Defi has entered 2.0 already? Where is 1.0 anyway? This article is to explore what really is Defi and the debate between true Defi and Quasi-Defi.
True Defi - Defi Optimist
The true Defi has a breakthrough technological advance with new ways of pure decentralization financial system without custodial, a permissionless, open forum, clear rules of smart contract, anonymous, with high interest pay off and high profits. It will make everyone rich!
Quasi Defi - Defi pessimist
Quasi Defi is completely opposite to True Defi. It is a crime-prone financial scam that hackers easily stolen funds, scammers easily trick users, money launderers easily wash hands-off and many people losing their funds without any remediation.
Are we living in the Quasi Defi era?
It seems the news is always recover hacking and new scams that users lost their money.
Defi is the new Cefi?
Defi is not the new Cefi and what makes an ideal form of Defi will improve Cefi.
4 properties of Defi
4 properties are non-custodial, permissionless, only auditable, and composable.
Non-custodial: you have full control of your funds
Permissionless: anyone can interact without being censored or blocked by a third party
Only auditable: anyone can audit to make the process transparent
Composable: it is a Lego link block that can transfer easily from one system to another
Defi 2.0 is about security
Securities are included cross-chain systematical security, technical security, economic security, and holistic security.
Cross-chain systematical security: it protects assets across different chains to prevent hacking
Technical security: it becomes risks free for other attacks on its smart contract functionality
Economic security: it protects assets from financial manipulation
Holistic security: it protects assets from integrating all security together into the system
In conclusion
Defi is on its baby step number 1 now. They just started and it needs time to nurture and become more mature before it can take off.
Photo by SpaceX on UnsplashRelated articles to reference here ????:
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
