How Financial Fraud is Prevented with the Samecoin DeFi Protocol
One big factor that’s driving up adoption in the crypto space is the ability to gain complete control of your finances. This is important for people who either want total control or simply don’t like leaving their money at the hands of other institutions like brokerages. Decentralized Finance, or DeFi, is the answer for lots of these people. We’re going to look at how more and more people are realizing the benefits of DeFi and regaining control of their money.
But DeFi can also be difficult to understand, especially for those new to the industry. While adoption rates are growing—they aren’t what they could be. For true mass-market appeal, people also need a system that’s easy to understand and get started with. Some people might want to enjoy the benefits of DeFi without understanding every detail. Crypto and digital currencies shouldn’t just be the realm of those who’ve done hours of reading—they’re for everyone. That’s why Samecoin has created an easy-to-use and easy-to-understand ecosystem that gives everyone the benefits of DeFi—so they can avoid fraud and the other risks associated with alternative financial instruments.
Benefits of DeFi over traditional banking systems
DeFi has tons of benefits when compared to traditional banks. While most banks are secure—not all of them are. You might have seen a few go bankrupt in the past. While governments normally bail out those who lose savings, some people don’t want their financial future being held ransom by national governments they don’t trust. That’s why for many, DeFi is the answer.
When holding a DeFi coin, you control your money—not some other company. While it is true that holding crypto on exchanges presents many of the same risks of holding your currency on another platform—you don’t have to keep your money there. Private and secure wallets are a legitimate solution.
Payments through traditional systems can often take days to complete, unlike a few minutes or seconds with DeFi. DeFi is open to anyone, and can be completely anonymous—the markets don’t close overnight, either.
How Samecoin uses DeFi to build a system you can trust
Samecoin has built an entire ecosystem that’s built on trust from the ground up. It’s a completely transparent system that anyone can inspect at any time (rather than some financial instruments that keep all info and accounts secret). Samecoin’s expertly-engineered smart contracts provide a clear set of DeFi functions that help to govern and grow the Samecoin economy, but it’s also a system that anyone can enjoy even if they don’t fully understand all the benefits.
How normal people can enjoy the benefits of DeFi in Samecoin without understanding it
Kenny likes the idea of DeFi—but he still doesn’t understand it all. That’s why he’s started using SamePay alongside the utility token Samecoin ($SAME), and its family of stablecoins which includes SameUSD and SameEUR. Unlike other platforms, these are integrated together perfectly. The SamePay app is easy to understand for a newbie like Kenny. He gets full use of DeFi features like minting, saving and staking in a simple interface, without really understanding how the whole Samecoin DeFi protocol works. This helps him keep his money safe, without having to get involved in the details. He also gets great benefits and rewards.
If you’re like Kenny, you might enjoy Samecoin’s ecosystem to help protect your financial future.
Worried about the security? Samecoin’s smart contracts are audited by Certik and the details can be verified transparently.