Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ethereum Developers Are Creating a Revolutionary Open Financial System: Report

by Daily Hodl Staff
December 9, 2019
in Ethereum
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

ADVERTISEMENT

To combat failing fiscal policies, currency manipulation and a shadow banking system that continues to feed fee-grabbing financial intermediaries, Ethereum developers are building tools that reimagine how money flows and how financial services are provided.

In a new blog post entitled, “2019 Was The Year of DeFi (and Why 2020 Will be Too),” Mason Nystrom, content marketer at the Ethereum incubator ConsenSys, explains the main objectives of decentralized finance and the Ethereum developers who launched new and original solutions that made DeFi the hottest movement in crypto in 2019.

Writes Nystrom,

“The current financial system is comprised of walled gardens with limited transferability or two-way access. Where interoperability is possible, it’s controlled by middlemen and rent-seekers. Open finance is defined by platforms that can work together with a degree of transparency with functions that complement one another.”

ADVERTISEMENT

Ethereum is enabling interoperability, programmability and composability which enables other protocols to be built on top of the network.

He cites popular protocols that are offering an array of services. Crypto lender Dharma, which launched on Ethereum in April, matches lenders and borrowers peer-to-peer, allowing people to earn interest on their crypto; Compound, an open-source, autonomous protocol, is currently earning interest for over $119 million in crypto assets; and Dai, a decentralized stablecoin pegged to the US dollar that is issued by the MakerDAO protocol and implemented as an Ethereum-based ERC20 token.

“These various protocols showcase the power of composability: 1)Dharma provides an open platform by 2) leveraging Compound’s open protocol, 3) which predominantly lends and borrows the dai stablecoin created by MakerDAO’s protocol, 4) all on top of Ethereum. Boom.”

Nystrom expects an “explosion of synthetic assets and derivatives” to generate tens of millions in value in 2020, eventually reaching into the billions, as the open financial stack built on Ethereum supports a new financial economy.

But instead of replacing the legacy system, he predicts it will spur enhancements.

“[Remember] that this movement is not merely throwing out the old financial system, but rather integrating with the current system where possible and creating where necessary.” 

You can check out the full post here.

Read: Researcher Compares Bitcoin to the Internet in 1988, Says World’s Leading Cryptocurrency Is An ‘Entire Monetary System’

ADVERTISEMENT
Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • OpenDAX 3.0 With Exchange Liquidity Network (XLN) by Openware Goes Live
    March 6, 2021
  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$50,364.00
$50,364.00
0.85%
Ethereum
$1,723.19
$1,723.19
2.88%
Binance Coin
$233.73
$233.73
2.9%
Polkadot
$34.11
$34.11
2.62%
Cardano
$1.12
$1.12
1.67%
XRP
$0.473420
$0.473420
1.38%
ADVERTISEMENT

Spotlight

  • Google Spotlights Bitcoin, Ethereum and Litecoin in New Finance Crypto Section
    March 2, 2021
  • Macro Guru Raoul Pal Says More Pain Ahead for Bitcoin – Here’s Why
    March 6, 2021
  • Whales Are Preparing for Bitcoin and Ethereum Rallies As Four Altcoins Outperform the Market: Santiment
    March 4, 2021
  • IoT Industry Migrates to Polkadot – What to Expect
    March 7, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.