WHAT IS DEFI?
DeFi is short for “decentralized finance”, an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries via smart contracts. Smart contracts automatically execute transactions if certain conditions are met. For example, say a user wants his or her money to be sent to a friend next Tuesday, but only if the temperature climbs above 30 degrees according to weather.com. Such rules can be written into a smart contract. DeFi aims to give users an alternative to the traditional financial systems by removing the need to trust centralised parties. This is achieved by building digital services in an open, permissionless, and decentralised manner. By removing the intermediary and automating many functions of the traditional institutions, DeFi can provide lower costs, higher degrees of security and privacy, resist censorship, increase accessibility and promote a decision-making democracy.
Most applications that call themselves DeFi are built on top of 4 Ethereum. Examples of DeFi use cases include: Decentralized VW exchanges (DEXs), Stable coins, Lending platforms, prediction markets and yield farming.
WHAT ARE NFTS?
A non-fungible token is a special type of cryptographic token which represents something unique. NFTs are called non-fungible because they are not mutually interchangeable since they contain unique information, although it is possible to mint any number of NFTs representing the same object. Perhaps, the most obvious benefit of NFTs is market efficiency and known scarcity. The conversion of a physical asset into a digital one streamlines processes and removes intermediaries. NFTs representing digital or physical artwork iz ona blockchain removes the need for agents and allows artists to connect directly with their audiences. Examples of an NFT is digital artwork, baseball cards and even NBA moments in a digital card form.
Wealth has created the Gold Standard (AUS) and Silver Standard (AGS) tokens. These ERC-20 compliant stablecoins are 100% backed by fully allocated gold and silver bullion, respectively. That metal is already secured in Reserve Vault, verified quarterly by global assurance firm PKF, and insured by the world’s leading insurer. Each token (to 4 decimal places) represents 1 gram of either gold or silver and are fully redeemable for bullion. AUS and AGS are not securities allowing unrestricted trade and are currently available through Wealth (OTC), CoinSpot (24/7 exchange), Metex (Open order book exchange from anywhere ex USA), Elbaite (true peer to peer trading with trusted escrow payment intermediary) and Bamboo (dollar cost averaging, auto debit and round up application). Visit goldsilverstandard.com