DeFi Is Booming, But There Are Caveats To This Killer DApp

7 min read

Cryptocurrency may have found a killer DApp, in DeFi (Decentralized Finance). It has opened up the cryptocurrency space with a total valuation locked at $8.11B in early September 2020, with a high of $9.605B (source: DeFi Pulse). DeFi is providing an alternative financing instrument for loans, funding and exchanges that do not require the usual documents and papers in traditional finance. Banks would require new accounts to provide their KYC (Know Your Customer) information, along with personal data about employment, salary and assets. DeFi does not have such requirements. It is an open protocol for decentralized finance, and this is the main benefit of…...

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vincenttabora I am a network engineer and technology writer, with a deep focus in blockchain and machine learning technology. I have extensive experience in the IT industry developing and implementing solutions in various industries. I eventually became more interested in blockchain due to the rise in cryptocurrency like Bitcoin. I realized that it was not about speculating on price value, it is a disruption in the finance industry. At the moment I like to educate about the significance of cryptocurrency, which I feel has great potential to drive innovation not just in financial systems, but even in settlements and trust.