Ethereum long has hoped to be web 3.0, ushering a new way of how we compute. They planned to do this through the help of decentralized applications called dapps to convert users. This vision has faced constant struggles as it continues towards this vision, but with the setback of dapps even working against this vision, questions are being raised about the legitimacy of this future with one analyst calling the current situation “depressing.”
There have been multiple successful dapps with CryptoKitties being the most well known. Even with that dapp, issues came up about the scalability of the platform. Since then, developers have worked tirelessly on the issue of scaling but now other problems trouble the network.
Multiple dapps have appeared that are centered around high risk gambling with some being labeled as Ponzi schemes. A number of scams and other useless games have gained traction but it remains to be seen for a legitimate dapp to find a large audience.
Several ethereum developers have commented on the lust to make money compared to building a quality product as one of the biggest pitfalls they see. Others within the crypto space have also realized these issues, with leaders such as Datafund CEO Gregor Zavcer saying:
I think the dapp development is a new paradigm in terms of how you do everything in the open, how you connect with others, and how you also provide value, not just necessarily for the end user but for the ecosystem.
The newness of the technology and ability for quick success has been a major reason for the number of basic games seen on the platform. They are not technologically complex and the focus goes to marketing rather than development in order to drive in money.
Developers have began emphasizing this issue as much as scalability recently due to the construct of ethereum. They claim the value of ethereum comes from these dapps as they drive network activity and value. Without dapps, ethereum is another speculative coin according to developer Alex Van de Sande.