The state of NEO DApps - 5 Important DApps

May 30, 2020

Neo is a community-backed, open-source blockchain project, and its platform leverages blockchain technology to optimize the future of the digital world. They are supporting the Neo DApps ecosystem with a fund of US$100 million under their EcoBoost program. As of now, the Neo DApps ecosystem has 500,000+ community members, 100+ DApps, and 10+ global developer communities. There were 2.27 million transactions worth US$1.01 million on Neo DApps in 2019. 

Want to find out which NEO decentralized applications exist? Let’s take a look!

#1 Nash Exchange

Nash is a Neo DApp, which serves the digital finance space through blockchain infrastructure. It was founded in 2017 by Thomas Saunders, Fabio Canesin, Luciano Engel, Ethan Fast, and Fabian Wahle. 

Nash does not control user funds at any point in the transactions as it is a non-custodial exchange. The non-custodial exchange, unlike the custodial exchanges, does not require its users to create an account for purchasing digital assets from their platform.

Nash's revolutionary technology termed as off-chain matching engine and their user-centered design helps them offer speedy traditional & centralized services to its users. Nash is also the first cryptocurrency exchange to come out with a secure multi-party-computation-based decentralized API key. The newly launched Nash's decentralized API keys can aid users in undertaking algorithmic and institutional trading without any counterparty risk. 

Nash also offers other products to its users, in addition to their exchange services, which assists their users in the purchase, storage, and transfer of digital assets. Nash's 24-hour trading volume is US$510,740 and they have 1749 monthly users

#2 Switcheo Network 

Switcheo is a peer to peer non-custodial exchange. Its mission is to "enable trustless transfers across blockchains in a practical manner." Switcheo's Neo DApp is trusted globally by over 34,800 users

Switcheo allows its users to do cross-chain trades through its atomic swap markets and over-the-counter services, without the need for a trusted third-party. It has a simple & intuitive design offering excellent user experience for both new and regular traders. 

All fund transfers and trades on the Switcheo's Neo DApp are executed through smart contracts. The exchange is also immune from hacking, unlike other major exchanges, as Switcheo does not have a central wallet where all user funds are stored. 

A Switcheo user committing at least 300,000 SWTCH in the Switcheo Chest and maintaining a minimum of 100,000 USD worth of 30-day trading volume will unlock negative maker fees. The user will receive the negative fee as a rebate in SWTH and it can be traded or withdrawn after 6 months. The accrued rebates can be tracked by users in their Switcheo portfolio section. 

The 24-hour trading volume of Switcheo Network is US$87,885.37 and they have 306 monthly active users

#3 Translate Me - Decentralized Translations 

TranslateMe was founded by Ryan Llyod and Stephen Lagesse. It is a Neo DApp and it was created to offer translation services to the tourism and premium hotel industry. Their aim is to solve the issues that machine learning-based translation services face like poor quality and high costs, and on top of that, it only supports translation for 1% of the languages in the world. 

TranslateMe is the first company to leverage its own corrections to train an algorithm and it will facilitate this by utilizing the machine's original data and comparing it with human contributed corrections. Their process of correcting the machine output is 90% more efficient in comparison to typical neural networks. This approach will help TranslateMe in the rapid development of its commercial product. 

The bulk of required computations to complete a translation project would be performed by nodes and master nodes. The value of services must be higher than the costs incurred by these nodes to generate profit. TranslateMe's premium translation services will fetch premium prices from clients and this will be directly passed on to the nodes supporting the platform's operations. 

The company will dedicate 9% of the revenue generated from end-users for the platform's development and long-term growth. The percent of subsidies to be borne by the mining algorithm to pay for the platform's cost was pegged at 100% of operational costs in the first year of operations, 90% in the second year, and 80% in the third year. There will be a gradual increase in the costs for the service providers which will aid in the transition from mining-based rewards into direct remuneration for the service providers. There are 314 monthly active users on TranslateMe's platform. 

#4 Moonlight - Verified Digital Profiles

Moonlight is one of the most well-known NEO Dapps. They want to provide employment opportunities around the world through their user-friendly platform based on emerging technologies of the new age. Their mission is to let users be in control of their own credentials and remove the guesswork from the recruitment process through efficient data verification. 

You can start controlling and managing your professional profile on Moonlight by creating your profile on the platform. Add information about your skills, interests, accomplishments, awards, and work experience in your profile. The platform also allows its users to create multiple profiles with specific information to cater to different job roles. You can also change the privacy of your profiles to limit the visibility of your credential content. 

The users of Moonlight's Neo DApp can send their resume with verified credentials to prospective employers. It will also help them stand out from the rest of the applicants in the job market. The recruiters and hiring managers using Moonlight DApp will also be greatly benefited as they can rest assured that the applicants they are reviewing are one of the most qualified candidates available for employment. 

It is very important to know the identity of the person you are communicating through digital means in both public, as well as the private sector. Hence, digital identity will assist in establishing a sense of privacy, trust, and security in digital transactions and interactions. It will also aid in overcoming the inefficiencies associated with the traditional identity systems based on the in-person visits and physical documents. 

#5 Travala - Blockchain-based travel bookings

Travala was founded in 2017 and its Neo DApp is trusted worldwide by thousands of customers who prefer using Travala as their online travel agency. The platform currently offers 2,000,000+ properties across 230 countries and territories covering 90,124 destinations. The prices offered by Travala are 40% cheaper compared to its mainstream rival travel booking platforms. 

The travel booking platform of Travala has incorporated the next-gen blockchain technology and token-based incentives to offer their customers a smooth travel booking experience. They offer multiple payment options to their users which includes both cryptocurrencies and traditional payment methods, where customer benefits are tied with Travala's proprietary cryptocurrency AVA. The users can use AVA tokens for payments, refunds, storing value, redeeming loyalty rewards, etc. The current market cap of Travala's AVA is US$13,138,534 and its circulating supply is 35,744,049 AVA

As per an announcement dated 14th May 2020, Travala users would also be able to use Multi Collateral Dai (DAI) to pay for booking through Travala's platform as Dai has been added as one of the payment options on Travala. The current stablecoin payment options on Travala are USDT, USDC, BUSD, GUSD, and DAI.

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