As you already know, we use Blockchain in various ways but most importantly for economic purposes. The further we go, the more sophisticated and efficient the technology becomes. This article will address DeFi and on-demand platforms.
Due to the emergence of Blockchain technology and the DeFi craze that followed, assuredly, the existing legacy banking system will soon go into extinction if they fail to adjust by jumping on this latest innovation.
Although, some banks across the world have started participating in Blockchain technology, nonetheless, it’s still alien to the majority. Now, the question comes begging, “What is the purpose of Blockchain technology and the so-called DeFi”?
For the sake of clarity, the inventors and creators of this monumental technology brought it to life to save humans from the already decayed traditional banking system currently existing. Blockchain technology and Cryptocurrency were designed to bypass middlemen while automatically removing associated counter-party risks.
The majority of the Government-controlled banks across the world have been “a pain in the ass” to so many people. In other words, they are so established that they control the lives of people but forget that without the people, there would be no banks.
You must have often heard about the term “Ponzi” everywhere you’ve turned. Especially when you are on the verge of making some financial decisions or investments. Unfortunately, the banks are the greatest Ponzi that has ever existed.
How dare you? This must’ve been shocking to hear, right?
Okay, let’s imagine a scenario where all the customers in a particular bank decide to withdraw all their money all at once. Of course, you would agree that such a bank will fold up/collapse immediately. And will it not be able to refund/settle all their clients. Such is a typical situation with a Ponzi project.
As stated above, Blockchain tech and DeFi came to address these issues by eliminating the need to have to beg for your money whenever you need it. Unfortunately, many Crypto scams are out there, so be careful and do your due diligence before investing. NFA!
Globally, in recent years, several countries are now adopting the use of cryptocurrencies and have even started developing their own CBDCs (Central Bank Digital Currencies). Nation-states like Elsavador have even adopted bitcoin as a legal tender and this trend is not likely going to slow down anytime soon. Do you need more info about DeFi and on-demand platforms? Stay with Insights to the end
What is DeFi?
To introduce the DeFi concept, we need to first address what this means. DeFi is otherwise referred to as, “Decentralized Finance.” This refers to a set of applications that can handle critical financial tasks, such as borrowing and financial transactions, in a decentralized manner without the need for intermediaries. In other words, DeFi is not a project but an ecosystem of hundreds of different projects, all of which provide decentralized financial services.
Banks and centralized organizations have long dominated the financial world. Today, if you want to get a loan, buy or sell, or pay your installments and taxes. You have to go to a bank, government, or other centralized organization. All over the world, people trust governments at all times, assuming that governments are clean and that they protect the value of national currencies. People worldwide rely on banks to believe that they are honest trustees of their money. They trust intermediaries at all times, hoping that they will receive perfect financial services but unfortunately this is not always the case.
Besides, history has shown that centralized intermediaries can commit corruption or unintentional error. Decentralized finance has come to use Blockchain and the concept of decentralization to eliminate corruption, accidental error, and the need for centralized trust.
At Tycoon.io we always encourage and support users to be in charge by taking full control of their assets (i.e., we do not keep users’ funds).
Is Tycoon Trading Platform a DeFi?
We can also define DeFi as a movement to create an open-source financial services ecosystem that is accessible to all and without centralized intermediaries. In this way, users have complete control over their Crypto assets and only communicate with the ecosystem through decentralized applications (Dapps). Creative projects like Tycoon.io are always at the forefront of using these innovations.
For further information on our Tycoon token (TYC), you can read the “TYC Integration on BNB Chain” post before you continue. DeFi can be considered as one of the most promising Blockchain innovations with all its got to offer.
Follow Insights to find out more about DeFi and on-demand platforms, Crypto, and development news.
What are the on-demand platforms?
About 40 years ago, one of the pastimes of the American people was watching television. To turn on a particular TV show playing, we turned on the TV at a specific time on a given channel. The annoying thing was that if we missed that TV show, there would be no duplication. At that time, we could not even record the show. But today, we see that Netflix has changed all that. You can now watch any episode of your favorite series or movie anytime, anywhere, and from any device. Your favorite show is available at your request.
We will explain what this reminder of our past has to do with on-demand platforms. In the article, we have described some of these concepts in the “What does DeFi adoption on BSC mean?”. So we suggest you put it on your study list.
By definition, on-demand platforms are services or products delivered to you at any time and place you prefer. These on-demand platforms have changed how today’s customers use services or buy products. Lyft, Zomato, and Deliveroo are just a few of the many on-demand platforms that have recently become popular with ordinary businesses and even businesses.
The connection between DeFi and on-demand platforms
Today, with the exciting innovations and developments that have taken place in all areas of technology, customers expect their on-demand service platforms (like Copy trading Platforms) to be improved with the help of these technologies. According to statistics, 75% of customers believe that the customer experience is competitive differentiation. The remarkable point is here! Customers with every great experience they have on any platform, regardless of industry, increase their expectations for all platforms. For this reason, today, customers expect the benefits of on-demand platforms, and with this knowledge, we are better prepared at Tycoon company to deliver the best of products and services to our esteemed users.
It is an economic principle that businesses that do not invest in evolution in line with their customer’s expectations and desires will eliminate from the market. But this is not a concern. The good news is that there are many ways businesses can turn a customer experience into a positive experience. In the continuation of this article that we have prepared for you about DeFi and on-demand platforms, we will discuss the use of DeFi in the structure of an on-demand platform.
How does DeFi play a role in creating on-demand platforms?
In this section of “DeFi and on-demand platforms,” regarding the question of how DeFi is used in on-demand platform projects. It is clear that if this type of project expands, freelancer and idea owners’ activity will increase significantly. As we all know, many idea owners live in countries with money exchange problems and restrictions. We will be able to transfer money to these countries if we use these platforms. As a result, we will be able to leverage pure capacities and ideas worldwide without any restrictions.
This achievement can help us do business in a safe commercial space with almost no legal limits. PancakeSwap, as a popular decentralized exchange, has used a decentralized technology, unlike its competitors. Like other digital currency exchanges, this exchange does not require users to authenticate themselves.
It also allows them to freely buy and sell tokens in the space of this exchange. The following articles will introduce some examples of promising projects that have used DeFi to create an on-demand platform.
The Conclusion about DeFi and on-demand platforms
As DeFi projects grow, so do on-demand platforms. Keep in mind that DeFi projects’ growth has no limit for user investments in this sector. The most important thing is the culture, partnership, and transparency. Also, relationships have been created amongst various people irrespective of their climes. Honestly, we are just getting started.
Read up on our previous articles to keep abreast of the latest developments in this space. Perhaps the essential part of this article is the one that reveals the relationship between DeFi and on-demand platforms. The truth is that we can claim that there is a two-way connection between DeFi and on-demand platforms.
As much as DeFi grows, we expect on-demand platforms to continue to do the same. Thank you for taking out the time to read this article and we hope you find it helpful.