DeFiChain (DFI) news

What Is DeFiChain (DFI)?

DeFiChain (DFI) is a blockchain platform that strives to make the most out of the potential of DeFi within the Bitcoin (BTC) ecosystem. The platform is supported by a network of computers and is designed to ensure fast and transparent transactions. The team behind DeFiChain aims to provide innovative solutions to issues such as scalability, security, and decentralization.

Who Are the Founders of DeFiChain?

The DeFiChain Foundation is responsible for the development of the ecosystem, forging new partnerships, guiding the development of tools for partners, and overseeing DFI funds. The two key figures behind the project are Dr. Julian Hosp and U-Zyn Chua. Dr. Hosp is an influential and authoritative specialist in the crypto industry, with a large following around the world and is also the co-founder and CEO of Cake DeFi. U-Zyn Chua, on the other hand, serves as the chief technical officer and researcher at DeFiChain, as well as the chief engineer at Zynesis and a blockchain advisor to the Singapore government. It's important to note that the DeFiChain Foundation owns all DeFiChain (DFI) trademarks and domains.

How does DeFiChain Work?

DeFiChain provides a decentralized financial platform that offers speedy and transparent financial services. It is based on Bitcoin software and is linked to the Bitcoin blockchain through a Merkle root every few blocks. Transactions on DeFiChain are non-Turing complete, resulting in quick and seamless operations with reduced gas costs and minimal smart contract risks.

The platform boasts various features and products such as lending, token wrapping, pricing oracles, exchanges, asset tokenization, and dividend distribution, among others.

What Makes DeFiChain Unique?

In the world of cryptocurrency, two major blockchains stand tall - Bitcoin (BTC) and Ethereum (ETH), both of which are responsible for pioneering decentralized finance. However, they come with their own set of limitations. For instance, Bitcoin is known for its security but can only handle simple BTC transactions. On the other hand, Ethereum allows for more complex transaction processing but faces issues with scalability.

To overcome these challenges, DeFiChain (DFI) has emerged as a promising solution. It focuses on scalability, security, and fair governance, and achieves this through a few key features:

- A blockchain platform specifically designed for DeFi use cases, built on top of the secure foundation of Bitcoin.

- A hybrid consensus mechanism that combines proof of stake (PoS) and proof of work (PoW) to ensure smooth network operation.

- A suite of financial asset classes available to users in a borderless and permissionless manner.

- A high throughput for all transactions, thanks to its efficient design.

- A secure platform that is non-Turing complete, and therefore less vulnerable to certain types of attacks.

- A single chain for developers to build DeFi apps on.

- A decentralized governance system that ensures reliability and transparency.

In summary, DeFiChain is a blockchain platform that aims to make the most of the potential of decentralized finance within the Bitcoin ecosystem. Its innovative solutions to scalability, security, and decentralization make it a promising platform for the future of finance.

How Is the DeFiChain Network Secured?

DeFiChain (DFI) is considered a secure option for smart contract programming language due to its non-Turing complete nature. To further enhance its security, DeFiChain is tied to the Bitcoin (BTC) blockchain, creating cryptographic snapshots of the network state every few minutes for backup purposes.

In 2020, DeFiChain's smart contracts underwent audits by SlowMist and KnownSec, with no vulnerabilities found. Its hybrid PoW-PoS consensus mechanism also adds an extra layer of security, utilizing the strengths of both.