Introduction
Blockchain technology remains one of the promising innovations within the last decade and this is because of the advanced features and applications available and offered by the technology. Most businesses and companies are integrating the technology in their processes and technologies, and this results in increased efficiency and optimal performance. Among all the features on blockchain networks include security, decentralized system, immutability, high processing speed, etc. Across all corporations and industries adopting blockchain technology, financial institutions are at the forefront. This may primarily be due to how influential the technology affects their operations and structure. One key area incorporated by these financial organizations is the decentralized system, and this has reshaped the financial systems, making processes and procedures seamless and efficient.
The type of governing and operation system prominent in the financial system is the centralized structure. Decisions, policymaking, and other administrative responsibilities are handled by selected members of the community. This pattern of structure limits a free flow of protocols and processes, due to the limited number of personnel required to provide consent to most organizational issues. Blockchain technology is equipped with a decentralized system that improves the financial structure of most institutions and eliminates the centralized system. Hence, we can define decentralized finance, often denoted as DeFi, as the meeting point for these two different systems; centralized and decentralized systems. It helps to create a middle ground that unifies the conventional financial system and decentralized digital assets such as Ethereum and Bitcoin.
One fascinating and intriguing thing about decentralized finance platforms is that it allows users develop basic traditional financial applications and features in a decentralized manner. This forms the primary structure of the Kragx Network. It is a DeFi platform that offers users financial services in a decentralized format. Certain features and functions available on a blockchain network, such as Kragx, enable it to be classified as a decentralized finance network. These are decentralized functions that distinguish DeFi platforms from the centralized system of financial institutions.
Across the entire blockchain and crypto industry, most of the decentralized platforms are developed as an application referred to as decentralized apps (Dapps). Most of the existing and emerging blockchain projects that develop these DeFi apps often build them on the Ethereum blockchain network, and this happens for a technical reason. Among most blockchain networks available to design DeFi apps, Ethereum enables the choice of designing a blockchain application that operates on the same crypto token of the network. However, this does not, in a way, imply that Ethereum possesses the sole right to design apps; there are other networks available for developing DeFi applications. Building DeFi apps on the same blockchain have an advantage; it creates the possibility of combining, modifying, and integrating them based on certain specified requirements.
As a DeFi network, there are various features and functions available on the Kragx platform which enables it to deliver optimal financial options and solutions. These characteristics, which is also common with other DeFi platforms include;
Decentralized System
This is the primary feature available in a decentralized finance network. Most of the relevant information and algorithms are defined by this system. This removes the monopoly of making crucial decisions on salient network matters such as currency exchanges and interest rates.
Minimum Human Interference
Human involvement in financial operations often tilts towards error, selfish gain, or favoritism. With DeFi, most of the transactions, agreements, and other forms of contractual arrangements are performed using smart contracts.
Open Source Coding
Another feature of a DeFi application is that its development is based on open-source coding. This implies that anyone can gain access to the programmed codes and algorithms to check and validate them. Users can easily analyze the codes and confirm the features, security, and capabilities. Providing the codes in this manner increases the stability and transparency of the network, as all clients are aware of the current running codes. This eliminates the occurrence of any user running a malicious or hidden code in the background, or the activity of cyber hackers intending to steal the project’s data without the knowledge of the users.
Inclusivity
A follow-up feature stemming from open-source coding is an all-inclusive network. As members of the community have unrestricted access to the codes and programs of the decentralized applications, this enables unified operations within the network among users that is void of any form of bias based on whatever measure. It also eliminates border restrictions based on a users’ location. The DeFi applications give access to any user or client in any location across the world; crypto enthusiasts and investors considering joining the community can participate using a computer device (laptop or mobile device) and internet access. This feature aims at enhancing the attainment of DeFi’s objective which is establishing a borderless economy.
Unrestricted Permissions
An outstanding feature of decentralized applications is that it allows users enjoy permission-less activities. Clients can easily, without restrictions, develop a DeFi app or gain access to use one without the approval of any person on the network. Hence, a DeFi application removes the worrisome burden of submitting numerous regulatory clarifications for validation that are common with most traditional financial systems whenever you want to operate in the global economy. Based on these permission-less operations, open finance is often used to describe DeFi networks.
Development Flexibility
Users often perform varied applications and services on the decentralized applications, and having freeway access to execute these processes is an important need. The decentralized Finance Platform of the Kragx network allows users to run different third-party applications on their platform; this is usually performed when the platform does not have all the necessary functionalities required by the developer, and hence, more room and flexibility is afforded the developer. An added advantage of this amazing feature is that the Kragx decentralized application allows users to design their interfaces and environment when the current designs or functions available on the app are not compatible with the intended design. This enables the development team to produce excellent applications that improve the operations of the financial system.
USEFUL INFORMATION
Website: https://kragx.io/
Whitepaper: https://kragx.io/whitepaper.pdf
Telegram: https://t.me/kragx_chat
Twitter: https://twitter.com/kragxk
YouTube: https://www.youtube.com/channel/UCQXzubCYqUb6dNMp3NEoW9w
Instagram: https://www.instagram.com/kragx_/
Reddit: https://www.reddit.com/user/Kragx_
WRITERS INFORMATION
Bitcointalk Username: Esty2281
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2737693
Proof of Authentication: https://bitcointalk.org/index.php?topic=5313790.msg56501816#msg56501816
Eth Address: 0xA181d93387DF684AD94D79f40E77E16f1BfE1a39