Bitcoin as the foundation of DeFi | AMA with DeFiChain

cointelegraph.com:

For all the progress that has been made in DeFi, the industry currently stands at something of a crossroads. Since its peak last year, TVL in DeFi has shrunk from around $150 billion to where it is now, around $50 billion. The turmoil has coincided with global trends that have affected industries across the board, but the challenges faced by DeFi are unique, especially given how young a sector it is.

Few question that DeFi has the potential to transform finance in a way that is more equitable for all involved. The big question, though, is how exactly can DeFi’s potential be realized in sustainable and reliable platforms.

Our next AMA session will feature DeFiChain, a decentralized blockchain that forked off of Bitcoin and allows users to access a wide range of DeFi services while retaining the security of its predecessor. The AMA will take place at 4 pm UTC on November 9th and will delve into the challenges faced by the industry and explore potential pathways forward.

DeFiChain was originally launched about 2 years ago by the DeFiChain Foundation. Since its launch, the platform has gone completely decentralized and is now controlled by over 10,000 masternodes that are distributed all around the world.

The blockchain itself is a fork of the original Bitcoin blockchain, which means that while there have been significant changes made, the network has carried over many of Bitcoin’s defining characteristics. Like Bitcoin, DeFiChain is a non-Turing complete blockchain, only it was built exclusively to offer DeFi services without any bloat and significant protection against bad actors.

Unlike Bitcoin, DeFiChain employs a proof-of-stake (POS) consensus mechanism. This is key to the DeFi opportunities presented by the network as POS