Brand Desk. Blockchain technology has been around for over a decade and is becoming increasingly popular for use in practically every industry. Almost every important company or technology today is using and benefiting from it. Blockchain, like the Internet and cloud computing, is a paradigm shift that is rapidly being adopted. Decentralization finance (also known as DeFi) is a type of blockchain-based finance,
Which does not use central financial intermediaries like brokers, exchanges or banks to provide traditional financial instruments. People do many things like lending or borrowing money, speculating on the price movements of different assets using derivatives, trading cryptocurrencies, insuring themselves against risk and earning interest on savings accounts. Can use the DeFi platform.
Which does not use central financial intermediaries like brokers, exchanges or banks to provide traditional financial instruments. People do many things like lending or borrowing money, speculating on the price movements of different assets using derivatives, trading cryptocurrencies, insuring themselves against risk and earning interest on savings accounts. Can use the DeFi platform.
Decentralized finance has been at the heart of most of the cryptocurrency ecosystem’s growth since the 020 Summer, commonly known as the “DeFi Summer”. The price of the first DeFi protocol caught the attention of users, thereby acquainting the general public with the range of possibilities offered by blockchain in the financial product space.
As DeFi grows, more businesses and investors will realize the potential of blockchain technology. This will make the traditional business model appear essentially implementing the blockchain. DeFi is set to disrupt the entire financial services sector by establishing peer-to-peer options in existing financial services and institutions. However, despite its promise, technology is currently dull, scattered and difficult to understand.
Widespread adoption of blockchain technology like DeFi requires performance speed and a simple user experience.
Cryptocurrency trading in DeFi takes place on different decentralized exchanges in different ecosystems. The diverse nature of these exchanges (futures, derivatives, Ceci and DeFi) makes the availability of assets difficult. While popular assets such as bitcoin and ethereum are available on all crypto exchanges, other tokens may be available on only a few, especially those with low market value.
It is unrealistic for the general customer to fully understand public vs private keys cryptography. Standard crypto wallets, such as MetaMask, are not within everyone’s reach due to their non-user friendly interface, which slows down the mass adoption and accessibility of each DeFi protocol and tool. Furthermore, mastering one wallet is not enough to access the entire DeFi ecosystem, Because liquidity also varies through different ecosystems, which may require the use of other wallets, or even more advanced ones that bridge the need for a blockchain to access multiple assets. Hence, one of the first needs of the user is how to have simple and easy access to the entire ecosystem.
To overcome this problem, ORE (Open Rights Exchange) is working on a global, cross-chain identity register in which users keep and control their own identity. ORE Register is a digital identity register, currently on the ORE blockchain and it plans to host on other chains in the future.
