Let’s Chain The Old and Modern Worlds With DeFiChain Blockchain

• 1 DeFiChain blockchain made it effortless for everyone to access the fast, transparent, and intelligent decentralized financial services.
• 2 Addressing the challenges of high transaction costs, lack of transparency, and crimes, DeFiChain was introduced to the crypto world. 
• 3 DFI, the native token of the blockchain, has a total supply of 1,091,640,007 and a circulating supply of 836,030,248.      

At present, most of the financial services are run by banks, holding many of the ups and downs. To improve the financial offering and make it seamless, the concept of Cryptocurrency and Decentralized Finance (DeFi) was introduced to the world. DeFiChain, a blockchain platform optimizing the power of DeFi with the Bitcoin (BTC) ecosystem, was introduced to the crypto universe. 

Let’s delve into the ecosystem of DeFiChain and connect the old and new world with a Decentralized Financial system.   

History And Overview

DeFiChain is a decentralized blockchain platform operating to enable a fast, transparent, and intelligent decentralized financial system. The project was set in motion by Dr. Julian Hosp and U-Zyn Chua in 2019.  

The platform is mainly designed for DeFi services and offers comprehensive functionality tailored to the Distributed Ledger Technology (DLT) community, emphasizing security, simplicity, and speed.   

The decentralized blockchain platform is running with the motive to bring fill DeFi potentials to the BTC ecosystem and tackle the challenges associated with fair governance, security, and scalability.   

DeFiChain Milestones 

The journey of DeFiChain began in 2019 with the release of the Whitepaper and the establishment of the DeFi Foundation in November. 

In December 2019, the code for the DeFiChain blockchain was released and with time, the platform continuously evolved. Partnerships and institutions, introduce DST, DTC, and DAT availability with major coins and PDC created an unbeatable position in the Crypto space.

As a part of development, DeFiChain commenced DFI, the native token to trade with DEX, wallets, and Governance.    

Challenges and DeFiChain’s Promises 

Today, financial service providers are offering significant services but at a high cost. Slow transactions, especially in international transactions, inaccessibility, and lack of transparency somehow affect the day-to-day working.

To address those issues, the DeFiChain blockchain was introduced to the financial world, making transactions and financial services cheaper, faster, and more secure. The platform simply declines the need for bureaucracy and enhances the reliability of trust-minimized software.      

Constructing a platform for DeFi use cases based on BTC to ensure high-level security and use of hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms for network functioning are the key solutions offered by DeFiChain. 

Design And Consensus Mechanism 

The entire design and working mechanism of the DeFiChain blockchain mainly depends on two factors: design parameters and consensus algorithm.

Design Parameters: design parameters of the blockchain purposes to meet the needs associated with robustness and security, speed and scalability, decentralized consensus mechanism, extensible smart contract support, and block anchoring.   

Consensus Algorithm: DeFiChain leverages the best feature of PoW which is hashing of the staking node’s ID for block generation, in blending with PoS. In addition to this, this blockchain retains the tested and proven technologies developed in the Bitcoin Core blockchain.      

Result of this, the platform provides 2,200 transactions per second (TPS), with 30 seconds of block time and a 16MB block size. 

DFI Token Buying Process 

The DFI coin is the native token and integral unit of account in the DeFiChain ecosystem. The key specifications of the token are as follows-

Ticker: DFI

Total Supply: 1,091,640,007 DFI

Maximum Supply: 1,200,000,000 DFI

Circulating Supply: 836,030,248 DFI

Utility: fees payment for transactions, smart contracts, and DeFi activities including DEX, XCX, and lending loan interest payment.  

49% of 1.2 Billion will be in initial supply, among which 26% are airdropped, 47% are destroyed and 27% are burned. 

After uncovering the specifications and use cases, let’s explore the buying process for DFI Token. 

• Sign up and register on one of the cryptocurrency exchanges. KuCoin, Uniswap v2, PancakeSwap v2, Bybit, Gate.io and HTX offers DFI token. 
• Deposit the cryptocurrency to make a buy. Digital currencies, credit/debit cards, and direct bank transfers are some common payment options. 
• Buy the DFI token with the current trading pair of DFI/BTC and DFI/USDT. Entering the amount and placing an order will help in making a final buy.  

The purchased tokens can also be stored in personal wallets such as MetaMask, Binance Chain Wallet, and Trust Wallet. 

Conclusion

The DeFiChain blockchain platform was introduced to the crypto universe to maximize the capabilities of DeFi within the BTC ecosystem. The platform is prepared to connect with the old and new world of financial services by focusing on speed, simplicity, and security. 

Using a hybrid consensus mechanism, the platform offered a reliable and decentralized governance system. DFI, the governance token of DeFiChain, is used for fee payment for transactions, smart contracts, and DeFi activities and is available on a few of the cryptocurrency exchanges.      

FAQs 

What is DeFiChain?

DeFiChain is a DeFi that removed the idea of third-party involvement in the financial service execution along with facilitating fast and transparent transactions.

What makes DeFiChain unique?

The development of the blockchain platform considering BTC along with the usage of a hybrid consensus mechanism makes DeFiChain an outstanding performer in the crypto space.  

How many DFI tokens are there in circulation? 

DFI’s maximum supply is 1,200,000,000 DFI, total supply is 1,091,664,992 DFI, and circulating supply is 836,055,233 DFI.    

Where to buy a DFI token?

The DFI token is available on a few cryptocurrency exchanges including  KuCoin, Uniswap v2, PancakeSwap v2, Bybit, Gate.io, and HTX.