DeFi For You. Have Your Cake and Spend It — Crypto Commerce Shows Maturity

DeFi For You | A new loan economy built on Binance Smart Chain Blockchain

Have Your Cake and Spend It — Crypto Commerce Shows Maturity

Satoshi Nakamoto created Bitcoin to give the masses an unregulated currency they could use to spend on whatever they please. But how often can you spend your crypto in a trusted marketplace?

So far, the biggest crypto marketplaces have been black-market vendors selling narcotics and weapons. What about the average Joe who wants to buy a new car, or a pair of jeans?

Crypto is maturing. It’s high-time eCommerce matured alongside it so crypto holders can actually spend their money.

Are we supposed to wait around for Bezos to start taking cryptocurrency payments on Amazon? Or hope that PayPal lets you store your coins in its wallets?

No.

They’re not going to adopt crypto unless they see existing results.

Enter: DeFi For You.

Decentralized e-marketplace

For crypto holders to truly make the most of their investments, they need to be able to spend their money. The market is adapting to this, with projects offering improvements to how people can spend their hard mined cash.

DeFi For You is one such project that seeks to build an eCommerce platform on the Binance Smart Chain. It would let you buy, sell, rent, and even pawn goods using the #DFY smart contract BEP20 token.

Pawn is one of the largest untapped markets in the world, worth $14.5 billion in the US. Instead of having to go to a shady pawnshop for a loan, users of DeFi For You could gain access to collateral loans using #DFY tokens or other items to hold against.

There is no global pawn site yet because it’s been impossible to achieve without smart contracts. This is an industry that is worth $400 billion in South East Asia alone, and the oldest form of financial service.

The DeFi For You project will allow users to open their own pawn shops on the platform to lend money anywhere in the world while holding collateral, essentially becoming their own bank.

The terms of loans will be decided between the lender and the borrower and stored in an irrefutable smart contract on the Binance Smart Chain.

It’s a decentralized bid and ask economy where the irrefutable reputation of the individual is verifiable on a public ledger built on the blockchain.

This opens up the possibility of getting a loan for billions of people who cannot currently access one.

Of course, some people are better at paying loans back than others, and while complete decentralization of financial services would be ideal, the reputation of the individual is still critically important when issuing financial services.

This is where DeFi is able to shine.

Verifiable reputation system

Decentralized finance lets users remain anonymous, while still having a reputation that can be viewed by anyone on the blockchain.

This opens up the possibility of offering real financial services to anyone, anywhere in the world, including 1.7 billion adults without bank accounts. None of these people can access proper financial services, leaving them at the mercy of shady lenders.

A system of decentralized loans backed up by irrefutable contacts would level the playing field for millions around the world.

The use of Binance Smart Chain (BSC) puts the project in an interesting position — and one open to criticism for straying from Ethereum.

Binance Smart Chain is less decentralized than Ethereum, but its quicker speeds and lower costs make it an attractive alternative for projects like DeFi For You.

It has a block time of 3–5 seconds and 14 million users who are eager to make the most of new DeFi technology.

All the pieces are there to create a decentralized eCommerce platform that would allow crypto holders to buy and rent products and services, get access to collateral loans, and show that there is a real use-case for cryptocurrency in online marketplaces.

Check out more information about DeFi For You by visiting the website now.