How would you earn steady income flow using Bitcoin and other cryptocurrencies? DeFiChain seems to be the solution! Merely using the cryptocurrencies effectively, you can create consistent additional income with it. DeFiChain is indeed a decentralized POS blockchain which is focused on decentralized financial apps.
It enables the dApps to use bespoke transactions, often referred as Decentralized Finance transactions, to incorporate more additional features (DfTx).
There seem to be various DeFi platforms available, but several of them do not accept BTC. It is indeed a problem since many individuals place greater faith in the initial token than just about any other.
Read the below article to know more about DeFi Chain in detail.
What Exactly is DeFi?
DeFi (short for “decentralized finance“) focuses on financial services offered by public blockchains, most notably Ethereum. Anyone could accrue interest, borrow, lend, purchase insurance, exchange derivatives, exchange commodities, and more to do with DeFi, but it really is quicker and does not really involve documentation or a foreign entity. DeFi is worldwide, peer-to-peer (primarily among two individuals, not via a centralized system), pseudonymous, as well as available to anyone, just like cryptocurrency in itself.
About DeFi Chain
Though many companies continue to somehow be impacted by the worldwide pandemic along with the war between two countries that is Ukraine and Russia, more individuals are becoming interested in investing in financial marketplaces like the cryptocurrency marketplaces in order to secure their investments.
Such market factors are expected to propel blockchain-based decentralized finance services towards new and innovative levels. Nevertheless, platforms such as Bitcoin also have recognized scalability as well as decentralization issues, which may limit the expansion of DeFi mostly on the BTC network.
DeFi Chain seems to be a new technology that could help solve these issues. Its goal is to deliver financial services towards the decentralized Bitcoin industry, including such borrowing, lending, investment, saving, and just about anything else a financial institution can do.
In simple words, DeFiChain seems to be a proof-of-stake network constructed on the pinnacle of the Bitcoin network via a hard fork, with the goal of elevating decentralized finance to an unprecedented level.
DeFiChain gives greater transaction throughput, low mistake rates, and also good enough features and advantages to build a secure solution to Bitcoin-based financial services. Liquidity mine, stake, decentralized stocks, as well as decentralized loans are just some of the services that are available in DeFiChain.
Team behind DeFi Chain
Both DeFiChain (DFI) trademarks as well as domains are owned by the DeFiChain Foundation. The organisation is in charge of growing the environment, forming new alliances, leading the advancement of partner products, as well as managing DFI money.
Dr. Julian Hosp as well as U-Zyn Chua represent two major individuals in the project’s beginnings. Hosp is a well-known as well as respected cryptocurrency expert who has a significant global following. He is perhaps the CEO as well as co-founder of Cake DeFi.
DeFiChain’s chief technological officer (CTO) as well as researcher is U-Zyn Chua, a co-founder of Cake DeFi. Chua is perhaps the chief engineer at Zynesis as well as the blockchain advisor of the Singapore government.
Key Features of DeFi Chain
As previously stated, the blockchain was created with decentralised finance decentralized applications in mind. As a result, it delivers complete functionality for this particular area that is simple, quick, and also safe.
The following are some of them:
- Lending
- Wrapping of tokens
- Pricing oracles
- Exchanges
- Transferable debts as well as receivables
- Non-collateralized type of debt
- Tokenization of Assets
- Dividends Distribution
Ever since its inception, DeFiChain has been emerging and developed. As a consequence, investors could purchase, hold, as well as sell decentralized tokens that are priced similarly to genuine stocks, indices, as well as commodities here on the DeFi chain.
The update now enables the use of dUSD, its native decentralized stable coin. The users of DeFiChain could lock decentralized BTC, decentralized ETH, decentralized USDC, decentralized USD to create stock tokens, as well as decentralized USD as collateral. Because of the low volatility, one can expect modest short-term losses as well as significant long-term gains.
The Native Coin, $DFI
Within the DeFiChain environment, the DFI coin is a crucial monetary unit. The $DFI is mainly used more as a charge for the conducted transactions as well as governance upon chain enhancement suggestions. By furthermore, the DFI is utilized to create fresh coins on DCT as well as to propose community suggestions.
The DeFi Chain’s utility coin, DFI, would be issued by the DeFiChain Foundation with a lifetime cap of 1.2 billion. There would only be 1.2 billion DFIs generated.
The platform is a collaborative initiative. There are no ICOs; just free airdrops are available. DFI has been used to pay a fee for all DeFiChain operations involving smart contracts, comprising fee payments for decentralized trading activities, token exchanges, DeFi services, DEX fees, as well as ICX costs.
DFI could also be utilized as collateral on DeFiChain to loan other assets of the cryptocurrencies. On DeFiChain, members will receive prizes whenever they mint a blog.
The current DeFiChain (DFI) price is $4.19 USD, with such a trading volume of $18,531,853 USD during the last 24 hours. During the last 24hrs, DeFiChain has gained 1.46 percent. With such a live market valuation of $1,259,698,448 USD, It is now ranked #211 on CoinMarketCap. There are 300,511,840 DFI coins in circulation, with an overall supply of 1,200,000,000 DFI coins.
If you’re looking for a place to purchase DeFiChain, the major crypto exchanges to use right nowadays are KuCoin, Bitrue, Hoo, LATOKEN, as well as Hotbit.
What Sets DeFiChain Apart from Other Platforms?
Bitcoin (BTC) as well as Ethereum (ETH), both of whom have spurred the creation of decentralized finance, are really the two most influential blockchains inside the cryptocurrency sector. These improvements over existing, though, have constraints: Bitcoin does indeed have a lengthy history of security, however it could only handle basic BTC operations. Developers could construct apps for Ethereum to conduct more complicated transactions, however the network faces scalability issues.
That’s where DeFiChain (DFI) enters in, with the goal of addressing issues such as scaling, safety, as well as equitable governance. The following are the approaches it suggests:
- To provide a high degree of protection, they are developing a public blockchain for DeFi application cases that is built on Bitcoin.
- Regarding network functioning, a hybrid proof of stake (PoS)-proof of work (PoW) consensus protocol is used.
As a result, DeFiChain’s advantages include:
- Users can access a comprehensive variety of financial asset types in a permissionless as well as borderless way.
- A broad range of crypto-economic monetary operations are supported.
- All operations and transactions have a higher throughput.
- Because of its composite consensus process as well as the fact that transactions remain non-Turing complete, it achieves a high degree of protection.
- Developers are able to build DeFi applications on a single chain.
- Offering a decentralized as well as reliable governing ecosystem.
How Safe Is the DeFiChain Platform?
Since it is not Turing complete, the DeFiChain (DFI) smart contract program code is seen as a secure choice. DeFiChain is also linked to Bitcoin (BTC) for safety purposes: DeFiChain generates cryptographic screenshots of the present network state every so often as well as saves them on the Bitcoin network.
SlowMist examined DeFiChain smart contracts in September 2020, while KnownSec evaluated them in October of the same year. There were no flaws discovered.
Its final level of protection on DeFiChain is its dual PoW-PoS consensus process, that combines the best features of both.
