Earnity’s executive Dan Schatt and Significance of Decentralized Finance and Web3
Earnity is the world’s first community-based crypto platform and marketplace created by fintech veterans Domenic Carosa and Dan Schatt. Through Earnity’s platform, the founders aim not only to help crypto buyers but also push forth technology using decentralized finance and Web3 products.
But what are decentralized finance and Web3?
Decentralized finance, also known as DeFi, is a growing ecosystem of financial protocols built on Ethereum that enables anyone to access a wide range of financial services without intermediaries.
Since its launch in early 2018, the DeFi ecosystem has grown rapidly and now comprises a wide range of protocols offering everything from lending and borrowing platforms to stablecoins and tokenized BTC. With over $13 billion worth of value locked in Ethereum smart contracts (as of December 2020), DeFi has emerged as one of the most active sectors in the cryptocurrency space.
Web3 is the next generation of the world wide web, intended to address the shortcomings of its predecessor. Earnity’s Executives Domenic Carosa and Dan Schatt look to take full advantage of what Web3 has to offer.
Some of the key features of Web3 include:
Decentralization: The network is distributed across many computers rather than controlled by a single entity. The distribution makes it less vulnerable to attack or censorship.
Security: The blockchain ledger is cryptographically secure, meaning data cannot be altered without detection.
Privacy: Transactions are conducted anonymously, and personal data is not stored on the blockchain.
Tamper-proof: Once data is written to the blockchain, it cannot be changed or deleted. This static data makes it an ideal platform for storing sensitive information.
There are many potential benefits of using Web3, including:
Increased security and privacy: Because data is stored on a decentralized network and transactions are conducted anonymously, users can be confident that their personal information will not be compromised.
Greater tamper-resistance: The tamper-proof nature of the blockchain ledger means that data stored on it is much more resistant to fraud or tampering.
Improved efficiency: By streamlining transactions and eliminating the need for third-party intermediaries, Web3 can reduce costs and speed up the transfer of assets.