Defi Manual: Part 6 - Defi 2.0

Defi Manual: Part 6 - Defi 2.0

By xuanling11 | Crypto Learning | 21 Sep 2021


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 Unsplash
  

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