Why should you consider building dApp on the DeFiChain blockchain?
As you may know, DeFiChain is a blockchain platform built to leverage the potential of decentralized finance and it is backed by a network of nodes or computers to facilitate fast transactions and low cost. Of course, DeFiChain aims to solve problems related to security, decentralization, and scalability because it is a decentralized platform, with no single authority controlling the network. That’s why there are 4 reasons why you should build your dApp on DeFiChain.
What is DeFiChain?
DeFiChain is a blockchain platform built to leverage the potential of decentralized finance within the Bitcoin network. DeFiChain is supported by a network of nodes or computers to facilitate fast and low-cost transactions. It also aims to resolve issues relating to security, decentralization, and scalability. Launched in 2019, DeFiChain was created to offer financial services including lending, borrowing, and investing. As it is a decentralized platform, no single authority controls the network.
4 Reasons To Build Your dApp On The DeFiChain Blockchain
- Additional layer for security
Using Bitcoin as an additional layer for security and mechanism for achieving high confidence immutability, DeFiChain brings a single-purpose, DeFi-only blockchain to the Bitcoin ecosystem.
In particular, DeFi on Bitcoin is a lot to unpack, and along with the arrival of the long-awaited taproot soft fork, it may be the kind of development that heralds a new era of Bitcoin-based smart contract platforms. The most recent chain is always fully secure and immutable and can be checked against the most recent record anchored to Bitcoin. Over time, DeFiChain will space out the anchors at larger intervals. This anchoring mechanism ensures provably immutable records from day one and defends against attacks, hackers, and vulnerabilities that can cause concern in emerging chains.
Leveraging the security of Bitcoin makes DeFiChain safe from attacks, hackers, and security holes. Furthermore, even though DeFiChain is anchored to Bitcoin, it retains a native set of functions and consensus mechanisms. 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 Proof-of-Stake consensus algorithm supports better energy saving, it paves the way for DeFiChain to become carbon neutral. As for DeFiChain, 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, high sense of community
A true blockchain ecosystem must rely on its users and node operators to achieve decentralization. Even so, the core developers will still retain a degree of control to improve the network and make adjustments. As for DeFiChain, it’s completely community-owned, making all users responsible for maintaining the network and figuring out how to make it better and stronger.
At present, DeFiChain community members can contribute to the process through the DeFiChain Improvement Proposals (DFIPs) which help in achieving decentralized governance and putting community members in place. Moreover, it creates a place for healthy conversation and discussion, which can push the DeFiChain ecosystem to the next level.
- DeFiChain Accelerator
The DeFiChain ecosystem also has a native Accelerator which is a solution to accelerate the adoption of DeFiChain and DeFi on Bitcoin. Accelerator will assist developers in starting a business in the DeFiChain ecosystem and expand financial support as needed and applicable.
In conclusion, the DeFiChain blockchain is a striking example of how DeFi systems, with continual updates, innovations, and refining processes, are becoming the stronger financial system when compared to centralized investing. While traditional pathways of investing are impeded by geographical restrictions and trading limits, DeFi is free of these problems.
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