What Is Defi (DEFI)?

Defi is a blockchain-based project that uses safe multiparty computation technology for fraud detection and credit data collaboration. Additionally, the platform believes that a data collaboration platform benefits value derivation from data and provides incentives for data contribution.

Moreover, the currency aims to be a data collaboration platform supporting multiparty credit, providing all the credit information to consumers. Also, the vision of Defi is to offer users a modern finance system by making credit more accessible. Additionally, the platform seeks to provide data portability, data privacy,  and security and reduce financial fraud by implementing identity proofing. In addition, the network is leveraging smart contracts and a distributed ledger to build a more transparent, fair, and trustful data-sharing platform.

In fact, the Defi protocol offers high security and privacy through a secure multiparty computation framework. The system helps the platform complete 10,000 transactions per second by employing a high-performance consensus design. Also, the Defi Data Collaboration Protocol offers secure, high-quality, and easily shareable and distributed data while maintaining users’ privacy. Henceforth, the network is a decentralized, open, scalable, fair, efficient, and reliable platform for data collaboration. 

Additionally, the network offers data providers an opportunity to collaborate over 3,000 types of data without revealing the actual data. Moreover, individuals can see their profile, manage its uses, report errors, build a comprehensive data profile, and earn rewards on this platform. Also, users can access the Defi platform to develop decentralized applications (DApps) like insurance, lending, etc.

On the other hand, Defi tokens (DEFI) play a vital role in the Defi ecosystem. DEFI is a cryptocurrency that holders can use as payment for data collaboration on the Defi platform. Moreover, Defi token holders can avail benefits of profit sharing and advanced request processing through a deposit-based confirmation method.

History of Defi (DEFI)

Kate Shen introduced Defi in the first quarter of 2019. Kate Shen was a program manager at Microsoft and Hulu. Additionally, Kate played a significant role in building Xiaomi’s presence in early international markets.