DeFiChain (DFI)

Last Updated 21711/2021

Official Website: https://defichain.com/

What is DeFiChain?

DeFiChain is a blockchain specifically dedicated to fully decentralising financial services for everyone, whilst maintaining speed, transparency and security. The project aims to bring the capabilities of Decentralised Finance (DeFi) to the Bitcoin Ecosystem, using a hybrid of Proof-of-Work (PoW) and Proof-of-Stake (PoS) as it’s consensus mechanism. This blockchain’s intentional design of a Non-Turing-Complete system creates an environment which restricts the capabilities of the computing language. This restriction allows for a more secure system with greatly reduced attack vectors, meaning that the financial system is more secure.

DeFiChain has differentiated itself from other DeFi initiatives through its construction on top of Bitcoin, enabling it to harness a target market of between 60-80 million crypto owners, with this number expected to rise in the future. Coinciding with this, DeFiChain is anchored to the Bitcoin blockchain, meaning that every few minutes, a node from the Bitcoin blockchain is used to ensure maximum security of transactions.

DeFiChain is designed and engineered to support the functionality of numerous use-cases including: Lending, Wrapping of Tokens, Pricing Oracles, Exchanges, Transferable Debts and Receivables, Non-collateralised Debt, Asset Tokenisation and Distribution of Dividends. The DFI Coin is the integral unit of the DeFiChain Ecosystem, with it being used for all transactions and smart contracts on DeFiChain as a means of fee payment. Unlike many other cryptoassets, DeFiChain didn’t participate in an ICO. Upon introduction, 288 million coins were allocated to the Foundation and locked from further use.

Roadmap

2019:

September – Conceptualisation of DeFiChain
October – DeFiChain White Paper released

2020:

May – DeFiChain launch and DFI airdrops
June – DFI coin started trading on LATOKEN
July – DFI coin listed on CoinGecko
July – DFI coin listed on Indoex
August – DeFiChain listed on CoinMarketCap
September – DFIP 1 & 2 approved by the DeFiChain community
October – DeFiChain listed on Bitrue
October – Ang Mo Kio Hardfork with asset tokenisation support
October – DeFiChain listed on Bittrex
December – Swap, Liquidity Pool and Yield Farming

2021:

January – DFIP 3, 4, 5, 6 are approved by the community
January – DeFiChain listed on Messari
January – DeFiChain listed on KuCoin
February – Collateral required to start a masternode lowered to 20K DFI
March – BCH-DFI pool pair added to DEX
March – Bitcoin anchoring implemented
Q2 – Pink Paper on stocks trading, loan and decentralised BTC
Q2 – Decentralised cross-chain asset bridge via atomic swap
Q3 – Mobile App
Q4 – Trustless on-chain stocks, commodities, and currencies
Q4 – Ledger support for Light Wallet
2021 – Decentralised Tokenisation
2021 – Decentralised Lending

Future Initiatives:

3 Years – Decentralised leveraged trading
3 Years – Decentralised options
3 Years – Secondary market
3 Years – Financial derivatives implemented as native on-chain transactions
5 Years – On-Chain Automated Clearing House and Real-time Gross Settlement
5 Years – The de-facto blockchain for transactions across financial institutes
10 Years – The de-facto blockchain for transactions between countries and sovereign states

Further information on DeFiChain's Roadmap can be found on the Home Page of their website.

Team

The DeFiChain Foundation dedicates itself to supporting the DeFiChain ecosystem and related technologies as well as communities. The foundation is not a traditional Non-Profit Organisation, nor is it a for-profit company. Instead, the DeFiChain Foundation is a fragment in a much larger ecosystem.

U-Zyn Chua – Lead Researcher of DeFiChain – Chua is highly passionate in decentralised system designs and development, as well as being an early entrant to the Bitcoin Market, first investing in 2010. A considerable volume of his time has been in the blockchain ever since.

Ewald Serafini – Community Management & Lead Presso to DeFiChain - With a skills focus on Marketing Communication and Project Management, Serafini is able to bring the projects attention to the community.

Mark Pedevilla – International Business Development - An entrepernuerial thinker with passionate problem solving skills who loves to think out the box when growing a business. With a sound understanding of business development and a firm believer in teamwork, Pedevilla is ideal to fill the position.

As well as multiple others, some of DeFiChain's partners include:

Cake DeFi - An all-in-one platform that enables you to manage, stake and receive DFI.
Staking Rewards - Acts as an interest calculator for DFI and works out current rates.
Blockspot.io - Offers information such as the DFI Price, Graphs and other data.
Messari - An application that offers transparency throguh the use of data tools.

Where to Store

DeFiChain can be stored using Trust Wallet, a Multi-Crypto wallet that currently serves over 1m+ users. This wallet is available on mobile devices and has a proven history for safely and securely storing customers coins. In order to integrate within their own system, major cryptocurrency exchange Binance bought the company which now acts as their standard wallet service.

MetaMask also offers the ability to store DeFiChain. This wallet is a popular Ethereum or Binance Smart Chain wallet, offering the ability to send from and receive to for any of its supported assets. This wallet can be installed as a browser extension for various leading browsers such as Google Chrome and Brave. Further information on the MetaMask Wallet as well as a Step-by-Step Guide can be found in the Wallet Guides Page of our website.

Where to Buy and Sell

You can Buy and Sell DeFiChain (DFI) here at BC Bitcoin. You can Buy DeFiChain DFI by heading over to the Buy Coins Page of our website. DFI is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying DFI has never been easier, simply place your order, where detailed will be the live DeFiChain Price, and provide your wallet address. Once your payment arrives, DFI will be sent directly to your wallet.

If you choose to Sell DeFiChain (DFI), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins Page.

Resources

Website: https://defichain.com

DeFiChain Documents: https://defichain.com/white-paper/

Block Explorer: https://defiscan.live/

Twitter: https://twitter.com/defichain

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.