Our world as we have today has undergone a unique digital transformation, affording us the room to live better, communicate more effectively, and transact better while also bolstering our creativity.
In the blockchain ecosystem, the average person may get warped by the vast amount of terms, projects, and systems, all of which represent different unique innovations. The confusion may get a bit more tricky as the entire blockchain ecosystem is constantly undergoing change as the hallmark of the disrupting technology is to enable the growth of value-adding innovation, ideas, and projects. Based on its unique offerings, the size of the global blockchain market has been projected to skyrocket in the years to come.
Size of the blockchain technology market worldwide from 2018 to 2025(in billion U.S. dollars)
The world has witnessed the positive overhauling of Remittances through the coming of blockchain technology and Decentralized Ledger Technology (DLT). Now we are enmeshed in the yearning potentials of Decentralized Finance (DeFi) while DappTricity, a blockchain startup is debuting Decentralized Ecosystem (DeCo). Let me give a brief overview of these unique blockchain offerings.
Remittances: What Was and What Now is
From time immemorial, humans have always been involved in monetary transactions, as observed in our day to day living. As we evolved, thanks to technological advancements, the monetary transactions now involved cash transfers across borders. Before now, the cost of making cash remittances across borders is usually high, with a World Bank press release pegging the transfer fees at an average fee of 11% in the first quarter of 2019.
Besides the expensive nature of such remittances, the transactions take days before being completed as the money moves through numerous financial institutions or agents before getting to the intended recipient. Blockchain technology has removed this bottleneck with secure, near-instant transactions and fees as low as 2%. With the prospect of blockchain-based remittances, institutions are beginning to find ways to integrate the technology.
DeFi and DeCo: The Future of Finance
Decentralized Finance is a whole new offering in the blockchain ecosystem, in which the power of finance is finally vested in the people. With DeFi, decentralized applications with functional smart contracts are now ubiquitous aiming to help people engage in direct person to person transactions as seen in Decentralized Exchanges (DEXs), lending and borrowing as seen in popular DApps amongst others.
The concept of Decentralized Ecosystem is an innovation from DappTricity. It basically is a Blockchain 3.0 innovation that seeks to create an enabling environment for all stakeholders to take advantage of and benefit from the uniqueness of decentralized applications. It is like a quantum leap from the offerings of DeFi.
To bolster the technological innovation of DeCo, DappTricity will launch TriLife, a Bitcoin or Ethereum type mainframe, where all other DeCo ecosystems can take their foundations. The TriLife Decentralized Ecosystem will feature TriPay and TriPass. While the former is a digital wallet for holding the ERC-20 Based Tri Token, the latter is a platform to help integrate both internal and external applications that will run on the TriLife DeCo.
The Point of Intersection For All
Just as a tree does not make a forest, so are the unique offerings springing forth through blockchain technology. While the TriLife DeCo will strive to prove its advances to stakeholders in the space, it is worth noting that it will help improve the existing provisions in remittances, DEXes, DeFi lending and much more.
The prospects of the TriLife ecosystem alone is a plus to breaking the monopoly of traditional finance that most blockchain systems seek to break.