DeFiChain is a blockchain platform built to leverage the potential of decentralized finance within the Bitcoin network
Decentralized applications, or DApps, are essentially blockchain-based smart contract-powered versions of apps popularized by the Ethereum network. Now, who could have thought that you can run a distributed healthcare or fintech application where both consumers and providers have an equal say in how data gets aggregated and shared? DApps act just like traditional apps — a user shouldn’t even notice a difference — but provide much more in terms of a feature set.
DApps represents a new way of interacting with personal finance. When one thinks of traditional finance, often money lending, borrowing, savings, and similar entities come to mind. Each of these is powered, if you will, by a central authority such as banks or other financial institutions. DApp developers choose secure and robust networks and pay close attention to bitcoin. Therefore, building Dapps on the DeFiChain blockchain is the best and most secured option, as it provides crucial benefits and opportunities.
What is DeFiChain?
DeFiChain is a blockchain platform built to leverage the potential of decentralized finance within the Bitcoin network. DeFiChain is supported by a network of nodes or computers to facilitate fast and low-cost transactions. It also aims to resolve issues relating to security, decentralization, and scalability. Launched in 2019, DeFiChain was created to offer financial services including lending, borrowing, and investing. As it is a decentralized platform, no single authority controls the network.
Now, why should you consider building dApp on the DeFiChain blockchain?
Using Bitcoin as an additional layer for security and mechanism for achieving high confidence immutability, DeFiChain brings a single-purpose, DeFi-only blockchain to the Bitcoin ecosystem. DeFi on Bitcoin is a lot to unpack, and along with the arrival of the long-awaited taproot soft fork, it may be the kind of development that heralds a new era of Bitcoin-based smart contract platforms. The most recent chain is always fully secure and immutable and can be checked against the most recent record anchored to Bitcoin. Over time, DeFiChain will space out the anchors at larger intervals. This anchoring mechanism ensures provably immutable records from day one and defends against attacks, hackers, and vulnerabilities that can cause concern in emerging chains.
Companies, processes, and products become carbon neutral when they calculate their carbon emissions and compensate for what they have produced via carbon offsetting projects. Offsetting carbon emissions, in addition to avoidance and reduction, is an important step in holistic climate action.
Using Proof-of-Stake serves another crucial purpose within the DeFiChain ecosystem. As it is a more efficient network and one that enables better energy efficiency, it paves the way for DeFiChain to become carbon neutral. Last year in November 2021, it was announced that DeFiChain is a 100% carbon neutral blockchain which is another reason why you should consider building your DApp on the DeFiChain blockchain.
Community-driven blockchain ecosystem
The blockchain ecosystem is a network of participants in a blockchain that shares business objectives and processes. Blockchains have surged in popularity ever since bitcoin introduced the world to cryptocurrency. There has never been a new technology that has grown this fast. All DeFiChain community members can contribute to this process through DeFiChain Improvement Proposals (DFIPs). It is a solid example of achieving decentralized governance and putting community members in the driving seat. Moreover, it creates a place for conversation and healthy discussion, which can push the DeFiChain ecosystem to new heights.
In conclusion, the DeFiChain blockchain is a striking example of how DeFi systems, with continual updates, innovations, and refining processes, are becoming the stronger financial system when compared to centralized investing. While traditional pathways of investing are impeded by geographical restrictions and trading limits, DeFi is free of these problems.