Decentralized finance or DeFi

Decentralized finance or DeFi is an open source technology that aims to deintermediate by introducing a decentralized layer and eliminate rent-seeking intermediaries, thereby improving the current financial system in all aspects.

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Taking cross-border payment as an example, when a person sends money to someone in another country, they generally need to find a financial institution to complete this payment task, but the financial institution will charge a certain fee in return.

However, the DeFi (decentralized finance) application can mediate the entire remittance process. He or she sends digital currency directly from his wallet to the payee without the need for financial institution intermediary services.

DeFi (decentralized finance) applications are a subset of Dapp (decentralized applications). Decentralized applications or DApps are applications that run on a peer-to-peer network rather than on a single computer. The key benefit of this is that users no longer rely on a central computer to send and receive information.

To fully understand the difference between decentralized applications and centralized applications, consider some examples of centralized applications, such as Facebook, Twitter, and YouTube. These are centralized applications, because to use them, users must rely on a The centralized entity that operates these networks.

Different forms of DeFi (decentralized finance) Just as there are many different decentralized applications, there are many different decentralized financial applications, including:

Payment-Counterparty is a protocol that allows any individual to use the Bitcoin blockchain to create and trade his own digital token. Payment-type decentralized financial applications generally have their own digital currencies, and users can use them for transactions, and also provide wallet addresses for users to hold these digital currencies.

Borrowing-Decentralized borrowing is a core application that attempts to decentralize the economy. Unlike now, people have to go to banks to obtain mortgages. The goal of decentralized lending is to allow people to obtain loans from more lenders and democratize the entire lending process. An example of decentralized finance currently being tried in the lending field is the Dharma agreement. Built on the Ethereum block chain, Dharma allows participants to borrow and borrow different forms of mortgage bonds.

StablecoinStablecoin is an asset with price stability, so it is suitable for functions such as transaction medium, accounting unit and value storage. Compared with digital assets such as Bitcoin, Ethereum, and other volatile digital assets, stablecoins have received more and more attention in the field of digital assets because of their stable prices. Tether is the earliest stablecoin released, and each USDT is backed by a dollar reserve. However, due to USDT’s doubts about solvency, stable coins such as MakerDAO, GUSD and USDC have appeared on the market.
    • Tokenization-
    • Tokenization uses blockchain technology to digitize real-world goods or services. STOs digitize ownership of financial assets such as stocks or bonds. Harbor is a decentralized financial project that uses R-Token to make securities issuance and trading more convenient. R-Token is an ERC-20 token created on the Ethereum platform.
    • Decentralized exchanges
    • Decentralized exchanges allow users to trade digital assets such as Bitcoin and Ethereum. Decentralized exchanges are created to solve the problems of centralized exchanges. In centralized exchanges, users do not have their own private keys, so they cannot control their own property. 0X is such a decentralized financial application. It is a decentralized exchange built on Ethereum, allowing users to conduct digital asset transactions while controlling their own private key trades.
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Problems DeFi (Decentralized Finance)

The DeFi (Decentralized Finance) application aims to solve two main problems that centralized services cannot solve:

· Unequal financial services

· Financial review

Unequal financial services-This mainly refers to opportunities for individuals to obtain financial services such as loans, mortgages, and insurance. Those who have difficulty or inability to access financial services are often referred to as “unbanked people” (“unbanked”). Decentralized financial applications are designed to improve this problem and ensure that people can use these applications without barriers; all they need is a smartphone and internet connection.

Financial review-For specific interests, governments, financial institutions, or third-party institutions close individual or company accounts and restrict their transactions. For example, if a company dares to publicly express different opinions on government policies, the government can restrict the company’s access to basic financial services, thereby keeping them silent. Take bank account services as an example. Companies need to pay for employees and other expenses through bank accounts. Without these services, the company will go bankrupt. On the contrary, because DeFi is decentralized in nature, there is no way to review who is using it. Taking borrowing as an example, if a financial institution wants to review a person, they can refuse his loan application to restrict his / her access to credit. However, with decentralized loan agreements such as Dharma, individuals no longer rely on a financial institution to obtain loans, but instead will receive services from lenders throughout the world.

Popular DeFi (decentralized finance) applications- Some DeFi (decentralized finance) applications have received more attention, and some have been mentioned above. The currently popular decentralized financial applications are:

· MakerDAO, · Dharma Protocol · Uniswap · Bloom · DYdX.

    • Conclusion-
    • Decentralized financial applications are open source technologies designed to de-intermediate and democratize the current financial system. By introducing decentralized networks that provide payment, lending, stablecoins, and many other services such as derivatives and indices, all aspects of the current financial system will be greatly changed.Two key issues that decentralized financial applications can solve are unequal financial services and financial censorship. Some of the most popular decentralized financial projects currently include: MakerDAO, Dharma protocol, Uniswap, Bloom, dYdX.
    • Build a blockchain trade finance information service platform
    • Under the premise of legal compliance and commercial voluntariness, build a blockchain trade finance information service platform so that participating banks can share and exchange relevant digital cross-border trade information in a safe and reliable manner. Support the promotion of innovative technologies such as blockchain, big data, artificial intelligence and their mature applications in customer marketing, risk prevention and financial supervision in the Guangdong, Hong Kong and Macau Greater Bay Area. Facilitate residents of Hong Kong and Macao to use mobile electronic payment tools for Rmb payments in the Chona and promote mobile payment tools.
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Defi Concept

Defi is a general term for Internet-based decentralized finance, distributed finance, and programmable finance.

In principle of construction, the principle of DeFi is attached to the blockchain, so the structure of DeFi is similar to the blockchain. However, DeFi performs real-time liquidation on the basis of smart contracts, and its operation efficiency is very high.

And because it is cleared through smart contracts, financing can be completed quickly through the trust mechanism of real-time smart contracts in the future, so the dependence on trust is reduced, so that funds can be cleared faster and more efficiently. The benefits of this are:

1 The cost of trust is greatly reduced, and the trust relationship between individuals is completed by the computer.

2 Liquidation speed and efficiency have doubled. Through the smart contract and the trust mechanism of the blockchain, trust can be quickly achieved, so as to conduct liquidation, and the speed and efficiency increase exponentially.

So for DeFi, this is a blockchain-based technology. Personal assets are controlled by individuals, through real-time smart contract liquidation, and by minimizing dependence on trust, reducing the cost of trust between individuals.

Defi Security solution:

From the economic model and technical architecture, we focus on ensuring the security of the DeFi system. DeFi security is very important, WaykiChain guarantees DeFi security from economic model and technology. On the economic model, WaykiChain uses four mechanisms: excess mortgage, clearing system, risk reserve and emergency fuse to ensure that the entire system can deal with most market conditions. In terms of technical security, WaykiChain’s asset release functions are all at the bottom of the public chain, and five common asset standards have been defined to solve security problems from the technical architecture. In addition, there are also oracle machines and price feed systems. WaykiChain DeFi system feed prices are fed by the accounting node, and the method of moving the median is used to access the data, so even if a single price feed node is attacked and the data is tampered, it is not Will affect the entire system.[/vc_column_text][vc_empty_space][vc_column_text]MakerDAO (MKR)

New collateral type WBTC: Maker added WBTC as the fourth type of collateral asset in the system. WBTC (Wrapped Bitcoin) is an Ethereum ERC-20 token issued by BTC that is 1:1 anchored by multiple parties. The total issuance of WBTC is about 3800, and the current number of locks on Maker has reached 2637, accounting for 68.48% of the total supply.

Since the introduction of WBTC, Maker has brought DeFi a nearly US$25 million fund, and MakerDAO has become the largest holder of WBTC. At present, it seems that this Maker’s move has a very good drainage effect. Introducing BTC investors into the DeFi field can help Ethereum and DeFi ecology inject more diversified assets and expand the scale of market funds.

In the Oracles V2 released by the Maker Foundation in 2019, the functions of the future governance of Maker include white list access to the oracle feeder, and DeFi Saver is currently being added to the white list. · Maker’s initial 13 proposals have been approved, and the process and basic framework for Maker’s improvement proposal have been determined. The next task is to continuously improve and achieve community autonomy.

Public blockchain in corporate world

Public blockchain has great potential for development in the corporate world, but it still requires efforts to ensure security. Most companies believe that blockchain technology is a solution to improve business performance and maintain data integrity, which may bring New income or business model. Other blockchain use cases include improving the efficiency of supply chain management, payment support processes, and document flow digitization. However, the pressure to join a private network created by another company is not a key driver of adopting blockchain technology. Although private blockchain is a popular choice for businesses. Among all the use cases mentioned, there is growing interest in public blockchain networks. Classic blockchain systems can do two things that traditional legacy systems cannot. First, the blockchain can perform transactions reliably and correctly without intermediaries. Second, they serve as an immutable form of recording. Both of these features are not available in private blockchain networks. By definition, private blockchain networks require intermediaries. In addition, because there are not enough nodes on independent systems, these systems may never be considered immutable record storage. Obviously, public blockchain has great potential for development in the corporate world, but it still needs to strive to ensure security, scalability, regulatory requirements for instance.

The application of industrial blockchain is accelerating, which is mainly reflected in two aspects: 1. Earlier technology was represented by open source systems, mostly consumer-oriented open source projects, and many projects for industry and enterprise characteristics have been added . At the same time, more and more Internet giants and high-tech companies have begun to enter, indicating that the era of industrial blockchain has come. 2. The emergence of blockchain reduces the trust threshold and the cost of monetization, so that some financial and trade scenarios that were not possible before can be realized, so that some new financial forms can be derived, providing greater space for financial innovation .

Blockchain in banking

Large banks have more technical reserves and investment in blockchain. Small and medium-sized banks will be more closely integrated with fintech companies. Major banks are doing digital transformation but different financial institutions have different proportions in using different technologies. The technical strength of large banks is relatively strong and they have more reserves and investment in artificial intelligence, blockchain and other technologies. The  major banks all have their own financial technology departments and set up independent technology companies which have strong reserves of big data, risk control, artificial intelligence applications, product design, and marketing risk control. However at the same time, big banks still need to do more internal construction. In the future, agile banks will become an important direction for digital transformation. For small and medium banks, the investment in technology is not as complete as that of large banks. In the future, the entire financial industry will undergo major changes. Financial institutions will develop in a more digital direction. The integration of small and medium-sized banks and fintech companies will be closer. City commercial banks and rural commercial banks will need to cooperate with fintech companies.

Embedding the blockchain in the intelligent networking terminal can solve the problem of data assetization. Integrating artificial intelligence chips, software, etc. into the Internet of Things module to become an AIoT terminal, and then developing to AIoT intelligent networking, suitable for more sophisticated environments. In addition, embedding blockchain capabilities in AIoT terminals, in addition to ensuring the security of access authentication, data encryption and device control authorization of IoT devices, can also solve the problem of data-based confirmation and data assetization.

Blockchain Tech cryptocurrency

Idea of Blockchain in Education. Blockchain technology will be used in the education service business. Artificial intelligence will be used in the education service business, combined with blockchain and big data technology, to take advantage of this opportunity to establish student growth data, files and records, and build smart exams.

Blockchain asset tracking platform through the most cutting-edge technologies such as blockchain big data, intelligent identification of address tags, and AI intelligent analysis, uses high-performance graphical display to efficiently and intuitively provide various types of blockchain asset theft cases Powerful asset flow to data analysis services, quickly locate the stolen capital money laundering and monetization platform. At the same time, through the “abnormal monitoring alarm”, real-time monitoring of suspicious wallet funds activities, so that stolen funds have nowhere to hide. To protect user privacy, customers can set a password to encrypt the tracked content locally, and the platform cannot view customer content, and can keep the tracked content completely confidential. Using blockchain and other technical means to improve the design of the consumer coupon issuance system.  “using full-process supervision to crack down on consumer coupons'” wool “. Protecting consumer vouchers to boost consumption in a short period of time is a top priority, which requires that all regions should initiate full-process supervision of the flow of consumer vouchers while issuing them. Use big data, blockchain and other technical means to improve the design of consumer coupon issuance system, track the flow and use effect of consumer coupons.

Blockchain tech in railway logistic idea

All the nodes in the blockchain system can be used to conduct transactions without trust, the operation of the database and the entire system is open and transparent, and the nodes cannot deceive each other within the rules and time range of the system, reducing the risk of logistics services of railway enterprises To increase transaction volume and enhance the railway’s ability to control the entire large logistics service. Use these modern scientific and technological means to further deepen railway reform, improve the railway and achieve precise transportation of goods.

Research on practical application of energy transportation under blockchain technology.

We are focus on key issues such as the carrier ’s liability and risk control during paperless bill of lading, paperless electronic bill of lading circulation, and activation of freight and demurrage receivables Provide solutions to problems, explore the feasibility of the company and petrochemical enterprises, crude oil traders, charterers, banks, customs and other parties to jointly initiate the blockchain alliance chain to provide theory for the practical application of the company’s blockchain technology Basis and relevant legal support to propose an implementation path for promoting the industrialization of blockchain in the energy and petrochemical field.

Blockchain Usage”

Blockchain in Practical Usage. Blockchain Game Report: 7 years of financing of 550 million US dollars, game studios are most popular with investors. The Block recently released a blockchain game research report, the report shows that there are currently at least 73 blockchain games on the market Companies, the main business of these companies is focused on developing games, producing platforms and providing infrastructure. From the financing point of view, the blockchain game industry has received 313 million US dollars in venture capital and 237 million US dollars from ICO funds, a total of 550 million US dollars. Although the average investment in the blockchain industry fell by 57% from 2018 to 2019, the investment in the blockchain gaming industry fell by only 18%. This report also analyzes 57 transactions to determine which specific categories are most popular with investors. Among them, game studios are the most popular investment category, the total value of investment in this category is 133.5 million US dollars, and the number of investments has reached 21. The fantasy / e-sports platform ranked fourth in the total investment, about 24 million US dollars, but it accounted for 21% of the total investment. It is worth noting that the average amount of investment in fantasy / e-sports platforms is $ 2 million, while the amount of game studios is $ 6.3 million.

Blockchain in infrastructure industry: It is expected that the market scale of the blockchain industry integration will expand rapidly. According to the Securities Daily, Zheng Lei, director of the Digital Economy Research Center of the International New Economic Research Institute, said in an interview that the blockchain industry must at least It is divided into two parts, one is related infrastructure investment, and the other is integration with traditional industries, that is, the industrial application of “blockchain +”, and the blockchain technology should also be divided into two parts, cryptocurrency technology (in the area Blockchain 1.0 mainly) and other applications (Blockchain 2.0 and above). Looking at the current one or two years, the market size may not grow too much. In the future, with the continuous improvement of infrastructure and the establishment of industry standards, the market scale of the integration part of the blockchain industry will expand rapidly.[/vc_column_text]

Blockchain application in housing mortgage loans

Improve the efficiency of the housing agreement signing service and apply electronic signatures,  face recognition, blockchain and other technologies to pre-sale capital supervision, mortgage loans, housing network signing records, rental network signing records and more. These process will comprehensively improve work efficiency and optimize service quality.

Blockchain Concept

Blockchain medical data management platform. Use blockchain technology to solve technical problems in the healthcare field, especially in managing and sharing patient data.

Using Blockchain Technology to Improve the Construction of the Drug Traceability. The drug traceability system is of great significance for the realization of country’s drug traceability, the improvement of the drug supervision system, the improvement of the rational use of drugs, the construction of strategic drug reserves and the promotion of the healthy development of the pharmaceutical industry. Therefore, it is recommended to increase the application-based traceability system, expand the type and information capacity of drug traceability codes, implement graded drug traceability supervision, and expand the functions of drug traceability systems. Among them, it is recommended to use blockchain technology to improve the construction of the main body of drug traceability. Utilize market-oriented means and blockchain technology to optimize the drug traceability system and improve the level of drug supervision and traceability.

Blockchain bidding platform. A bidding and bidding trading platform that applies blockchain encryption certificate storage technology throughout the transaction. The platform will conduct real-time blockchain certificate storage on the result data of each role in the construction project transaction in the key link, and generate information such as “data ID card” (document storage hash value), certificate time stamp, block height, etc. At any time, the node provides proof of the existence and authenticity of the data to ensure the authenticity and traceability of the data in key parts of the transaction process.

Global Smart Tourism Platform Based on Blockchain and Other Technologies.

The smart travel platform is supported by a number of cutting-edge technologies such as big data, 5G live broadcast, new retail, blockchain which through a barcode to accommodate cultural and tourism information resources, professional travel information, personalized product services, The cutting-edge technology perception spreads to provide visitors with a full range of smart travel services such as “food, hotel, travel location, shopping and entertainment” and comprehensively enhance the tourist experience.

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㊙ Blockchain technology will play an important role in the integration of four networks and four streams. “Four networks and four streams” means to realize the integration of the four networks of energy network, transportation network, information network, and humanities network, as well as the integration of four streams of energy flow, information flow, material flow, and value flow. Benefit from the technical advantages of distributed accounting, multi-node data sharing, tamper resistance, traceability and auditing of the blockchain to realize the identity authentication and mutual trust of all parties, promote the interconnection and interconnection of all links of the energy system, and promote different energy structures Optimization of the coupling to achieve four-stream fusion.
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