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.
Read full article: https://www.algorand.com/resources/news/cred-and-algorand-to-bridge-decentralized-finance
Article Written By: Gifton
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