rather than having the issue of censorship where apps are blocked in a particular region, being on a decentralized blockchain network makes them virtually impossible to block, making them accessible at all times. Almost anyone can launch a node on most blockchains to add another backup of the dApp. What’s more, there are usually rewards in place for those who do so. Aside from that, some dApps are directly focused on community governance, allowing users to have a say in how they grow and develop. This usually requires members of the community to possess the dApps’ governance tokens, which grant users their voting privileges.
They run on open-source code
Secondly, many dApps, unlike most consumer apps today, have open-source code. This makes it simple to understand what an app does, what data it uses, and what permissions it requires. This is not always the case with standard apps. This means that anyone can examine its inner workings to ensure there are no hidden dangers. It also means that if a dApp is not up to par, the community can easily duplicate and launch an alternative version (known as a fork). This possibility gives developers a solid incentive to play fair or risk being forked.
They are built on smart contracts
Moreover, dApps are essentially trustless because they use smart contracts to automatically carry out whatever agreements the company makes with another party. This goes against the norm of completing a trade or deal where a contract needs to be drawn up to ensure that the counterparty holds up to their end of the agreement. Decentralized exchanges are a great place to demonstrate the use of smart contracts. This is because they allow people to swap one cryptocurrency for another without having to rely on trust alone that they will get what they pay for.
There’s a permanent record of all changes
Finally, since it is built on the blockchain, the dApp, its history of changes, and everything it does are all permanently recorded. This means that if an error occurs, it is relatively easy to determine when it happened. It’s also easy to identify who was affected, and, in many cases, how the error occurred. For example, you can find out whether it caused by a developer’s error, an exploit, or something else. This increases transparency while also incentivizing developers to work in everyone’s best interests.
dApps have been gaining traction in recent years, and there are now thousands of them available, covering a wide range of niches and industries. For many regular apps, people can now find a dApp alternative. It’s true that there is not quite as much variety as we are accustomed to in the traditional app marketplace. Even so, one can usually find something they are interested in. Some of the most popular uses for dApps at the moment include trading, social media, gaming, and entertainment.
With the buzz surrounding dApps gaining more momentum, it is inevitable that more and more companies will start building and monetizing apps. Moreover, with so many dApps currently out there and more getting developed daily, it is essential to know how to promote them effectively.
How to Promote dApps
1) Tokens bounty programs
Bounties originated in the digital world as a way for online gaming platforms to reward users for contributing to the development of their games. Bounties are essentially monetary incentives offered by businesses to individuals.
Currently, most projects on blockchain platforms have their own token, and a dApp is likely to have one as well. Tokens function as a form of public stock and can be used for promotion in addition to their primary function. Projects may encourage dApp users to take specific actions to promote the dApps and bring in new users to a company’s product. In this case, tokens are a good way to compensate these people for their efforts.
Each task is usually specified as precisely as possible and estimated in a set number of tokens. Some popular tasks for bounty programs include reposts of a dApp promo publication. You can offer referral rewards for inviting other users, chat activity rewards, and bug bounty programs.
To avoid token value dumping, companies using this marketing strategy must balance bounty token amounts. The terms of the bounty program must also balance out. Attracting users should be simple, but avoiding token-gathering bots is also something you need to do. The main pros to the marketing strategy are gaining a solid user base and increasing project and brand recognition. On the other hand, major cons include the token losing its value, problems with bots, and the potential disinterest of project users.
2) Cooperation with opinion leaders
First and foremost, we must determine who these opinion leaders are. With extensive research into the industry, you can compile a list of the best, most relevant individuals to partner with for your project.
There are many professionals in all markets, but especially in the EOS market. Furthermore, some of them are probably actively engaged with the same target market that you have your eye on. This opinion leader is likely to have many followers on social media as well as people who listen to and respect what they have to say. The viewpoints of the opinion leader are always valuable to their audiences. They can also inform their subscribers about your company’s project.
This type of promotion provides excellent value because it results in direct communication with your target audience. You might want a media professional to write an article about the company’s dApp. Alternatively, you might want an influencer to create content about you and turn into a brand ambassador. In either case, it is crucial to connect with both groups. Partnering with media professionals, thought leaders, and influencers in your industry is a good way to get the word out there about your project. The pros of using opinion leaders include:
- Boosting the value of your company messaging,
- Increasing engagement with your brand message,
- Improving your brand visibility among your target audience.
The potential cons include a potential lack of bloggers or media professionals in your specific niche and connecting with media professionals who have a questionable reputation. You also have to take into consideration the high cost of getting someone to promote the project.
3) In-dApp FOMO
FOMO ( Fear of missing out ) marketing is a powerful tool for engaging users when you’re doing dApp promotion. FOMO marketing is especially successful because it plugs into people’s fear of missing out on good deals. Fear of missing out (FOMO) is a huge factor in dApp promotion. This is because the users of crypto dApps are still driven by emotions rather than valuation.
FOMO can actually apply to other markets. However, it appears to have a much more significant impact on crypto industries than it does on other industries. Every FOMO campaign is built on three main pillars: scarcity, profit potential, and time constraints. Some effective ways to leverage FOMO include hosting time-limited competitions and continuously updating the leaderboards to track the progress of in-dApp actions. Alternatively, you can create time-specific tasks. Some pros to in-dApp FOMO include the dramatic increase in user numbers and excellent user engagement.
Driving immediate action by plugging into people’s fear of missing out is effective in many industries. Even so, putting this marketing strategy into action can be difficult. You must thoroughly understand what matters to your target audience before launching FOMO campaigns that will influence them. It is also essential to strike a balance between reward and effort.
4) Community Building
One of the main driving forces of dApp success is the community behind it. The larger the community you build, the greater the impact your dApp will have on the market. Ultimately, the community you build will be at the heart of your dApp promotion. After all, these are the people spreading the word about your projects around the globe.
An engaged and happy community will easily attract new members and experience rapid growth. The opposite atmosphere will deter newcomers and result in a loss of community. As a result, the only way for a company to succeed is to keep the community happy. At the end of the day, your community can help you gain traction. On the other hand, your lack of a community can easily lead to the collapse of your project. A well-constructed model of communication with your community may provide you with more benefits than you can imagine. Some of the best community-building strategies include creating content that builds trust and encouraging user-generated content.
How Pressfarm can help with content creation for your dApp
Sometimes, however, creating content can be time-consuming and it takes a lot of effort to create engaging content and format it correctly for distribution. Many crypto developers have come to Pressfarm because they don’t have the time to create the quality content they want while also improving their crypto products.
Armed with PR specialists, expert writers, and certified designers, Pressfarm can help you create quality content. In addition to creating branded content that attracts attentio, the Pressfarm team will distribute this content widely for your target audience to see. These professionals can help with writing a professional press release and some engaging guest posts as well as designing a professional media kit. The experts at Pressfarm can put your project in the spotlight where it belongs. They also distribute this content to the right media outlets, startup directories, and professional networks. In this way, Pressfarm can help boost your online visibility. With this distribution strategy, members of your target audience can easily find you through organic searches using keywords related to your project.
Once you sign up, an account executive at Presfarm also builds custom media lists for your brand. These contacts come from a media database of 1 million+ journalists, bloggers, and influencers from different industries. By partnering with these media contacts, you can share your brand story widely and inspire your target audience.
Decentralized applications are considered one of the holy grails of blockchain technology. In reality, they are still largely experimental. They have still got some growing pains to deal with before they can be considered real app-killers. Odds are that it will still be a few more years until there is a dApp that achieves the same level of success as that of traditional apps. Even so, dApps offer a lot of potential and there are already quite a number of notable dApps on the market. You need to know how to promote your dApp so that you can stand out against your competition properly.