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Well, the world of Web3 & DeFi is full of opportunities for everyone to get on board the next high-valued venture at ground zero. But is it truly for everybody?
Transitioning to DeFi is time-consuming and comes with a steep learning curve.
This is because the current landscape lacks investor-friendly tools for discovery, investing and decentralized portfolio management. This, together with the effort required to identify & filter out information that is legitimate and useful, makes Web3 a “high-risk” pursuit. Decentralized social investing platforms such as Dyor are working to solve exactly this problem.
Slow down. What’s “Decentralized Social Investing”?
So, Decentralized Social Investing is when people connect with other people in a decentralized social forum to share research and resources, keep one another up-to-date and empower everybody to make better financial decisions.
By inviting experienced investors to share their knowledge in communities with investors who want to learn, exchanges like Dyor enable people to access user-generated content—”real” data—for informed decision-making.
But that’s not what makes it people-friendly, is it?
No, there’s more. Decentralized investing leverages blockchain tech and smart contracts, to facilitate secure and transparent transactions without the need for central intermediaries like banks.
Smart contracts contain the terms of an agreement between the transacting individuals, and when these terms are met, the trades are executed automatically. This eliminates the need to trust or seek approval from central intermediaries, thus transferring power into the hands of the people.
And now, with non-custodial wallets, there is a financial system that is truly, fully decentralized and private.
Non-custodial wallets are open source wallets that allow people to transact directly, through their web browsers or DApps, and—as we have established already—without the need for central intermediaries.
Your private key to your non-custodial wallet—and the tokens held in it—are held by you and you alone and never by a third-party/creator/DApp. And this ensures full privacy of your financial data, and gives you full control over how and how much you transact. We’ve heard of MetaMask, or Trust Wallet. They’re both open source, non-custodial wallets.
So, yes. DeFi is certainly meant to be “for the people”. Then, why are we still struggling to adopt it?
DeFi is to people today what the Internet was to people after CERN released the first-ever World Wide Web into the public domain. Most people took longer to get used to it, and it kept getting easier as engineers rolled-out their subsequent solutions with more user-people-friendly interfaces. And that’s what DeFi needs today.
Dyor Promises to Deliver a “People-Friendly” DeFi
With its team of DeFi veterans and user-focused product experts, Dyor promises to deliver a platform to help investors discover and invest in high-quality Web3 opportunities easily, with an interface that is unique to DeFi, but quite popular otherwise.
Author Bio
Sunny Thadani is a seasoned usability design and content strategy professional, with over 5 years of experience across industries including Fin Tech and SaaS, among others. Sunny has a keen interest in emerging technologies such as blockchain and cryptocurrencies and has been participating actively in the industry for several years.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.