Review on DeFiChain by Pedro O. Alvino M.

Name: DeFiChain
Item: DeFiChain
Rating: 4

April 15, 2021

DeFi ecosystem based on the Bitcoin chain.

A decentralized project destined for the DeFi ecosystem, provides an ecosystem of broad functions either for the development of applications or to request a loan in a decentralized way, without having to have decentralized financial services with the accounts the project and the currency that adds .
With its own blockchain with high transaction processing and scalable, its design is based on the structure of the bitcoin network, so that it also connects with the bitcoin chain to add it to its financial ecosystem.
With decentralized loan service, crypto-asset exchange, asset tokenization and other financial functions that the project adds, it covers a large series of functions of the DeFi ecosystem with a flexible and high-performance system, since the difference of the project is that the application of the project to be able to execute its financial services, limiting there some users of different platforms, so that it is compatible with computers and a wallet for mobile devices, but this does not cover the complete functions of the project, limiting its use for many users with little availability of equipment.
The project generally has good performance in the market and its services are completely safe, however the project must take into account the degree of emerging competitors in the market, which should apply more flexible mechanisms for the entry of users to its services of the project to stay in the market.
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Pros

Allows anchoring to the bitcoin blockchain for the project's DeFi ecosystem.
Offers an ecosystem for the development of Dapps with a minimum risk of attacks to the system.
It has a scalable network and high confirmation of transactions on the network.
It has a decentralized governance.
Uses a decentralized token wrapping mechanism for anchoring created tokens on the chain.
It has a decentralized loan system.

Cons