DeFi made its debut in 2019 and achieved huge user growth in blockchain industry. Yet DeFi is still far from being widely accepted and therefore has great development potential. This article intends to help readers get acquainted with DeFi by introducing its concept, status quo and future. What is DeFi? 1.1 Basic Concepts DeFi, short for Decentralized Finance, which is also known as Distributed Finance or Open Finance in China, is a financial business environment without any central endorsement body. Investors can clearly see the fund status and track the status. Moreover, DeFi cannot be tampered with due to technical…
Author: Li Wangjian, CEO of UQPAY
Author
Li Wangjian, CEO of UQPAY
The founder and CEO of UQPAY, founding partner of venture capital fund UQ Capital, early Bitcoin player and miner, blockchain angel investor and preacher, senior fintech technical expert, pioneer in the application of blockchain technology to cross-border payment, serial entrepreneur. Li graduated from the College of Computer Science and Technology, Zhejiang University and obtained his master’s degree in business administration from the National University of Singapore and master’s degree in digital currency (blockchain technology) from the University of Nicosia. Li is currently a PhD candidate in business administration at Singapore University of Social Sciences. Author of the book
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At present, Blockchain technology, as an underlying technology refined from Bitcoin currency experiment, has quickly become the most concerned new financial technology because of its characteristics such as weak-centered, trust-free, low cost and natural settlement. Almost all finance-related fields have started concept verification and application of Blockchain technology and especially pay attention to the combination of cross-border payment and Blockchain technology. A large number of financial institutions and new financial technology enterprises have made bold attempts in three types of business cross-border payment, namely cross-border acquiring, cross-border remittance and foreign exchange settlement and sale. Among which, the applications of Blockchain…
The concept of blockchain emerged in 2016 and was popularized in the latter half of 2017, along with the rapid rise of bitcoin, and then declined due to the crackdowns on ICO and virtual digital currency trading by the Central Bank at the turn of 2017-2018. In one year or so, virtual digital currencies stole the spotlight, and attracted a large amount of capital and aroused plenty of attention. In contrast, the blockchain was buried in oblivion. In fact, over the past year, the blockchain circle has been drilling diligently and has widely applied blockchain in the industry, with lots…