Unity Network discusses DeFi, Blockchain and the state of the market

Decentralized finance (DeFi) and blockchain have come a long way in a short time, but it can still be difficult for the uninitiated to jump into the fray. Unity Network is helping to change that by bringing DeFi to the people and making it profitable for everyone. The company does so by leveraging blockchain technology to build fast decentralized applications (dApps) that anyone can use.

Focusing on three pillars, Unity helps users learn, connect to the ecosystem, and grow. And it’s all done through an inclusive platform that empowers users regardless of background or technical abilities. They also understand the challenges in today’s market, which include fear and confusion as fraud and misinformation overrun the space. The following questions answered by Charles Ellingsen, CEO and Founder of Unity Network, address these issues and more.

Grit Daily: Unity Network wants to bring DeFi to the people and make it accessible to everyone. What do you think is the biggest barrier? What is the best way to solve it?

Charles: We have reached a point where cryptocurrency has entered the stage of public discourse, but this discourse is rife with misinformation, cash, and a damaging lack of user education.

Cryptocurrency is currently used for speculative profit and not much else, which holds back the huge potential of the field. Users do not know who to trust.

Web3 is built to remove the “middle man” who delegates responsibility completely to the user. This requires that the user is sufficiently trained in how to handle their own funds and digital assets.

Grit Daily: What is the most important aspect to consider when creating dApps for the everyday user?

Charles: Accessibility must be prioritized! While it’s good to be educated on how to manage your money and safely navigate the crypto space, using basic services and applications shouldn’t be difficult.

The main focus of crypto should be to give everyone the ability to securely access money and store value. Crypto makes this possible because it is a never-ending, 24/7 modern stock market.

The blockchain is just a layer on top of today’s internet and should be treated as just that. A dApp is most effective when the user is unaware of the blockchain technology embedded as a secure hidden layer.

Generally speaking, user experience is one of the most important factors when it comes to software development. Focusing on user-centric, easy-to-use, beautiful design will provide a better gateway for people to start embracing the utility of decentralized applications.

Grit Daily: How have current market conditions affected things? Are people more skeptical about jumping into DeFi and blockchain than before?

Charles: The market is currently experiencing a crypto crash. Many panic and sell their holdings, but those who stand strong build a solid foundation for a long-term investment. Web3 technologies have seen tremendous growth in recent years, but they have also seen their share of storms. Over the past few months, the global market value of crypto has fallen significantly. This has led to the devaluation of cryptocurrencies and has caused many to sell their holdings and panic.

With the situation surrounding Terraform Labs “Luna” and their stablecoin “UST”, the Celsius situation, and especially inflation and a possible recession, people tend to have other priorities right now. Which is completely understandable. Making sure you can afford your utility bill and mortgage is more important than investing in crypto or stocks.

On the other hand, while this crypto crash is happening, the business in web3 technology is working on the development of the infrastructure. In the bear market Unity Network flourishes and gets time to build behind the scenes to deliver quality products that will get extra traction when the bull market arrives. With such a low price point, an entry point presents itself to many. With the innovative development business in web3, there is a high probability that the price of tokens will increase in the future. As Nathan Rothschild said, “the time to buy is when there is blood in the streets.”

Grit Daily: Is there any misinformation that stands out as something users should be aware of?

Charles: Bad advice and irresponsible influencers are difficult but common challenges in the industry. Anyone can pay for an article on most of the popular news channels and provide the information they see fit. This creates a challenge for the introduction of web3 and the security of users.

We have reached a point where cryptocurrency has entered the stage of public discourse, but this discourse is rife with misinformation, cash, and a damaging lack of user education.

Cryptocurrency is currently used for speculative profit and not much else, which holds back the huge potential of the field. Users do not know who to trust.

Because the movement of cryptoassets depends so much on hopes and expectations, on FUD and FOMO and on highly engaged fan communities – often full of impressionable newbies with no financial knowledge – on YouTube influencers and professional coin-shillers, on airdrops and giveaways, and finally on celebrity endorsements. We have seen this with Elon Musk vs. ‘Doge Coin’, Elon Musk & McDonalds with their ‘Grime Coin’ and Kim Kardashian shilling cryptocurrencies on Instagram before selling their portfolio shortly after.

It may actually be more interesting to base one’s buying or selling decisions on prediction models that are inherently possible with prediction market apps like the one we designed at Unity Network, PreSaga.

Grit Daily: Confirming who can be trusted seems like a challenge. How does the Unity Network help with that, or what advice can you give to those who want to get involved but are unsure who to trust?

Charles: Our goal is to be the ultimate trusted source of DeFi and blockchain information.

Unity Network solves this with NuWit, by providing verified information to the user, so that everyone can become confident in navigating the crypto space. Everything from basic web3 knowledge to how to do your own research or discover good investments!

We work behind the scenes to deliver a gamified experience so our users can have fun and unconsciously learn in the process.

We have very strict guidelines for projects that want to communicate from our educational platform. The Unity Network, together with our partners, aims to give people the knowledge and tools to do their own research and navigate the crypto space on their own, without the need for outside influence.

Grit Daily: Apart from providing a better understanding of DeFi, how do you envision DeFi education providing real benefits to those involved?

Charles: It’s not just about understanding what DeFi means. It is about doing what is in our power to ensure that it will become a beneficial part of people’s lives and take away the fear, uncertainty and doubt about the crypto space and DeFi.

We believe that DeFi is truly for everyone, and we are committed to removing the barriers between this burgeoning field and the average person so that we can all reap the rewards of this financial revolution.

As blockchain technology quickly becomes more integrated with our financial lives, we believe that no one should be left behind.

Grit Daily: Many crypto assets depend on expectations and the communities built around them. What is the best way to invest when these highly volatile factors come into play?

Charles: By doing your own research! With the right knowledge, bad projects are easier to spot.

First, the dApps must have a registered company behind them.

Number two, the people behind the company must stand by their products and be official.

Number three, the whitepaper, roadmap and code must be publicly available or audited by a reputable cybersecurity auditor.

Number four, balanced token allocation.

If all the above is in order, after doing proper research you feel that this company (not token) may find it interesting to invest in the company. A big red flag is shillers, hype and “memes”.

Focus on technology, because loneliness is something that weak companies build their community on.

Entering the small business space is fraught with risk, and people need to understand that they need to act accordingly. Depositing large sums because they are promised a Lamborghini within two weeks is never a serious investment. These projects are only built on “hopium”. Sure you can make a lot of money at certain times, but for the most part you will be a paycheck for someone who came earlier and you will lose money in the long run. You could even call it a bad pyramid scheme in some cases.

Grit Daily: Can you explain how a prediction market works and how PreSaga will stand out from the crowd?

Charles: Four things make up a prediction market: a question, a set of outcomes, an end date, and a solution source.

Users participate in a market by buying shares of the result they believe will answer the question. When the end date expires, one and only one of the outcomes must be the answer to the question, otherwise the market is considered invalid. After a market ends in a valid state, all shares of the truthful outcome will be worth exactly 1 UNT, while the other shares will be worth 0 UNT.

Users can buy or sell shares whenever they want. To participate in a market, one will need to enter an address with UNT in. The price of the shares is determined by a market scoring rule, enforced by an Automated Market Maker (AMM). This means that liquidity is secured by AMM and that the price of an outcome share increases if users buy more of it or decreases if users sell more of it.

Basically, PreSaga works as an exchange. Where you buy or sell “Yes” or “No” shares of the outcome you believe will be correct. Anything can be a market at PreSaga, unlike many of its competitors. PreSaga is not limited to price action markets or sports. If you can bet on it, we can deliver!

Grit Daily: How important are blockchain events when trying to stay ahead of what’s happening? Are these events newcomer-friendly, or are they more suitable for those with a strong knowledge base?

Charles: Unity Network is currently focusing on leveraging blockchain technology to build a better NFT-based ticketing system that solves major pain points and challenges of traditional ticketing systems.

EveCom is an NFT-based ticketing service available to everyone. It enables both private and professional event organizers to create, promote and sell NFT-based tickets for all events, physical and virtual – worldwide. EveCom is built to be secure, transparent and to reduce costs.