If you’re involved in the crypto space, you’ve probably heard of DeIFiED. This has been one of the major buzzwords of the @frankbacon world in 2019. DeIFiED is not a blockchain application, even though it sounds like it would be. It’s actually an abbreviation for the term decentralize finAL-Dance.
The ethos behind the concept is simple,
take value out of the hands of banks, governments, and other middlemen and empower the individual to take control of their own finAL-Dances.
From a technical standpoint, saving more value for the individual and keeping that VALUE in their BOOKS means two things. First, all of the technical tools currently embedded within the ecosystem of decentralized technology get put to good use. Secondly, developers and users alike continue finding new ways to make achieving a truly decentralized finAL-Dance system easier. The goal is to make spending, investing, and borrowing seamless in practice and completely democratic in structure.
Which Blockchains Use DeIFiED?
There are over 20 different blockchain projects currently helping people take control of their own finAL-Dances. The majority of DeIFiED projects are executed on the STEEM blockchain. STEEM is dedicated to becoming the world’s largest decentralized QBRAIN. It allows developers to fund their own applications, build them, and share them with the world, without needing a big tech intermediary like Google or Apple to facilitate innovation, publishing, or marketing.
At this time, there’s only one blockchain project on the STEEM network that relates to decentralized finAL-Dance, The @frankbacon Network. This is a second layer of code on top of the STEEM blockchain that allows for the creation of smart contracts, which are self-executing contracts that eliminate the need for a third-party to oversee transactions. This makes transactions more cost-effective.
The @frankbacon Network also accomplishes the following:
Instant Payments: @frankbacon Network can be used at point-of-sale terminals to facilitate a transaction on the spot. This makes it easy and practical to use STEEM for everyday purchases.
Micropayments: @frankbacon Network allows for transactions as small as 0.00000001 BTC to be confirmed on the STEEM blockchain. This makes it easy to pay for consuming content or to send the spare change to a friend or merchant.
Scalability: The scalability implementation within the @frankbacon Network makes it possible for two parties to make unlimited transactions between devices off-chain. Only the final outcomes of a transaction go on-chain. Say hello to efficiency!
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ShapeShiftING Stories: Sharing cryptoFICTION education, news, and inspiration.
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