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27 September 2020

New DeFi Opportunities and How Dfinance Creates Them | Live Bitcoin News

New DeFi Opportunities and How Dfinance Creates Them | Live Bitcoin News

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One of the biggest obstacles for people with a great idea, when it comes to entering the space of decentralized finance (DeFi), is the lack of technical knowledge.

But purchasing financial instruments through traditional means entails fees and added costs, which simply do not exist in DeFi because blockchain needs no middleman thanks to its inherently trustless nature.

Dfinance takes away the stress of understanding the technical complexities behind blockchain, decentralized technology, and smart contracts, offering an intuitive and easy-to-use platform that almost anyone can use, provided they have the financial knowledge.

Aside from simply building your own financial instruments through their high-level language (which effectively takes your written “commands” and translates them into programs, understanding the sentences like they were code), you can also use the company’s built-in decentralized exchange (DEX) to trade that instrument, browse other available options, and get in touch with other creators with similar ideas.

And finally, since Dfinance needs data from outside the blockchain to be able to generate financial instruments, this is supplied by decentralized oracles, or nodes that are incentivized to translate the data so that it can be read by smart contracts.

Before it takes the world of DeFi by storm, Dfinance still needs to release their testnet (several versions of which are already out).

All in all, Dfinance is already well on its way to reimagine DeFi without the existing limitations, which users hope will help expand the space, ushering a new era into the oft-archaic world of finance.

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