submitted by Stealthex_io to StealthEX [link] [comments]
How Decentralized Finance Came to BeDecentralized Finance (DeFi) can be rightfully considered a third revolution in the crypto space. If you wonder what the first two are, these are the invention of blockchain itself along with the technology’s firstborn, Bitcoin, and the inception of the smart contract technology. Just like blockchain provides the basis for smart contracts, the latter give rise to DeFi. It is often said that smart contracts are poised to revolutionize the ways both humans and organizations interact in their contractual relationships. In this sense, DeFi is the stage where these relationships are set to emerge and develop. With a bigger picture in mind, it is the world that the blockchain technology lays the foundation for, while smart contracts help to build it. Why we need DeFi, how it is possible, what makes it tick and click are the main themes of this article.
But seriously, why do we need it?As most financial services in existence today are provided by or involve third parties, for example, banks, exchanges, investment companies, insurance agencies etc, DeFi is an attempt to build an alternative environment, an ecosystem of applications offering the same set of services but now powered by public blockchain networks in a decentralized, transparent and permissionless way. By and large, the basic idea that guides DeFi is essentially the same ethos that drives innovation with crypto as such, but at an entirely different level.
Just like cryptocurrencies try to wrest the state supremacy over money from the hands of rogue governments and central banks, DeFi takes it further and aims higher. With DeFi, it is no longer a matter of creating a coin in an effort to replace fiat money, which mostly doesn’t work anyway. However, building a whole new domain of financial services available fairly and squarely to anyone, with full control over the assets but without corrupt governments and greedy intermediaries sticking around, may pan out better after all.
So, answering the question posed at the beginning of this section, we need DeFi for basically the same reasons we need cryptocurrencies. Or, put differently, if we need cryptocurrencies, an assumption that has been proved indisputable, it is inevitable as well that we will sooner or later become interested in decentralized financial services powered by these cryptocurrencies through smart contract blockchains. We can’t just create Bitcoin and say that’ll do. It is a natural development, a Maslow’s hierarchy of needs, in a sense.
How is it ever possible?As mentioned in the introduction, DeFi emerges thanks to smart contract tech and decentralized applications (or simply dApps) running them. So how does it work in practice? To better understand the idea, let’s take a closer look at a relatively simple example of a decentralized crypto-backed stablecoin which can be created through a smart contract. Stablecoins are coins whose value is pegged to a stable asset such as a commodity like gold or a fiat currency like the US dollar.
There are a few different types of stablecoins that exist in the wild. For the purpose of this exposition, we are interested in crypto-backed stablecoins. Like stablecoins collateralized by fiat, these stablecoins use cryptocurrencies as collateral. However, the key difference is that a fiat-based stablecoin is pegged to the fiat currency which is backing it up. Kinda obvious. A crypto-backed stablecoin, on the other hand, is pegged to one asset, say, the American dollar, but backed up by a completely different one, for example, Ether. Things get tricky.
A crypto-collateralized stablecoin is possible through the magic and the beauty of the smart contract governing it. If the price of such a stablecoin rises above its peg, or parity, you can create more stablecoins and sell them at a premium. If the price of the stablecoin falls below parity, you can buy stablecoins and liquidate them at a discount. If the collateral itself crashes, undercollateralized stablecoins will be liquidated with their collateral now backing up fewer stablecoins. As a result, the price always gets pushed back to parity.
And all this rather complicated stuff is done on the blockchain in a decentralized and automatic fashion with no banks or other third parties involved. Consequently, more services are easily possible too. And quite a few at that.
Okay, what decentralized financial services are available?Well, one such service we have just described above. Cryptocurrencies are infamous for being extremely volatile, and stablecoins are designed to deal with this issue. There are many stablecoins out there like Tether, TrueUSD, or Gemini Coin, but they are all based on trusting third parties. Easily one of the best known crypto-backed stablecoins is MakerDAO’s DAI, which is pegged against the US dollar with a basket of crypto-assets as collateral in a truly decentralized and trustless way, that is, a blockchain way.
Crypto-based stablecoins can be used on their own by offering a hedge against the price volatility of such popular cryptocurrencies as Ether or Bitcoin. Aside from that, they are also instrumental in other DeFi services, for example, in decentralized exchanges like IDEX or BiKi.com. With stablecoins, it becomes possible to create fiat trading pairs in addition to crypto ones in entirely decentralized, non-custodial trading environments as opposed to centralized exchanges like Bitfinex or Binance, which are vulnerable to high-profile hacks and personal data leaks.
Unlike MakerDAO, Ampleforth doesn’t strive to create a rock-solid stablecoin. Instead, it comes up with the notion of “adaptive money built on sound economics”, with its mission stretching out as far as to marry “the scarcity of Bitcoin with the elasticity of fiat”. It tries to go beyond the relatively simple concept of a stablecoin and brings forth the idea of elastic money supply that can expand and contract depending on market demands, as well as allow the creation of a valid form of collateral for DeFi based on that idea.
Obviously, DeFi is not just about stablecoins or the financial services using them. Blockchain-based borrowing and lending is another important DeFi arena. With platforms like Compound, dYdX, Dharma, you can deposit your crypto assets to either earn interest on them or use these assets as collateral for borrowing. Smart contracts automatically match borrowers and lenders, offering dynamic interest rates based on supply and demand. And with tools like LoanScan, you can also easily shop around for the best interest rates on the block.
These examples are far from exhaustive, of course, as the space is rapidly expanding and evolving. However, there are some fundamental issues that put grit into the wheels of the DeFi war machine.
So where’s the catch?There are many advantages of DeFi, but to be of any practical use, it needs up-to-date information that would be reliable and authentic. Smart contracts that DeFi is based on are hopelessly on-chain, but the data they need for processing is mostly off-chain. Without a bridge to close this gap between a smart contract and its source of external information, smart contracts are entrapped in closed-off dungeons of their blockchains. To be sure, no crypto-based stablecoin is going to work correctly without a real-time price feed for the assets taken as its collateral and used for maintaining the peg.
To get around this roadblock, a concept of blockchain oracles has been suggested. But as the chain cannot be stronger than its weakest link, blockchain oracles seem to be that weak link in the field of DeFi and beyond as obtaining information in a verifiable way can be an intimidating task. What approaches dApps are taking to procure and verify sources of truth in the external world is the topic of our upcoming article about blockchain oracles. Stay with us and stay tuned!
And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BTC.
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✔ Provide the recipient address to which the coins will be transferred.
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The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/08/04/decentralized-finance-defi/
Every day more and more people get acknowledged about the project. Nevertheless, many do not have time to keep track of all the information that is published.submitted by Roobee_io to u/Roobee_io [link] [comments]
Now let us tell in order the most important facts and a short history of Roobee.
Fact number one. Roobee’s story began in 2017.The history of Roobee began in 2017, at the same time the domain Roobee.io was registered. (https://prnt.sc/ny3nsw)
As you can see, it has been more than a year and a half since the domain registration to the iEO launch. During this time, a lot of work has been done: Market research, platform modeling, development, packaging, etc.
Fact number two. Roobee team.Team of the project — is one of the key parameters for rating any startup.
When creating Roobee, the team was also one of the key point for us.
Currently, a team of more than 30 people who previously worked at Goldman Sachs, JPMorgan, Lloyds Banking Group, Barclays, Lazada, Sumitomo Mitsui Banking Corporation, Banca Intesa and other big-name companies are working on the development of the project.
More information about Roobee team in this post: https://medium.com/roobee-invest/international-market-specialists-in-roobee-team-3a66eb611380
Fact number three. Operating LicensesOperating licenses for the storage and exchange of cryptocurrencies in the EU have been obtained:
◉ Providing services of exchanging a virtual currency against a fiat currency;
◉ Operating as a financial institution;
◉ Service of trust funds and companies;
◉ Providing a virtual currency wallet service.
We are planning to continue in obtaining all the licenses and permissions required by the applicable legislation to effect legitimate activities within the territory of different countries.
Fact number four. A community of 300,000 potential Roobee users.We have formed an active community of private investors (more than 300,000 people), who can become users of Roobee platform in the nearest future.
Fact number five. Crypto whales believe in the project.
August 2018During the pre-seed funding round in 2018, an anonymous crypto-millionaire under the nickname “200Mtrader”, who had previously made a fortune of $200 million by trading cryptocurrencies invested in Roobee $4.5 million.
An anonymous trader nicknamed by Bloomberg as “200Mtrader” gave an interview to CCN. He explained why he decided to invest $4.5 million in Roobee 📝
“I only invest in projects that can reach a capitalization of $1bn within the time frame of 5 years. I see this potential in Roobee project, that’s why I invested $4.5 million into this blockchain-based investment platform.”, explains the investor.
Read the interview here: https://www.ccn.com/the-crypto-bear-market-wont-last
Forbes , marketwatch, and Reuters wrote about it.
April 2019.$1 Million from the top-250 Bitcoin whales.
One of top-250 Bitcoin whale wallets (over 7000 BTC) has closed first stage of $1 mln private round IEO instantly.
The $1 million (200 BTC) transaction was sent by him via transit wallet to the Roobee’s wallet with the message “In Roobee I Trust” 👍
“I see the same potential in Roobee that I saw in Binance at the time. Roobee has a target on an actual problems of millions of people around the world and has great potential for development in the next years. I will hold Roobee token, just as I hold BTC, BNB, EOS and other cryptocurrencies that can grow greatly according to my calculations. “, explains the investor
You can see what Bloomberg wrote about it here: bloomberg
The whale entered a long term position through buying tokens. He hasn’t received his tokens so far. A huge lock up period was set on his tokens as well as gradual defrosting.
Fact number six. The first mentions about Roobee in media.On December 28, 2018 the article about Roobee was published on the Forbes website: How An International Investment Platform Secured Substantial Investment In A Falling Market
Fact number seven. More than 145 mentions about Roobee in media.On the whole, there were more than 145 publications about Roobee in media, including the most famous and reputable ones.
There are unique articles, as well as the reprints of previous ones.
Members of our community collected the selection of mentions regarding Roobee in media with confirmations. You can see it here, follow the link 📝
We propose you to read the materials,☝️that appear regularly in an information field.
Fact number eight. Roobee in social media.Only in 2019 we started to develop our community regarding Roobee. But the emphasis on the layout design of the platform as well as on the back end development remained.
Now, when we’ve started international expansion and tokensale, we created some accounts on different platforms, in order to have more opportunities to communicate with you in various forms.
Subscribe and follow the news about the project:
Telegram | Chat | Twitter |Facebook | Reddit | Medium | Instagram
Fact number nine. IEOIEO of Roobee tokens was successfully finished on the Bitforex and EXMO exchanges.
Bitforex.The first two rounds of Roobee tokens IEO were held on Bitforex.
• The first round was held on May, 13.
• The second round was held on May, 18.
EXMO.Roobee tokens IEO was successfully finished on EXMO exchange
Fact number ten. Roobee.Roobee — is an investment platform developed on blockchain, that will open an easy access to the world of investments for each person.
It will be possible to create your investment portfolio in a few minutes with the help of Roobee intellect, questionnaire and analysis of a person by photo. And with one button you can send funds to all selected instruments from the portfolio.
It is possible to invest even from 10$, getting access to already selected instruments all over the world (from crypto to stock and venture markets), including instruments with a large entrance threshold.
Blockchain in roobee will allow you to build the service on the principles of security and transparency of operations. You will be able to see transparent historical statistics for each investment instrument in which you intend to invest.
The entire Roobee team shares the idea of the service and strives to open a simple path to the world of investment for millions of people
We look forward to your support on the way 🙌
With Bitcoin News today you will be aware of the latest trends and you will be able to accumulate what is likely to happen. Nevertheless, it’s worth hearing various opinions and create your own overview. Latest Bitcoin News is definitely your needed source of information, so take a look and find what is of your interest. You will be excited ... Binance exchange has its official site with a domain name www.binance.com. The domain was registered on April 1, 2017. The site Binance has a very progressive, but at the same time a simple site, which is available in 6 languages, among which there is a Russian. To be honest, the translation of the site into Russian is a bit “crooked”. The interface of the site is clear, all similar to ... Let’s be honest, the vast majority of the people who want to buy Bitcoin anonymously aren’t among the unbanked masses. There are many reason to maintain your online privacy, and the recent shift in crypto-related laws is a perfect example of why crypto owners should be aware of how important privacy is. Binance Review (2020) ... Pirate Bay Founder’s ‘Njalla’ Offers Anonymous Domain Registration for Bitcoin. By Author cryptonews Posted on August 9, 2020. 113. Read More. Pirate Party Founder: “Those Who Used to Be Poor, Nerdy, Geeky… Are Suddenly the New Millionaires” By Author cryptonews Posted on August 8, 2020. 113. Read More. Pineapple Will Match up to $4M in Bitcoin to Test ... was retitled: “BITCOIN: A Peer to peer Electronic Cash System” On Sunday 17th August 2008 AEST the bitcoin domain was registered. The domain was officially registered on August 18, 2018 per most registrar checkers, but there is some backstory to how the process was in getting through the ‘anonymous' domain registering process circa 2008. This type of service has become a hot commodity lately as domain names are hard to obtain without providing identity details to the registrar. Also Read: European Union Proposes Account Freezes to Protect Failing Banks […] The post Pirate Bay Founder’s ‘Njalla’ Offers Anonymous Domain Registration for Bitcoin appeared first on Bitcoin News. Now, let’s explore: The 7 Best Domain Registrars You Can Buy With Bitcoin.. In this table you will find 7 of my top recommendations of domain registrars that accept bitcoin.These companies have been hand-picked based on their price and reliability.. Ideally, you would want to pick a domain registrar that’s separate from your hosting provider.It’s like putting all your eggs in one basket. Updated news about bitcoin and all cryptocurrencies. Pirate Bay Founder’s ‘Njalla’ Offers Anonymous Domain Registration for Bitcoin . Just recently the founder of the notorious torrent website the Pirate Bay launched a new privacy-centric domain registration service called ‘Njalla.’ This type of service has become a hot commodity lately as domain names are hard to obtain without ...
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