Recently I was reading about the initiative that operates on the Ethereum Blockchain called “DeFi” (Decentralized Digital Finance).
DeFi includes a set of services and financial products designed on open source protocols or on the public blockchain of Ethereum, which allows leveraging smart contracts and the operation of this network to create new instruments that help expand the reach of these tools and in Consequently, its massification.
The Objectives set by DeFi gave me a very similar perspective to my interpretation of what is happening in Steemit since the appearance of Steem-Engine.
- Interoperability and open source: DeFi members take interoperability into account when building their projects. Open sourcing allows us to collectively understand how all products can be intertwined at a technical level.
"This is evidenced in the Esteem-Engine DEX, since with the ENG tokens it is possible to exchange between all other tokens created on the platform".
- Accessibility and financial inclusion: a financial system accessed by anyone with an Internet connection is possible.
"The values adjacent to all the initiatives undertaken in steem-engine flow freely, regardless of the geographical location of the participants".
- Financial transparency: information about financial products and services must be transparent to all participants and at the same time preserve individual privacy.
"Without compromising privacy and information management, security is a central issue in Steem-Engine and remains accompanied by clarity for users, as there are smart contracts that allow governance and dispute resolution. You will always find the person or organization behind each initiative created".
Based on these characteristics set forth above:
Could we find a similarity between Ethereum's DeFi proposal and all these initiatives that visionary entrepreneurs are developing on the Steem blockchain, taking advantage of the Steem-Engine platform and it´s smart contracts?
In my opinion there are more similarities than differences between DeFi and Steem-Engine.
“STEEM ENGINE is a platform that empowers communities, project owners, fundraisers, developers, and businesses to quickly and easily build on the Steem blockchain like never before.”
What is your opinion about the future of decentralized digital finance in Steem (obstacles to adoption)?
@juanmolina
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Hello dear @juanmolina
Wow friend. I congratulate your analysis and comparison is very well described and even more when two things that apparently have nothing to do are involved. but that in the long run it offers benefits that we can all take advantage of.
A big hug my good friend.
Hello dear friend @lanzjoseg.
What are those two things you mention?
We will try to understand these together.
This shows that our blockchain STEEM is on the right track, perhaps a step ahead with its developments and proposals.
The opportunities offered by steem engine added to the implementation of HF21, will bring good moments for our platform.
Steem platform has an enormous amount of potential however, ppl will need to come together to bring the small things that various tribes are doing right to make one smooth operation.
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If there's one field that needs the transparency and security provided by blockchain, it's the realm of finance. In these days of late-stage capitalism, there's been so much financial chicanery, and that has to be stopped. The clarity of blockchain will surely help.
Editorial note – There's no expanded version of the short-form "defi", although you did finally mention "decentralized digital finance" near the end. For clarity, a writer should always ensure that all short forms and acronyms are expanded, preferably on the first instance. Otherwise, your readers may get confused, and will very likely abandon reading the post.
Thank you for that great advice, my brother.
Do you think I should edit it, right?
Yes, my process is ... write, then edit continually, cuz it's never yet perfect. :-)
Thanks, teacher.
Very educational and informative post.
Thank you
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Thanks to you dear Friend.
You´re welcome.
As far as I'm concerned, there are 3 big blockchains out there. EOS, STEEM and Ethereum.
The sheer ecosystem size created by these three is beyond compare.
Totally agree wih you dear friend @spiritualmax.
Steem platform is a vast ocean which has so many possibilities and applications. Steem engine is a right solution but the website needs lots of overhauling.
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The platform is new. It is constantly evolving. I am sure it will improve.
Yes, it will definitely improve.
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I find everything about steem-engine quite confusing. I have many tokens there and get more daily it seems like. I am happy for all free money and hope I will understand it better soon :)
Hello dear friend @fitinfun.
Steem-engine is very easy to understand.
I recommend that you experiment trying to market any of those tokens in the internal DEX. Just as a test, you will see that it is very simple.
Hi @juanmolina,
DeFi is something I have heard about. I have been meaning to investigate its development. However, I got involved with a few things on the EOS blockchain. As luck would have it, LiquidApps innovated an Ether/EOS bridge.
I wrote this a couple of weeks ago:
https://steemit.com/crypto/@machnbirdsparo/eos-scaled-ethereum
Pretty much the only current events in Ethereum that have been on my mind is its moves to PoS. So at some point, I will be taking the Ether plunge. Any thoughts, I'm eager to learn.
God bless,
Marco
Well, I would like to pay my bills with crypto but there are few merchants who receive crypto. Merchants are reluctant to receive crypto due to its volatility. Stablecoins seems to be a solution but are not easy to integrate to online shop.
I think all of these will be promising if they can be easily integrate to daily transactions.
Hi dear @danielfs.
I am totally convinced that soon what you propose will be a reality.
A corrected reply.
If this defi system is a platform for getting or giving loans to other people, then it's perhaps a good idea.
I wouldn't mind giving loans, when I have enough to give.
And I'm not nearly as wealthy as I would want to be
If there was contests or fundraising opportunities, then those are what are missing from here.
I think people are turning away from the Steemit community, because it's related to a job.
I mean that people come here to except big wins or easy ways in minutes to get some money in their hands.
Instead of that, people see changes in months or years
And they don't even see a steady running paycheck....
Or can tell if you're going to succeed or not?
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Dear @JuanMolina,
Let me thank You for sharing this, didn't knew about DeFi, and it has pretty cool premisses, I like it, still, I don't think STEEM projects are yet at the same level, honestly not even close but they will get there with time, if people manage to get along with each other and overcome a lot of challenges..There is still a long way to go until we see STEEM blockchain and the projects within it to flourish in a broader way, but we have hope it will, otherwise we wouldn't be here =P..Again, thank You for this post, is actually amazingly well written and presented, plus the links at the end from previous posts, a "cherry on top of the cake", keep up the good work.All the best, have a great time,Cy
Thank you for those words of support, dear friend @cyberspacegod.
I believe that this new stage of Steem is at a "trial and error" level. The DeFi have already had time to correct and evolve.
I believe that in a short time we will see all these initiatives flourish cooperating together as a community.
Let God hear Your words, really want to see all of this progressing, the sooner the better!
(would actually prefer to be helping a lot more still, there are a lot of variables outside of my control that dictate the opposite, it doesn't really matter, still here for the long run either way)Cheers mate ;)Cy
We will have to wait trusting in the will of God.
Wasn't really expecting that answer, or any for that matter, and that, I will not be able to explain it, yet, the timing of Your reply actually "solved" a lot of dilemmas I was "distracted" with in mind.. Thank You I guess ^^P
I'm glad I helped somehow clear those thoughts of yours.
Although it has been this unusual way.
Yeah, real answers always come in the most peculiar ways possible, but one only gets them if at least a bit aware, anyway, I really do appreciate it ;)
as you said
Maybe it's joining
Can expand the ecosystem of STEEM
It would take it to new levels never seen before.
My dear @juanmolina, thanks for sharing this interesting comparative analysis, very good!
I think that the future is very promising, with the appearance of steem engine many possibilities have opened up, it gave a "rudder" to the steem chain and now there are many opportunities for economic growth for project developers, users and community in general. Nobody knows the future, but it is clear that in the steem chain and in steemit there is a different environment and many people with a desire to invest and undertake.
Something good is happening, thanks to the implementation of this economy based on the smart contracts of steem engene, a sample is what is happening with the TRIBES in steemit, I believe that the success of each token in each tribe will depend on the use and the Support from the community itself.
We are going well brother, blessings!
Hi @ Juanmolina. Thank you for your support, it would be great if you could translate your publications into Spanish and thus be more active and give what you received. I have a project but it is for some humor on the platform. Looking for sponsor. Classy humor Although this is something serious to laugh is free and then activate the nice system that we all carry deep inside is good from time to time.
I would love to know more about your project.