The Technology Used to Launch a Leading Platform with Over $195 Million in Staked Tokens

The Technology Used to Launch a Leading Platform with Over $195 Million in Staked Tokens

The DeFi sector is still relatively new and most people do not understand how it works. To understand it, you need to understand what it comprises. Besides that, you need to learn how to identify trends in the sector early to ensure you benefit from them. The main components of the DeFi sector are:

Dapps

Decentralized Applications (DApps) are the main component of the DeFi sector. With these apps, the sector would not exist.

These DApps are programs that run on a decentralized network. The network can be blockchain-based or distributed ledger technology networks. The key to their operation is their decentralization. It means that no central authority is in charge of how they operate.

DApps require minimal human intervention. They are designed to run autonomously and work with smart contracts to streamline their operations. The smart contracts are pre-programmed protocols that start when a certain operation is done such as when crypto is sent to a given address. Today, smart contracts can handle a wide array of tasks that include payments and customer approvals.

The DApps comprise of these features:

Transparent

The DeFi world offers a lot of transparency. Since many DeFi apps work on public blockchains such as Tron and Ethereum, all transactions can be traced by anyone. The main difference compared to traditional financial firms is that the transactions cannot be tied directly to anyone. Instead, accounts offer user pseudo-anonymity. However, researchers using advanced tools can still track down the person behind each transaction.

Open Source

Another key feature of DeFi apps is that they are open source. It simply means that the encryption has to be made public. it ensures that anyone can test the application and validate if its stated functionality is real.

Open source DApps are more secure than those with native code because they are open to audits by the community. Besides that, it improves confidence in the platform, as users can be sure there is no malicious code hiding in the background.

Improved Access to Global Financial Services

DApps represent massive scalability for financial platforms. Anyone from any part of the world can join a DeFi platform as long as he or she has a smartphone with access to the internet.

DApps could potentially ensure that anyone with access to the internet can access financial services. It would represent a major upgrade compared to the existing financial industry, which is inaccessible to billions of people globally. Today, around 40% of the global population is locked out of the global banking sector. Even in the US, it is still a major issue with about 25% of households unable to access bank accounts.

Interoperability

Another key feature of DApps is interoperability. It ensures that more developers can enter the space without having to start from scratch. To grow the DeFi space, users simply stack their products to grow their exposure. For instance, most users in the DeFi space use stablecoins, crypto wallets, and DEXs together.

A key feature of the JSB platform is that it enables high-speed cross-blockchain transactions. This cross-chain interoperability at high speeds ensures that the ecosystem will grow large quickly since participants from various cross ecosystem will be able to interact via JSB at high speeds. 

No Centralized Permission

The use of DApps ensures that there is no gatekeeper to financial services. Anyone can sign up for a DeFi app and use its services. It is different from the current financial system where a simple transaction requires approval from a bank manager or an automated system after you provide private details.

Flexibility

Since the DeFi ecosystem is open-source, developers have more flexibility when it comes to implementing platforms. They avail numerous options to users of DApps via third-party integrations. If the users have the skills, they can even build their own interfaces.

Decentralized Exchanges

 Another key component of the DeFi space is decentralized exchanges. Many see the growth of DEXes are the logical next step in the evolution of the crypto sector. These P2P transaction platforms provide their users with a simple UX, improved security, and more flexibility. On centralized exchanges, users rely on a small group of people to come up with all the rules.

The main problem with that approach is that there are too many attack vectors that can be exploited. Numerous exchanges have already been hacked and millions of dollars stolen. Decentralized exchanges eliminate these risks since the assets are not held directly by the platform. Instead, transactions are enabled using smart contracts via simultaneous swaps.

Yield farming

A new but important concept that is emerging in the DeFi sector is Yield Farming. The innovation allows those in the DeFi sector to earn rewards from their crypto assets by placing them in liquidity pools. It could change how investors hold their crypto assets as a long-term investment asset. In the simplest terms, it means locking up crypto in exchange for a reward.

With JSB, yield farming is done using TRC20 tokens and rewards are paid in TRC20 tokens. For those looking for an easy way to earn passively, Yield Farming will prove quite attractive.

Swap

Swap is another core component of the DeFi sector. All transactions in the DeFi sector take place through Swap. It simply means that a user will put their tokens is a pool in exchange they get another token.

JSBswap- an Implementation of Swap Technology

The JSB Foundation has created the JSBSwap protocol as an implementation of automated swaps. All transactions that take place via the protocol are automated and secured using the blockchain. It helps to give users numerous benefits, which include better security and lower fees.

Catching a DeFi Trend

If you want to enter the DeFi trend, you have to get in early. Take time to understand how the DeFi sector works. If you want to capitalize on the DeFi sector, ensure that you have some tokens such as the TRX in an online wallet to take part in a DeFi token investment as soon as it lands.

Additionally, ensures that you know how DeFi apps work. For instance, educate yourself on how to use JSBswap, a DEX, a wallet, and much more. Finally, ensure that you keep up to date with DeFi news to ensure that you take advantage of the latest developments in the space.

Upcoming Event

The JSB Foundation has a momentous event coming up via the P2PB2B exchange. They plan to launch an IEO on October 15. Thus far, the testnet has been quite a success. There are now over 3 billion tokens with a valuation of around $195 million staked on their testnet. The future looks bright for the JSB Foundation. One of the partner organizations recently revealed that over 240 staking pools had gone online. Around 120 of these pools came online in just the first day of launch. It means the JSB Foundation is on course to achieve its target of launching

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