The synergy between DREP and DeFi, the hottest technology in blockchain industry

DeFi is making headlines consistently in the blockchain space for the recent few weeks. The crypto currencies being locked in Defi protocols are breaking records at historically unforeseen speeds. Why does Defi grab public attention seemingly out of sudden? Is it really that important? Can it break the shackles placed upon us by the established institutions?

DeFi is a marvelous halfbreed whose parents are centralized banking and decentralized blockchain. Normally you don’t expect this to happen, as they are supposed to be arch enemies. But just because Defi is so inclusive, the technology has the potential to supplant every financial service out there, which may include but not limited to wealth management, borrowing and lending, These services include items such as savings and checking accounts, loans, transactions, insurance, etc.

The reasons for Defi’s significance

Defi dominates the future of the financial industry for a number of reasons. First, Defi has redefined the scope and border of money. Since all that is required to use Defi is a smartphone, the costs and barriers are effectively eliminated. As a result, analysts consider this area to be the most significant development in blockchain industry.

DREP’s contribution to the Defi ecosystem is well respected. A while ago we published “The security debacles of Defi and the promises of DREP customized solutions”, detailing exactly how DREP can fix the issues currently hidden in the backstage. Furthermore, as right now clearly is the beginning of a consolidation phase, DREP will grab this great opportunity to continue building its decentralized finance components.

Dapps

DeFi relies primarily on Dapps. In order to access the functionality of DeFi, you need to get deep into Dapps’ concept. Dapps are codes written to run on decentralized networks such as blockchain or DLT. An essential feature of them is the absence of a center that regulates the dealings on these Dapps.

Tips: Most Dapps are confined in only one public chain. While this might be sufficient for basic user needs, we cannot dwell only on present. What we have is a revolution that will cause larger than life impact on everyone ten, or twenty years into the future. Without cross-chain Dapps, Dapp developers and users cannot transfer mainstream currencies freely and will suffer from infrastructure restrictions. That’s exactly why we need DREP SDK and DREP ID.

In DREP’s novel definition, “Super Dapps” are DApps that are not confined to a specific public chain, but are connected to various public chains through DREP SDK. Users will be able to pay, transfer, lend and conduct other economic activities without any barrier. At the same time, user education costs are greatly reduced as DREP SDK allows seamless transfer of users from traditional platforms to decentralised version on Blockchain.

Core Features of Defi

Open Source

Dapp ought to be open to the public, of course. Open source Defi refers to those codes which are subject to public scrutiny. This process allows anyone to review it and verify its reliability. Due to more frequent tests by the community, historically open source codes surpass alternatives in many performances. In addition, it generates more trust in DREP as users can be certain that there is absolutely no backdoor.

Because Defi on DREP will run on a distributed ledger, all transactions are transparent. In fact, all activity on DREP is no secret. The advantage of this practice over conventional banking is the account remains fully anonymous. While clerks in banks could see all your KYC information, on blockchain others only see a number of digits.

At the same time, users can take advantage of DREP block explorer to follow the in-flow and out-flow of DREP coins.

Tips: To make more technical developers understand DREP project and participate in DREP community construction and technology development, DREP made our public chain document open source on Github. The developer community released documents including: DBFT, Smart Pipeline, DREP Smart Channel, Zero-Knowledge Proof, DREP Client, DID, DREP BaaS, etc.

DREP is not shy of opening our codes to other developers. On the contrary, DREP believes that through joint efforts in community construction, we will build with high-quality technology, incentives and a virtuous circle.

The technical features of DREP public chain are as follows: Parallel technology in chain, Account permission system, Integrated smart contract, Three-dimensional network technology, Super node technology, Pluggable plug-in mechanism. Many of them are useful in Defi development. You are welcomed to participate in our Github community as well!

International Reach

Dapps mean a revolutionary change in the model people regulate their financial practices. Theoretically anyone from anywhere on Earth can have access to the DeFi services. All that required is a communication device with WIFI and you will be part of the blockchain world in no time.

As a result, DREP Dapps can bring economic freedom to unprivileged people around the world. The liberty is a gigantic progress from the current dilapidated state of banking, which robs nearly half of the world’s population of their indigenuous rights of having a financial account.

This leaves us a question — we are entitled to ask: why could the failure have happened in the first place? The traditional banking industry has gatekeepers. It’s their subjective judgment that rules so many out. DREP is functional without central authority. As a result, anyone can create DeFi on DREP and make it available. Furthermore, anyone uses the Defi created by others without permission. The scenario is quite different from the prevailing establishment, which demands participants to undergo an array of validations.

Tips: DREP doesn’t believe in borders. The globe is a single entity; maximum efficiency should be and can only be achieved through unfiltered communication of various groups of people. Luckily by blockchain, DREP has the chance to reach out to users from different nations and cultures. Our community consists of various groups from Russia, Indonesia, Turkey, and so on.

DREP has fulfilled the original goal to unify the world community together, which has a huge implication for our ecosystem — strong liquidity. The blockchain network is global. Digital currency payment is not limited by geography, and users can use digital currency to make payments anytime, anywhere.

With the ability to reach a global audience, DREP increases the efficiency of development work by many folds. We guarantee that even when new developers participate in the project, all the former progress is not lost. On the contrary, people are welcomed to combine their efforts in building Defi in a seamless fashion.

To put all in a nutshell, Dapps on DREP are flexible, a valuable feature for Defi applications. Thanks to DREP’s free environment, developers can fully leverage their creativity. Users can perform arbitrage that was impossible on traditional exchanges, buying and selling indices simultaneously. Indeed, you should create your own strategy if all the available Defi options are not adequate.

As the majority of communities turn to blockchain for their needs, there will be more and more Defi projects on DREP. We have confidence that the next generation technology will further disrupt the current financial systems in significant ways.

In near future, Dapps will step up to the front and become the new norm. As a result, DREP’s involvement in the economy is expected to increase tremendously in the coming years. We are glad to see that DREP is able to help people by providing a connector and toolkit.