Frequent risks, regulatory suppression, whether there is a future for DeFi, which is determined to change the future -Part 11


Si Gyeongmin

Oct 31, 2021

Second, the existing financial system has strong characteristics of the industrial age, and its core is to establish a service system based on institutional credit through the issuance of licenses. After hundreds of years of development, this system has indeed played a very active role for high-value groups, but it has also brought about many deep-rooted and even external problems, such as "big but not falling", "financial discrimination", and so on. From the perspective of social experiments, the practice of DeFi may contribute to a new paradigm for the development of digital financial inclusion.

Third, the development of Internet technology has certainly caused a great impact on the financial system. From Internet finance, to financial technology, and then to digital finance, although the names are dazzling, the essence has not yet touched the core of the digital transformation. Digital finance is not only the transformation of business processes, but also the reconstruction of business models. Relying on the self-generated power of financial institutions, it is difficult to take a substantial digital transformation. Relying on the power of Internet companies is nothing more than putting a new label on top of the old bottle. On the contrary, DeFi’s anti-elitism and its decentralized technology system carry the genes of true digital finance, which is expected to bring a profound impact on the financial system that keeps pace with the times.


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