Sun Aug 07
Why X-DeFi will change the DeFi business form？
In decentralized finance (DeFi), you only need to have a digital wallet to easily obtain a loan or loan. In the traditional lending field, you need to fill out a lot of forms to accept risk assessment and provide a lot of personal data. In DeFi, you can even ignore who is lending you money, and all protocols run on the chain.
X-DeFi innovatively adds new features on the basis of DeFi and expands the breadth of DeFi. It is a DeFi project jointly developed by Tezos, Tezos Foundation, DRAPER, Cyberfund and more than ten institutions-X -DeFi will be released soon, which means "future finance" in Chinese. The release of X-DeFi will not only add fire to the already hot DeFi market, but also perfect the shortcomings of the XTZ ecosystem in the DeFi direction.
This DeFi system created by the All-Star lineup has attracted widespread attention in the industry as soon as it was proposed. Because its advanced concept has surpassed the common DeFi products on the market, its unique business combination and service process will change the existing DeFi Ecological, so it is called DeFi 2.0. What are its advanced and superior points, let's take a look together:
1. X-DeFi is based on Tezos public chain smart contract development
Tezos is a self-healing blockchain that can upgrade itself over time. It is characterized by supporting smart contracts, having a smart contract language created by itself, and for the first time proposed a self-made transaction and network consensus mechanism through mathematical proofs to solve the difficult network upgrade and fork problem. In 2017, ICO raised 65,000 BTC and 360,000 ETH, which was the largest ICO project at that time.
2. Balance Protocol
Developed by the Tezos technical team based on the Tezos smart contract, it is used for PoS mining, providing powerful algorithm support, greatly reducing the energy consumption ratio on the original PoS protocol mechanism, and increasing the block generation rate and miners' income.
3. Shell network
Tezos connects the Gossip network and the network shell of the protocol to operate by maintaining the best chain known to the client. The most difficult part of the network shell is to protect the node from DOS attacks. Shell is also defensive. It tries to connect peer nodes on different IP ends, finds dropped nodes and prohibits malicious nodes. To defend against certain DOS attacks, the protocol can provide an environment where the Shell depends on block size and transaction limits.
We believe that any decentralized DeFi platform needs to give participants monetary rewards to ensure security. As mentioned in our white paper, relying solely on transaction fees and interest rate charges for incentives will not form a good long-term development for X-DeFi. In X-DeFi, the dual incentive system of DPOS high returns and risk-free loans that we provide will help the X-DeFi market to develop rapidly, although high returns are not long-term.
5. Smart Contract
Tezos supports smart contracts and opens the platform to all developers, allowing decentralized applications (Dapps) to be built on it.
6. Self-correction ability
The most powerful feature of Tezos is its protocol self-correction ability, which is achieved by exposing two process functions set_test_protocol and promote_test_protocol to the protocol.
To realize the decentralized cross-chain function, in the future, it will support the safe and convenient cross-chain of Bitcoin and Ethereum assets to the Tezos chain to generate BTCTZ, ETHTZ, USDTZ, etc. Assets after cross-chain can participate in related activities and investments on X-DeFi. So far, USDTZ and BTCTZ have been developed, and the final chain test and docking with X-DeFi are being completed.
X-DeFi will support multi-asset digital currency portfolio mortgage lending, and support multi-currency pair hybrid lending matching.On the DeFi track, X-DeFi builds a true distributed blockchain with its distinctive concept and unique technical support.
In the future of finance, using future finance to earn future wealth, the future financial industry will change because of X-DeFi.