DeFi or decentralized finance is sweeping the financial markets. With the potential to revolutionize financial industry operations, both individuals and institutions are considering DeFi as the biggest innovation in decades.
As more users adopt Crypto, and more companies accept it instead of more traditional physical currency, Crypto has proven durable and flexible even though it is entirely electronic. More broadly, DeFi products are proving to be methods for many to efficiently and productively generate rewards on their own terms.
The Nimbus Platform extends the capabilities of blockchain technology to the concept and principles of decentralized finance. Although other Crypto platforms have seen some controversy as the industry matures, Nimbus seeks to provide safety and transparency for users who want to participate in the DeFi ecosystem.
Nimbus Platform CEO Alex Lemberg expressed the impetus for the DeFi movement: “We are now for the first time as a society starting to move away from the absolute need for an institution of any kind as part of a transaction.” Essentially, DeFi epitomizes the financial independence that many people seek by allowing direct peer-to-peer contact without the need for an intermediary. It removes traditional institutions from transactions and, importantly, from taking a part of the transaction value as a fee.
As a DeFi cross-chain platform, Nimbus operates with Smart Contracts or electronic contracts designed to process a transaction only when specific conditions are met. Smart contracts are entirely transparent yet secure, allowing interacting parties to see the requirements and requests in a transaction without potential loopholes that may advantage either side. The inherent structure of Smart Contracts requires the completion of a series of steps, a safeguard that ensures assets will not be released until these steps are fulfilled and binds both parties to the agreement.
Smart Contracts are the first layer of its security, but Nimbus aims to ensure that every part of a transaction is completely secure and transparent, whether it is peer-to-peer, business-to-customer, or business-to-business. Nimbus has also responded to the hacker threat in many ways, like offering a bug bounty to “white hat” hackers. That is, ethical techno experts are rewarded when they find weaknesses in the system and report them to the platform.
Since Nimbus is an entirely cross-chain platform, it also has the benefit of electronic currency: no physical assets can be stolen nor is there a single digital “vault” to be hacked resulting in loss of assets.
Nimbus Platform offers numerous options for users such as staking in liquidity pools to produce value, and is creating innovative options in rapidly expanding DeFi fields. Nimbus’ dApps can fulfill nearly any user’s need and they are continually updating their range of applications. The platform’…….
