DeFiner Weekly: Blockchain Explained

May 20, 2022 11:40:33 AM / by DeFiner

Community Update Poster 3_blog

Dear DeFiners, another successful week in the books! πŸ™Œ The team at DeFiner is excited to share what we've been up to, and inform you about the latest news of the first phase of revolutionary DeFiner 2.0. πŸš€ Thank you again for your support and feedback, and we hope you enjoy our latest edition of DeFiner weekly! 😎

Here are the highlights of the week:
  • πŸ’ŽDeFiner 2.0 & HODLer Market
  • πŸ–§"Blockchain" Simply Explained
  • πŸ”₯Earn Crypto with DeFiner
  • πŸ’ΌWe're Hiring!

πŸ’ŽDeFiner 2.0 & HODLer MarketThe DeFiner HODLer Market_blog-png

Some DeFiners may be wondering, "What does the HODLer Market have to do with DeFiner 2.0?" The short answer is: Everything. With DeFiner 2.0, DeFi lending will reach new heights with permissionless and configurable DeFi lending markets for everyone. πŸ’ͺ

The HODLer Market is a part of the first phase of DeFiner 2.0. Along with the development of the Smart Contract Factory, the markets created on HODLer will be isolated to mitigate risks. πŸ€—

How do these markets work? When a user becomes a market creator, they are technically replicating the smart contract of the DeFiner 1.0 main pool for their token based on the inputs used to configure the market. Market creators will have the flexibility to design their market based on different factors:

  • Collateral.
  • Loan Currency.
  • Collateral Factors.
  • Hodling Period.
  • Mining Rewards.
  • And much more.

A quick note: NFTs will be a part of the equation! πŸ˜‰

πŸ’°HODL, BORROW, & EARNπŸ’°

πŸ–§"Blockchain" Simply Explained

The term "Blockchain" is a key concept in DeFi. Satoshi Nakamoto built the first real-world application of a decentralized blockchain with Bitcoin. Many people know about crypto and DeFi; however, very few can wrap their heads around what a blockchain is or how it works. πŸ˜Άβ€πŸŒ«οΈ

Those who truly understand a topic can simplify it in such a way that a 5-year old can digest it, or so they say. To put this theory to the test, we asked the community the question, "How do you explain 'Blockchain' to a 5-year old?" We were really surprised at some of the answers submitted. πŸ™

Here are the top 5:

  • "You're playing a game of Uno with a few friends. The game cards are your data (blocks). Each successive card played is linked to the one before it (chain). Everyone is watching everyone else's move to make sure they are playing by the rules (validators). You don't know what cards each other have (encryption)… The idea is that the Blockchain is a linkage of records and people validating the transactions anonymously." - Reddit user silentaugust.
  • "Imagine you and your friends want to trade Pokemon, but the Pokemon are pretend Pokemon - not Pokemon cards. So, you want to keep track of who owns which Pokemon, and know who traded which Pokemon to their friend for another Pokemon. But, keeping it on a piece of paper is difficult, since only one person can see it at a time. Also, a sneaky person could erase and change things to make it so they own all the imaginary Pokemon. Blockchain is just a list of who owns what Pokemon that everyone can see all the time, and no one can erase things to change it. Only the two kids who are trading can agree to trade Pokemon and add a new record to the list. (Might have to explain the term "record", but the rest should make sense)." - Reddit user crunchycode.
  • "You can also let 5-year-olds understand better in this way. A has 2 candies, he gave one to his best playmate B, but he gave it to B in front of the whole class, so the whole class knows that A gave one to B and recorded it in his notebook, so B can never deny the candy A gave to him, because the whole class is a witness, this is the blockchain technology." - Reddit user zkw520.
  • "It's like owning a book with thousands of copies of the same book worldwide. Only the owners with a copy of the book can add a page to the book, and nobody can erase the content of the book. Therefore making it the go-to place for accurate information." - Reddit user rastafarey25.
  • "Imagine, I give you an action figure toy. Billy and his parents see me give it to you. You decide to trade that action figure for Billy's Snack Pack. Billy, his parents and I watch you eat the Snack Pack. Billy owns the action figure, you own a Snack Pack wrapper, and I own nothing but we all witnessed these things happen and understand that took place. Because everyone witnessed me saying that you could have my action figure, it's no longer mine. Because everyone witnessed you trading the action figure for Billy's Snack Pack, it's no longer yours. Billy goes home happy with his new action figure, you're happy with the Snack Pack you've eaten, and I'm just astonished that my friendship means nothing to you. It was a gift and I watched you give it away like it meant nothing... I can no longer give a REAL friend my action figure because I've already spent it. The moral of the story is, a blockchain is a group of transactions that are witnessed by people who run nodes. Once a transaction has been sent, everyone on the blockchain knows and can verify that. It's impossible to create another transaction with the same tokens because you've already spent them." Reddit user -Clayford08-.

Thank you so much for your responses! Your input is helping the space become more transparent and understandable for all. Who knows? Maybe you will use some of these examples when explaining the concept of "Blockchain" to a child. πŸ˜‰

 πŸ”₯Earn Crypto with DeFiner

On Ethereum Network:

DeFiner Deposit APR_ETH Chain.pptx

On Polygon Network:

DeFiner Deposit APR_Polygon.pptx

πŸ’°Start Earning TodayπŸ’°

πŸ’ΌWe're Hiring!

DeFiner is Hiring!

 

Are you searching for an opportunity to work in the crypto industry? The DeFiner team is growing and you may have the right skills to help us take DeFiner to the next level. πŸ†™

Define your career with DeFiner. πŸš€

Available positions:

  • Business Development Manager
  • Community Manager
  • Marketing Intern
  • UI/UX Intern
  • UI/UX Graphic Designer
  • DeFiner Ambassador
  • Data Engineer Intern
  • Smart Contract Blockchain Sr. Developer

Apply Today to Become a DeFiner

 

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πŸ’­DeFiner Space: How would you explain "Blockchain" to a 5-year old? Let us know in the comments section below! πŸ‘‡

Tags: Updates and Newsletter

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