The financial markets are rapidly growing, evolving, and witnessing a paradigm shift from ‘old decaying currency’ to ‘digital and decentralized currency’. With the rise in value and increased acceptance, DeFi holds the mirror to the future of finance.
Joseph Lubin, (popularly known as ‘co-founder of Ethereum’ as he contributed heavily to Ethereum in the initial days) in a recent CNN interview, highlighted how DeFi represented the democratization of the financial infrastructure and enabled technologists and entrepreneurs to become creative in building new systems. He further added,
“DeFi is replicating the use cases of centralized finance with just far greater efficiency.”
Even though he agreed on the openness and transparency of the digital ecosystem, he underlined its ‘confidentiality’ facet and said,
“Just like the traditional financial system, there are ways to encrypt and not disclose private information. Technologists are building layers and layers of privacy and confidentiality onto these open systems.” Read More