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DeFiChain
About DeFiChain
DFI coin is a unit of account in DeFiChain, a decentralized blockchain platform focused on enabling fast, transparent, and accessible decentralized financial services. The DeFiChain Foundation issued around 600 million DFI in May 2020, and the platform runs on a proof-of-stake consensus mechanism. DeFiChain features high transaction throughput, reliable decentralized governance, and security by anchoring its most recent Merkle root to the Bitcoin blockchain every few minutes. The DeFi Foundation is located in Singapore and is led by experienced blockchain experts Dr. Julian Hosp and U-zyn Chua.
DeFiChain (DFI) is the native cryptocurrency of the DeFiChain platform, a blockchain specifically dedicated to decentralized financial applications. The platform is designed to bring high transaction capacity, reduced risk of errors, and intelligent feature development to the world of decentralized finance.
The DFI token itself is an integral component of the DeFiChain ecosystem. It is used for transaction fees and serves as the primary asset for staking and liquidity mining on the platform. The DeFiChain platform, on the other hand, is a dedicated network that aims to enable decentralized financial transactions. It is built around the Bitcoin protocol, but with modifications that make it more conducive to high-speed transactions and complex smart contracts necessary for financial activities.
The DFI token plays a pivotal role in the DeFiChain platform. It is used to power transactions and smart contracts, participate in governance decisions, and provide liquidity for decentralized exchanges. Users can stake DFI tokens in order to earn rewards and to secure the DeFiChain network.
Beyond that, the DeFiChain platform provides a foundation for a multitude of decentralized finance applications. Its primary use cases revolve around various forms of asset and financial services, such as decentralized exchanges, tokenization of real-world assets, lending services, and yield farming.