Cryptocurrency isn’t just some incomprehensible tech talk anymore. Now, it’s the topic of conversation at book clubs and barbecues. Although not everyone understands blockchain technology and digital finance, it seems no one fails to appreciate the potential opportunities the new currency offers. Almost 90% of US adults have heard of it, while Europe enjoys being the biggest crypto-economy in the world. It’s not just institutions and risk-tolerant millennials who are jumping in, average middle-income middle-aged humans with balanced portfolios are now allocating a portion to crypto.
While everyone from your uncle to your favorite superstar enthuses about the new currency, you may find that it’s just too much to absorb. You wonder if it’s like a gold rush without the gold – but you don’t want to miss a golden opportunity. There must be somewhere to turn for guidance that’s not preceded by a hashtag or followed by a dollar sign, a resource that’s not free social media chatter or expensive financial advisor opinion.
Decentralized finance is that place. Over the last decade, DeFi platforms have improved user experience and incorporated educational tools, striving to introduce newcomers to crypto and the new financial system evolving with it. Still, the new DeFi ecosystem may be just as complex and confusing as the new currency for those people who don’t have a tech or finance background. Just trying to understand the bewildering vocabulary is enough to make a person nostalgic for checkbooks. (Remember those?) Knowing that crypto is an alternative currency is not enough to convince everyone to exchange their assets for a coin that was just named last year. Knowing that DeFi is an alternative financial system is not enough to adopt it.
What should be enough is discovering an innovative gateway platform that has all the resources needed to make informed decisions and a hub that has all the strategies needed to increase digital assets. The Nimbus Platform is both. Instead of taking classes in blockchain technology or fintech, visit Nimbus Platform to investigate DeFi fundamentals and benefit from the financial products they offer.
They’ll tell you that blockchain is essentially a digital ledger. Transactions are all transparent, verified and recorded on distributed networks rather than at traditional centralized institutions. Blockchain technology is immutable, meaning that transactions are impossible to change, reverse or duplicate because they’re links in a chain recorded on interconnected computers. Blockchain encryption is secure because it uses cryptographic code that protects data until the intended recipient unlocks it. Simple, right? Let’s continue.
A smart contract executes transactions on a blockchain when certain conditions are met. They are algorithms or computer programs that function automatically, without a human or institutional intermediary. They’re also transparent because all parties involved know the conditions of the transaction, most of which they set themselves.
DeFi is the new financial system that offers alternative services and products for the new currency. In many cases, DeFi strategies are similar to those traditional institutions developed for fiat currency, except that they operate on decentralized blockchains like the established Ethereum network and utilize smart contracts. DeFi creates decentralized applications or dApps that are interfaces for users to access and execute smart contracts on blockchains.
The Nimbus Platform put this all together for its users on a simple-to-use DeFi platform. Nimbus does not create all of their smart contracts; like many others they share parts of the same business logic and code. Nimbus is unique in the way they bring together this logic in their products with a simple, efficient interface on one convenient platform. Since many users don’t want to spend time learning how to use various tools on different platforms, Nimbus created a hub offering all the products users need and step-by-step instructions to implement simple strategies for improving their financial position.
It’s common for DeFi platforms to outsource the development of their smart contracts in their start-up phase. However, Nimbus rarely outsources this critical task because they believe it can be an expensive mistake. If an outsourced technical team develops a product, the outsourcing company doesn’t have control of the product or the technology behind it. Consequently, if the outsourced team inserts coding errors, the outsourcing company will suffer the financial ramifications, which can be expensive.
Nimbus works hard to prevent loss of control and resulting errors by assembling a dedicated in-house development team that creates impeccable smart contract applications. They only outsource development temporarily for a few reasons, such as testing market acceptance of a new product or launching a product quickly to be first in a market. Their developers know how to examine, analyze and test smart contracts to ensure they function flawlessly. Nimbus makes sure they have knowledge of smart contracts vulnerabilities and the expertise to correct them. Nimbus smart contract developers also must know the fundamentals of finance, although they don’t need an extensive background because the company respects varied perspectives and diverse experience.
In keeping with its innovative approach to DeFi, Nimbus also offers several unique products and is developing more. Nimbus created the first yield-generating NFT that works like a personalized financial strategy, in contrast to other platforms’ NFTs that represent ownership in unique assets such as digital art, event tickets or collectables. The Nimbus n-NFT saves users time and fees, while increasing yields and reducing risk, by automatically distributing assets across products. The Nimbus IPO hub will give crypto owners access to IPO shares without needing a brokerage and paying their steep fees.
If newcomers want to be part of the crypto conversation, they’d find it easy to join with help from a crypto gateway platform like Nimbus. If they want to start enjoying crypto rewards, they should look at a DeFi hub – like Nimbus.
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