Elon Musk

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  Several collapses in the past year have highlighted centralization problems, while fragmentation remains another hurdle in this nascent sector. 
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 <p><img alt="Presented by YieldFlow" src="https://cdn.thebittimes.com/images/2023/07/28/fd395e9f6d7305981ebbe20ce3580221.webp" title="Presented by YieldFlow"></p> 
 <p>True decentralization is something that many crypto projects strive for, but the result is often too complicated for everyday users to rely on. So, what’s the solution?</p> 
 <p>The high-profile failures of big industry players — namely the cryptocurrency exchange FTX — exposed just how centralized the crypto space has become. Former FTX CEO Sam Bankman-Fried now faces a flurry of criminal charges amid allegations that his decision-making directly affected the exchange’s collapse.</p> 
 <h2 id="challenges-of-true-decentralization">Challenges of true decentralization</h2> 
 <p>While true decentralization has been touted as crucial for unlocking this nascent market’s potential, some protocols that meet this requirement are simply too complicated to use. Poor interfaces and convoluted mechanisms mean customers are at a higher risk of making costly mistakes or even losing their funds altogether. It’s little wonder that a recent CoinShares survey of asset managers (which drew 51 responses from investors who manage $900 billion worth of funds) cited custody as one of the biggest hurdles when adding crypto to portfolios.</p> 
 <p><img alt="Image_0" src="https://cdn.thebittimes.com/images/2023/07/28/03fa3f6875aa6cb4b7a048b52644e454.webp" title="Image_0"></p> 
 <p>There are also practicalities to consider. In the old-fashioned world of fiat, it’s common for consumers to have just one bank account — a single destination where funds flow in and out. However, in the fragmented and diverse crypto ecosystem complete with hundreds of platforms and thousands of altcoins, investors can lose count of how many logins they have. This adds friction and slows down the process of managing one’s finances.</p> 
 <p>Super apps, which allow users to perform a dizzying array of tasks in one place, have taken China by storm. The likes of WeChat bring everything from payments to gaming under app, with millions of third-party applications for users. It’s little wonder that Elon Musk has been hoping to emulate its success by transforming Twitter into an “everything app.”</p> 
 <p>All of this raises a compelling point: Why aren’t more decentralized platforms delivering an all-in-one experience? That’s where YieldFlow is vying to address what it believes is a big gap in the market.</p> 
 <h2 id="the-all-in-one-solution-investors-need">The all-in-one solution investors need</h2> 
 <p>YieldFlow says its goal is to combine true decentralization with a simple and easy-to-use interface. The entire platform runs on smart contracts publicly listed and audited by CertiK, meaning anyone can check and scrutinize them. The project does not collect personal data either, as Know Your Customer (KYC) checks aren’t required to connect a wallet. This is achieved by eliminating fiat gateways and offering a crypto-only experience.</p> 
 <p>As the name suggests, YieldFlow aims to open up yield farming to the masses without the risks posed by centralized providers — all while supporting those who may lack technical understanding.</p> 
 <p><img alt="Source: YieldFlow" src="https://cdn.thebittimes.com/images/2023/07/28/42b788e7b81a9d5417556e7e9f01c8f8.webp" title="Source: YieldFlow"></p> 
 <p style="text-align: center;"><em>Source: YieldFlow</em></p> 
 <p>Explaining the project’s ambitions, Peter David, co-founder of YieldFlow, said:</p> 
 <blockquote> 
  <p>“DeFi, especially when it comes to yield farming, should be <a rel="noopener noreferrer nofollow" title="secure" href="https://thebittimes.com/tag/secure.html">secure</a>, <a rel="noopener noreferrer nofollow" title="stable" href="https://thebittimes.com/tag/stable.html">stable</a> and <a rel="noopener noreferrer nofollow" title="accessible" href="https://thebittimes.com/tag/accessible.html">accessible</a> for everyone looking into it. Transparency of the protocol and security of funds are of utmost priority — and we are actively working on setting new standards.”</p> 
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 <p>A fundamental tenet of YieldFlow’s philosophy involves automating the complex processes that crypto enthusiasts have to perform manually, enabling users to focus on what matters most.</p> 
 <p>An ambitious roadmap has been established for the years to come, allowing users to vote on future proposals. Staking and lending products will be integrated into its singular product next year, alongside digital real estate and art. By 2025, YieldFlow is also planning to offer fully-backed digital assets linked to commodities and stocks.</p> 
 <p>Bear markets are for building, and YieldFlow says it’s determined to offer a platform that provides a little more certainty for crypto enthusiasts in uncertain times.</p> 
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   Learn more about YieldFlow 
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DeFi needs to be secure, stable and accessible for all. Here’s how

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Alte articole publicate pe 1 aug. 2023

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