The next generation of decentralized financial applications, products and services has just arrived. Builders and developers need to take advantage of the most secure and robust networks and focus their attention on bitcoin. Building on the DeFiChain blockchain is the simplest option, because it offers not only significant benefits but also associated opportunities.
DeFiChain maintains the security of the Bitcoin network
Many people can see DeFiChain as a separate and independent blockchain. It is a separate network, but the developers built it with security and Bitcoin in mind. More specifically, by fixing itself to the Bitcoin blockchain, DeFiChain’s instant security and immutability is possible. As a result, DeFiChain saves its most recent Merkle tree to Bitcoin every few minutes.
That approach makes perfect sense, as it ensures the closest DeFiChain records are completely secure and immutable, and can be checked against records anchored to Bitcoin. Although the anchor times will be spaced, the network will always benefit from provably immutable records. Additionally, leveraging the security of Bitcoin makes DeFiChain safe from attacks, hackers, and security holes.
Although DeFiChain is anchored to Bitcoin, it retains a native set of functions and consensus mechanism. Those are necessary, as the Bitcoin network lacks smart contract functionality and other attributes. Additionally, the use of Proof-of-Stake allows for better scaling, lower energy consumption, fast transactions, and support for multiple tokens, among other benefits outlined in the DeFiChain whitepaper . .
Carbon neutral network
The use of Proof-of-Stake serves another important purpose in the DeFiChain ecosystem. As it is a more efficient network and one that allows for better energy savings, it paves the way for DeFiChain to become carbon neutral. The Bitcoin network, and proof-of-work blockchains , have received increased scrutiny for their environmental impact. A further push into renewable energy for mining purposes should help alleviate those concerns.
For DeFiChain, the push to become carbon neutral is essential. The network achieved carbon neutrality a few months ago and continues to offset the CO2 emissions generated by blockchain operations without missing a beat. Furthermore, DeFiChain illustrates how decentralized finance on Bitcoin can be carbon neutral, while other popular networks – like Ethereum – continue to negatively impact the environment.
Community owned and community driven
A blockchain ecosystem that relies on its users and node operators to achieve decentralization. However, core developers will often retain a degree of control to improve the network and make adjustments. DeFiChain is completely community owned, making all users responsible for maintaining the network and figuring out how to make it better and stronger.
All DeFiChain community members can contribute to this process through the DeFiChain Improvement Proposal (DFIP). It’s a solid example of achieving decentralized governance and putting community members in the lead. Moreover, it creates a place for healthy conversation and discussion, which can push the DeFiChain ecosystem to the next level.
Another interesting addition to the DeFiChain ecosystem is the native Accelerator . It will be a solution to promote the adoption of DeFiChain and DeFi on Bitcoin, with the goal of becoming the default decentralized finance blockchain. Accelerator will assist developers in starting a business in the DeFiChain ecosystem and expand financial support as needed and applicable.
As per the recent monthly report , DeFiChain Accelerator continues to build momentum and will focus on the US market at this time. In addition, more and more companies want to build on top of DeFiChain, although more work remains to be done. Despite the current crypto market conditions, global interest in Bitcoin DeFi continues to grow. Stay tuned to see what will be built on DeFiChain in the coming months and years.