DefiChain Price Chart Update [DFI]

DefiChain is a blockchain platform that aims to bring full decentralized finance (DeFi) capabilities to the Bitcoin ecosystem. This network operates on a hybrid Proof of Stake / Proof of Work consensus mechanism and takes advantage of Bitcoin's security by anchoring to the Bitcoin blockchain every few blocks. By being non-Turing complete, DefiChain facilitates quick and smooth DeFi transactions with low gas rates and reduces the risk of smart contract errors.

Currently, DefiChain supports several tokenized assets including BTC, ETH, USDT, DOGE, LTC, and BCH on its decentralized exchange (DEX).

In November 2019, the DefiChain Foundation was incorporated as a company limited by guarantee, adopting a foundation-like structure. The foundation holds the DefiChain Trademarks, Domains, and ensures that the DFI foundation funds are utilized as instructed by the masternodes. Its responsibilities include promoting the ecosystem, recruiting new ecosystem partners, and guiding the development of tools for these partners.

The DefiChain team believes that individuals should have control over their finances in the cryptocurrency industry. However, current systems fall short in providing truly user-controlled financial services. The mission of DefiChain is to provide seamless access to decentralized financial services to individuals (and eventually machines and devices) by bringing full DeFi capabilities to the Bitcoin ecosystem.

In 2019, the team recognized the main challenges in mainstreaming DeFi:

• Platform like Ethereum requires extensive coding for financial services, increasing the risk of hacks or code bugs.
• Scalability issues arise when a particular dApp's usage affects gas prices for all platform transactions.
• Many existing blockchain governance models lack maturity and exhibit signs of centralization, politicization, and uncertainty.
• DeFi is concentrated on a few platforms, limiting its potential in the broader cryptocurrency market. The team proposed the following solutions:
• Develop a blockchain specifically for DeFi use cases.
• Build on top of Bitcoin and anchor to its blockchain for maximum security.
• Support major cryptoassets.
• Utilize a hybrid proof of stake and proof of work consensus mechanism.
• Incorporate an on-chain governance system.

With atomic swap interoperability with Bitcoin and other major crypto projects, DefiChain aims to enable users to transact seamlessly across a wide range of financial instruments in a fully decentralized, unrestricted, fast, and secure manner, while keeping transaction fees low.

The initial functions of DefiChain include decentralized lending, token wrapping, pricing oracles, exchanges, futures trading (equities and commodities), transferable debts and receivables, non-collateralized debt, asset tokenization, and distribution of dividends.