4 reasons to build your DApp on DeFiChain Blockchain
- Building on the DeFiChain blockchain is the easiest option, as it offers crucial benefits and opportunities.
- Using proof-of-effort serves another important purpose within the DeFiChain ecosystem.
- DeFiChain’s Accelerator will serve as a solution to increase the use of DeFiChain and DeFi on Bitcoin to become the standard decentralized financial blockchain.
The next generation of decentralized financial applications, products and services is just around the corner. Builders and developers need to take advantage of the most secure and robust networks and pay close attention to Bitcoin. Building on the DeFiChain blockchain is the easiest option, as it offers crucial benefits and opportunities.
DeFiChain retains the security of the Bitcoin network
Many people may see DeFiChain as a separate and stand-alone blockchain. It is an excellent network, but the developers built it with security and Bitcoin in mind. More specifically, DeFiChain’s immediate security and immutability is made possible by anchoring itself to the Bitcoin blockchain. As a result, DeFiChain stores its latest Merkle tree for Bitcoin in a matter of minutes.
That approach makes sense, since it ensures that the latest DeFiChain records are completely secure and unchangeable and can be checked against records anchored to Bitcoin. Although the anchoring intervals will be distributed, the network will always benefit from demonstrably unchanging records. In addition, the use of Bitcoin security keeps DeFiChain safe from attacks, hackers and vulnerabilities.
While DeFiChain is rooted in Bitcoin, it retains a built-in consensus mechanism and feature set. They are necessary, since the Bitcoin network lacks smart contract functionality and other features. In addition, the use of Proof-of-Stake enables better scaling, lower energy consumption, fast transactions and support for multiple tokens, among other benefits outlined in DeFiChain whitepaper.
A carbon neutral network
Using proof-of-effort serves another important purpose within the DeFiChain ecosystem. As it is a more efficient network and one that enables better energy efficiency, it paves the way for DeFiChain to become carbon neutral. The Bitcoin network, and other proof-of-work blockchains, have come under increased scrutiny for their environmental impact. Pushing further into renewable energy for mining purposes will help alleviate these concerns.
For DeFiChain, the pressure to become carbon neutral is crucial. The network achieved carbon neutrality several months ago and continues to compensate for CO2 emissions generated by blockchain operations without skipping a hit. In addition, DeFiChain illustrates how decentralized finance on Bitcoin can be carbon neutral, while other popular networks – such as Ethereum – continue to have a negative impact on the environment.
Community owned and community driven
A blockchain ecosystem depends on its users and node operators to achieve decentralization. However, core developers will often retain some degree of control to improve the network and make adjustments. DeFiChain is fully community-owned, making all users responsible for maintaining the network and finding ways to make it better and more robust.
All members of the DeFiChain community can contribute to this process through DeFiChain Improvement Proposals (DFIPs). It is a solid example of achieving decentralized management and putting members of society in the driver’s seat. In addition, it creates a place for conversation and healthy discussion, which can push the DeFiChain ecosystem to new heights.
DeFiChain Accelerator
Another exciting addition to the DeFiChain ecosystem is the original accelerator. It will serve as a solution to increase the use of DeFiChain and DeFi on Bitcoin to become the standard decentralized financial blockchain. The accelerator will help developers start their operations in the DeFiChain ecosystem and expand financial support where necessary and relevant.
According to the latest monthly report, DeFiChain Accelerator continues to build momentum and will focus on the US market for now. In addition, there is increasing momentum among companies that want to build on DeFiChain, although there is more work to be done. Despite current cryptocurrency market conditions, global interest in DeFi on Bitcoin continues to increase. It will be interesting to see what will be built on DeFiChain in the coming months and years.
