Cred Platform Adopts Algorand Blockchain

The concept of Decentralized Finance also called DeFi, is becoming the order of the day as it is rapidly becoming the most prefered and widely used financial system globally.
 
The DeFi industry was developed as a solution to the centralization of the previous financial system, which made the progress of the global system to be difficult as this centralization hindered the entire system from delivering the full benefits to everyone all over the world.
 
Centralization has been confronted by limiting challenges such as the absence of security due to the concentration of power, making it prone to any form of attack. That's why a lot of centralized systems were easily hacked putting the users in jeopardy.
 
All these and many more, are as a result of the fact that the control of the system's operations is handed over to a few individuals to manage it centrally, also making it prone to manipulation.
 
But Decentralized Finance came to improve all these, and offer great financial services to the entire world, in a decentralized and secured way.
 
Since its creation, a lot of DeFi platforms have been created as well, with the purpose of making the DeFi system accessible to all, by providing different services and products to the users. One of such platforms is the Cred platform.



Cred Platform, What It Is About

Cred is one of the many platforms developed to offer DeFi services to the world, making it seamless for them to enjoy all the benefits provided by this new found system.
 
 It is a platform which provides financial services such as lending and borrowing to everyone in need of it, in a decentralized manner.
 
Cred platform gives unrestricted access to funds even in form of credits, to the global masses, so as to make it less difficult for them in getting to either lend out or borrow funds.
 
This platform founded by the former PayPal technology veterans, does not just provide funds for users on demand through borrowing, but also gives those who have a considerable amount of funds, an opportunity to benefit from it as it facilitates borrowing.
 
Cred is a big part of the DeFi industry which has featured greatly in advancing the system, but imagine what could be achieved by Cred platform if it chooses to incorporate the blockchain technology into its system.
 
Those who have in depth knowledge about the blockchain, will understand how much a system can improve with the blockchain in play.
 
Luckily for the world and the DeFi industry, there is good news.

Cred's Adoption Of Algorand Blockchain

For a long time now, Cred platform has been looking to adopt the blockchain technology into its system to boost its performance and enable it function effectively, delivering the boons of the DeFi industry to the whole world.
 
But seeing as a system this advanced and important in the DeFi industry needs a superior blockchain to function at its best, the search had to be a careful one.
 
Finally, Cred has decided to adopt Algorand blockchain, so as to improve its performance. We will talk a bit more about the Algorand Blockchain.
 
Cred's plan to adopt Algorand was made known to the world on the 30th of September, 2020, by both Cred platform and Algorand blockchain. Through this corporation, both the users of Cred platform and Algorand system will definitely enjoy unlimited benefits and improved DeFi services.
 
One might ask, why adopt Algorand blockchain? when there are lots of blockchains out there in the industry.
 
Here let's tell you a bit about Algorand blockchain, which translates to why it is superior and is becoming widely used across different systems.



Description Of Algorand Blockchain

Algorand is the blockchain which was built by Algorand Inc., to be the very first open source and permissionless blockchain, to improve the global system by facilitating the creation and deployment of different financial products to be used across the world.
 
Algorand blockchain uses a one-of-a-kind algorithm known as the Pure Proof-of-Stake (PPoS) blockchain protocol, which allows it to operate efficiently in building financial tools and financial services to the world, still with a full guarantee of security and decentralization.
 
Algorand blockchain also has desirable features which makes it the most prefered by all and some of these features are the great speed at which transactions are processed, its ability to execute numerous transactions at a time, its high scalability, low cost of operation, resistance to security threats or manipulations and many more.
 
This is the Blockchain of the future, no wonder Cred and other platforms are adopting it.
 

The Benefits Of Cred And Algorand Incorporation

For Cred platform, the adoption of Algorand blockchain is the beginning of a new era for every user of the system as it will open up new and greater opportunities for the users to become financially free, through the services provided by Cred.
 
Their performance will definitely become better as it will be amplified with Algorand blockchain, letting them support more assets like the USDC and USDT which will benefit the users in diverse ways.
 
Its lending and borrowing services will become better with Algorand in play, giving users an opportunity to generate profits from their assets, while giving others the funds they need, without stress.
 
Inheriting the features of the blockchain, Cred will be able to execute enormous amounts of transactions at great speed and reduced cost, ensuring that everyone enjoys the benefits.
 
For Algorand, this incorporation will open up more financial services for the users.
 

Conclusion

The adoption of Algorand by countless digital systems indicates an already obvious fact that Algorand Blockchain is one of a kind and superior to the already existing ones.
 
Algorand is a lasting solution in the DeFi industry, and has the attributes needed to project the mainstream adoption of the Blockchain, subsequently releasing its benefits to the world.
 
 

Article Written By: Gifton

Posted by : Shen Juice

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