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How Does TrueChain Revolutionize the DeFi Ecosystem?

2020-09-09 8coint


Since June of this year, the trend of liquid mining has started and the DeFi market has ushered in explosive growth. Blockchain is an emerging industry, and it is normal for trending areas to continuously rotate. What is the frequent occurrence of the word DeFi? Why is it so popular? What are its development prospects? Why do so many organizations rush to deploy their DeFi ecosystem first?


With the popularity of the DeFi concept in the crypto world, the market value of many DeFi projects has skyrocketed. As a public chain infrastructure that all DeFi projects must reley on, TrueChain mainnet was launched in March 2019. It is the first public chain infrastructure to adapt and realize the DPos+fPoW hybrid consensus in the blockchain industry, which perfectly solves the "impossible triangle" problem. After continuous technical upgrades and iterations, TrueChain gradually derives a variety of unique technical features, which are very suitable for building DeFi projects.


Digger (DGT) is an ecological project of TrueChain, a decentralized open financial application, based on the most exciting innovation, it uses a fair distribution mechanism to encourage key community members to actively master governance, zero pre-mining, no founder shares. According to data, Digger (DGT) actively issues DGT on TrueChain, which can achieve a transfer speed of seconds and almost zero transfer fees. Therefore, Digger (DGT) chooses TrueChain as the mainnet to issue tokens.


At 2 PM, September 4th, the team invited Zak Issa (Digger (DGT) founder), Rakesh Sharma (Tswap founder), and Jaewon SHIN (TrueChain Foundation Director) to discuss their opinions on DeFi and how does the new forces innovate the DeFi ecosystem?


Guest introduction:

Zak Issa: Digger founder (DGT), senior developer with more than 10 years of experience in technology development and project management.


Rakesh Sharma: Tswap founder, senior developer of Bangalore, he used to worked for Reliance, Byte Dane, Tata Consultancy.


Jaewon SHIN: director of the TrueChain Foundation, He is good at Korean, Chinese, English, and Japanese. He has been engaged in the Asian and global capital investment business in Korea.


1

Moderator: Our topic today is to talk about the recent trend DeFi. There may be many users who have a vague understanding of DeFi. May I ask Jaewon SHIN, director of the TrueChain Foundation, to give us a simple and easy-to-understand explanation. What exact is DeFi?


Jaewon SHIN: Decentralized Finance (DeFi) refers to financial services based on public blockchains and smart contracts. The right to use and control the system is dispersed among many different parties. This field has rapidly emerged and has become one of the main use cases of Ethereum. Similar to the way Bitcoin established the first decentralized currency, DeFi participants tried to establish a decentralized and trustless financial system, providing services such as lending, exchange, investment, stable currency, etc. This system not only can be used for cryptocurrency, and possibly all other financial assets. DeFi has been widely spread since last year and has developed rapidly. As of today, more than 700 Million USD worth of ETH has been locked in the DeFi application. Generally speaking, DeFi is a financial solution based on blockchain.

2

Moderator: What opportunities are there behind the DeFi booming, and how does TrueChain take advantage of the trend?


Jaewon SHIN: TrueChain has been laying out the DeFi track since its establishment, which is TrueChain. TrueChain mainnet was launched in March 2019. It is the first public chain infrastructure to adopt and implement the DPos+fPoW hybrid consensus in the blockchain the industry, which perfectly solves the "impossible triangle" issue in the field. After continuous technical upgrades and iterations, TrueChain gradually derives a variety of unique technical characteristics, which is very suitable for building DeFi projects and is our continuous work for many years. The positioning of TrueChain is to build an infrastructure which suitable for DeFi projects and capture the overflow value of Ethereum.


3

Moderator: Centralized exchange are common in the industry, such as Binance, Huobi, OKEx, and Gate.io, they all have launched their own public chains, so what is special about TrueChain compared with those?


Jaewon SHIN: In the public chain competition that broke out in 2018, the exchanges that ran out of trading dividends and began to expand their use cases in the public chain field, such as Huobi Chain, OK Chain, and Binance Chain have all deployed public chains in 2018, they were hoping to broaden their respective ecological moats in the future. However, DeFi boomed in 2020, their public chains dragged them down due to the public chain development and missed the DeFi boom, just like the problems faced by many public chains. in addition to human, material, and financial support, it also needs more time to accept the test of the market. It also requires public chain development teams to carry out technological development and upgrades based on actual conditions.


Let's introduce TrueChain again. From the very beginning, TrueChain was designed to support DeFi from the bottom, positioning itself as a DeFi infrastructure. Mainly reflected in the following points:

1. Smart Contract Compatibility, Seamless Migration

TrueChain has perfect compatibility with Ethereum's blockchain network and smart contracts. Most of the existing DeFi applications are very simple and easy to operate whether they are migration or integration. TrueChain has a good amount of contract development tools, its own developer platform, and its own Greenbelt products, all of which are helping developers will experience and operation process that is nearly consistent with Ethereum.


Ethereum is the most popular DeFi infrastructure at the moment, and most DeFi projects are developed based on the Ethereum Virtual Machine (EVM). TrueChain is fully compatible with EVM. The DeFi products and smart contracts deployed on Ethereum can basically be seamlessly migrated and deployed to TrueChain. Developers can operate without worry and do not need to pay additional costs.


2. High TPS, Second-level Transfer Speed

Ethereum's TPS has always been complained about by users, many developers and users have been worried about the speed of Ethereum's TPS. TrueChain's TPS can reach a hundred times that of Ethereum, and with the design and implementation of the parallel computer system, in theory, TrueChain's TPS processing speed can reach at least 10,000. If the DeFi application is released and migrated to TrueChain, you can enjoy the transfer speed and processing efficiency in seconds.


3. Lower Gas Fee,

TrueChain adopts the DPos+fPoW consensus mechanism, which guarantees the perfect integration of decentralization, speed and efficiency. The gas fees and other costs for transfer and processing on TrueChain are ten-thousandth times less than Ethereum.


4. GAS Payment Mechanism

In the existing Ethereum DeFi applications, each call of the contract needs to consume a certain amount of ETH, and the user needs to hold a certain amount of ETH to use DeFi, which greatly limits the user's use and is invisibly set for the development and growth of DeFi applications obstacle.


TrueChain launched the GAS payment mechanism in 2019. Users can call smart contracts without holding any TRUE, and the gas fee can be paid by a third party. Users can focus on using DeFi applications without worrying about it. 


5. Parallel contract calls, One Can Operate Multiple

For users participating in DeFi, multiple DeFi smart contracts can be operated and used at the same time, and multiple contracts can be used for interactive calls. With this technical mechanism, complex and diverse DeFi applications can be implemented.


Based on the above advantages, it is obvious that TrueChain is the most suitable infrastructure for DeFi projects on the market.

4

Moderator: As a new high-quality project of Defi, how did the Digger (DGT) team design its own liquid mining mechanism, and how to persuade developers to develop on TrueChain instead of Ethereum or EOS?


Zak Issa: This is a good question. Digger (DGT) distributes in the spirit of YFI: before the mining start, there is no pre-mining, no founding shares, no venture capital interest, equity distribution with equal opportunities, a total of 10,000 DGT will be used as loan rewards. Digger did a serious security audit on the code, and a community governance model will be adopted in the later period. The community will formulate release rules and release ratios to attract a wide range of people with the same vision to join the community to manage the future of the token.

If you have ever tried to use a DeFi app, you may have noticed a significant delay between the transaction request and confirmation. This is because every transaction and interaction must be confirmed by the Ethereum network, which may take a few seconds to ten minutes depending on network congestion. For users who prioritize speed and certainty, such delays can disrupt transactions.


At the same time, the transaction fee of Ethereum is currently hitting record highs. On the entire Ethereum network, the transaction gas fees on Uniswap accounted for 17.28% of the entire network, surpassing USDT and becoming the largest transaction fee area on Ethereum. Now, if you want to complete a transaction in one minute, the gas processing fee may cost $20. Even with the expectations of EIP 1559 and ETH 2.0, the current Ethereum transactions are indeed too expensive, so this is a problem we have to face.


In order to solve the problem of high transaction costs and transaction speed of ETH, Digger (DGT) developers have also gone through a lot of infrastructure choices. Since they are also TRUE holders, they will proactively issue DGT on TrueChain subsequently. This is an efficient hybrid consensus public chain that can achieve transfer speeds in seconds and nearly zero transfer fees.


5

Moderator: Everyone knows that the listing of DEX assets on decentralized exchanges is actually convenient, but what are the considerations for Tswap to support Digger (DGT)?


Founder of Tswap: As a tradable encrypted asset, Digger (DGT) tokens have obviously attracted the attention of users. DGT uses a fair distribution mechanism to encourage key community members to actively master governance. Also, it has a new model of C2C supply and borrowing, and uses decentralized smart contracts to provide liquid mining pools that support liquid mining pools deposit and withdrawal; no lock-up which allows users to borrow and lend cryptocurrency at the interest rate specified by the algorithm and bring users an efficient, safe and best cryptocurrency transaction financial service experience. The listing of DGT will help promote the DeFi industry development and the prosperity of TrueChain eco-system.


When DeFi is needed by more and more people, there is actually no need to do too much market education. Demand is the best driving force for learning. We can see this from the rapid development of DGT, also, this is one of the reasons why choose to launch such a high-quality DeFi project.

6

Moderator: From April this year to the present, the total market value of DeFi tokens has soared from $1 Billion to more than $12 billion, so the explosive growth in the short term is difficult to replicate. In the second half of this year, a number of blockbuster projects will be launched, which will also distract a lot of market attention. Do you think what risks and challenges the DeFi market will face next?


Zak Issa: The recent rapid growth of DeFi's market value shows that DeFi has been recognized by the market. The scale of DeFi locked-up assets has also grown rapidly from $500 Million to $5 Billion, and it is still growing. The DeFi market faces more opportunities, especially for innovative projects. For users, there are indeed some risks due to the rapid growth and innovation of DeFi, many users cannot really understand the logic behind DeFi projects, and naturally cannot judge the value behind them. I hope this is similar to the cooperation with public chains and DEX, to bring more universal education to users, help the healthy and sustainable development of the DeFi industry. Let ordinary people know more about DeFi projects. I believe there will be a lot of space in the future.


Jaewon SHIN: as the DeFi market is a new growth field for the blockchain industry, the choice of underlying infrastructure will become the most important starting point for DeFi products and projects, so as to effectively solve Uniswap, YFI, and other issues. The DEX and DeFi products face the dilemma of poor transfer speed and too many procedures. TrueChain have been committed to promoting the development of the DeFi industry. As early as 2018, we have been committed to consensus upgrades, security upgrades, parallel computing, improved compatibility and other underlying upgrades and innovations to better support DeFi.

7

Moderator: In view of the mixed opinions of current users on DeFi products and the future development of DeFi, DeFi products have also fallen into a collective crisis of trust, and hacker attacks are not uncommon. So what do you think about the development trend of DeFi? Will it lead to a new wave of the bull market?


Zak Issa: The most important vision of DeFi is to certify all assets and eventually form a borderless open financial system in the world. All operations here are centered by smart contracts and codes, all data is open and transparent, and anyone can carry out fair transactions. With the technological support of today's increasingly developed blockchain, there is even more reasons to believe and look forward to the future of DeFi. Although the current DeFi still faces challenges such as security, everything will face various problems at the beginning of its emergence. This is an objective law and will not become a bottleneck for DeFi's forward development. Personally, I am very optimistic about the development prospects of DeFi, which is also an area where we will focus our efforts in the TrueChain ecosystem, and we have contacted professional third-party organizations to audit DGT contracts. I believe that DeFi is also the best scenario for landing, and it should lead to the market boom.


Jaewon SHIN: DeFi is a promising development direction and an important part of the entire world’s financial system in the future. The current DeFi sector market is booming. The core reason is that the DeFi basic agreement has been gradually improved and liquidity after 2 years of development. DeFi will grow rapidly in the next 5-10 years. It is a life-changing financial method and an upgrade of finance. DeFi is still in its early stages, and its value tokens are worth long-term investment. In the DeFi investment field, we can focus on basic loan agreements, DEX fields (AMI mode), stable currency fields, and aggregation agreements. As an excellent underlying infrastructure supporting DeFi, TrueChain will continue to strengthen the development of technology, business, and ecology.


Rakesh Sharma: This financial innovation has huge challenges and uncertainties because we are still too early. The hopes of success are great, and it is difficult for people to remain reserved. DeFi has the potential to create a new era of productivity. As everyone in the world joins in, it connects people to complex financial facilities and capital for the first time in human history. The impact on the world is almost unimaginable: capital can be allocated to any place where it is most needed in real-time with zero threshold. DEX, an important part of DeFi, will become an important trend and a trend in the future. This vision is why we are here, and we hope to see it become a reality. For the DeFi ecosystem, especially on the asset side, has seen explosive growth in recent months. Tswap, as a base decentralized exchange on TrueChain, is also very convenient and easy to use. I hope that all public chain project parties must face up to the DeFi ecosystem and consider fully supporting it. This way we can have reason to expect a real bull market.

8

Moderator: From liquidity mining to DEX, what other expectations can we have of TrueChain?


Jaewon SHIN: TrueChain is a more subdivided public infrastructure perpendicular to the financial sector. As an excellent technical representative of the third-generation public chain, publishing DeFi on TrueChain has become an excellent choice. TrueChain has already The hybrid consensus is upgraded to fpow + dpos, and TrueBridge will be upgraded and reorganized in the cross-chain field. There will be more outstanding ecological projects on TrueChain, and trials of traditional finance and decentralized finance will be implemented in South Korea, South America, Southeast Asia, and other regions. We will continue to promote globalization on the basis of the previous big navigation plan and make continuous efforts to build a decentralized financial infrastructure.

Conclusion

TrueChain has become an excellent infrastructure suitable for DeFi projects and contributes to the openness, transparency, and inclusiveness of future finance; I believe that with the continuous improvement of the TrueChain public chain and continuous innovation of business models, we can enjoy a better quality blockchain network And cryptocurrency financial services.


In terms of DeFi products, we are also optimistic about the new DeFi projects, which use a fair distribution mechanism to encourage key community members to actively master governance. And DEX represented by Tswap will better serve the ecosystem on the chain.


I believe that TrueChain's continuous understanding of the market and the continuous exploration of the future development of DeFi, as the assets on the TrueChain chain continue to increase, the entire TrueChain ecological market will achieve real prosperity.




sourec:http://www.8coint.com/2020/09/how-does/


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