Mr. Open Banking The Road to DeFi Banking
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Sep 22, 2021 Lex Sokolin, head economist at ConsenSys, dives into the world of decentralized finance. He explains how cryptocurrencies, particularly Ethereum, revolutionize traditional finance through smart contracts and programmable applications. Discover the explosive growth of DeFi and its role in creating a new economy. Lex also discusses the differences between Bitcoin and Ethereum, the concept of yield farming, and the importance of open banking as a bridge for innovation. Traditional finance's adaptation to blockchain integration is also examined.
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Digital Scarcity Is The Core Invention
- Blockchain creates digital scarcity so tokens can represent truly scarce digital objects.
- That scarcity lets digital assets behave like physical objects and enables real economic exchange.
Computation Plus Scarcity Sparked Web3
- Ethereum added computation to scarce tokens, enabling programmable assets and complex applications.
- That combo of tokens plus computation is driving the 2021 crypto renaissance.
Change The Backend, Not Just The Interface
- Don’t mistake new distribution for true disruption when the backend manufacturing remains unchanged.
- Invest in changing backend systems, not just packaging, to achieve real financial innovation.