DeFi is an abbreviation of the phrase ‘decentralized finance’ which refers to digital assets and financial smart contracts, protocols, and decentralized applications (so called DApps). In simpler terms, it’s financial software built on the blockchain.
DeFi is aiming to create a (new) financial system open to everyone and (theoretically) minimizing the need for intermediaries. Everybody into cryptocurrency acknowledges the phrase: ‘Don’t trust, verify’. As an individual you can verify each transaction that occurs on the blockchain.
The traditional finance market is centralized. Central authorities issue the regular currency that drives our economy and used for every trade like the government and banks. Therefore, the power to manage and regulate the flow and supply of such currencies in the market resides to them. This is where Defi comes in: Given the flexibility and amount of development, the Ethereum platform is the primary choice for the DeFi application, but that doesn’t mean it’s the only blockchain platform. DeVault. DeVault? Yes! DeVault.
DeVault is a microcap in terms of market capitalization. Genesis block occurred at the 4th of June 2019. BCH codebase clone with its own blockchain and active development.
Bitcoin Cash 0.19 Clone Devault was started as a clone of Bitcoin Cash 0.19.0 which itself was originally cloned from bitcoin itself around version 0.15. Our first code commits were in Feb 2019 and there have been close to 700 commits to date including various upstream updates to both Bitcoin and Bitcoin Cash.
DeVault had DeFi built into its blockchain before DeFi was coined DeFi. How so? Mostly as a yielding mechanism. DeVault incorporated what they coined ‘Cold Rewards’. What are Cold Rewards?
Cold Rewards is a system to incentivize coin holders to hold coins for at least a month in the same address. How many coins can one receive by merely holding? This changes yearly and starts at 15% annualized. In the first year the monthly rate has been 1.25%. DeVault is — at time of writing — (almost) 14 months old. The monthly rewards have dropped from 1.25% to 1% per month (we are looking at proposing 1% per month perpetually). Do you know any bank that gives you this amount of interest?
This isn’t the only way DeVault is working on their DeFi ecosystem. The Development team is currently working at incorporating an SLP-like token capability. This makes it possible to store and manage tokens on the DeVault blockchain and thus providing a greater form of transparency compared to traditional forms of asset accounting and trading.
Want to know more and stay updated? Please join us at Discord:
https://discord.com/invite/JnRZ7BB
Important links:
https://DeVault.cc
https://DeVault.Online
https://DeVaultChat.cc
https://ExploreDvt.com
https://DeVault.info (DeVault wiki likely coming at the end of August)
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Welcome @crypt0lex and thanks for sharing us some of the projects you are working on the DeVault blockchain.
Cheers!