The power of Decentralized Finance
Decentralized Finance or the DeFi is the future of the current monetary system wherein there will be no absolute governing power present. This means that the financial world, as we see, will surely change soon. With the help of this monetary policy, the authority of banks is being challenged along with their authority to produce fiat currency according to their will.
The major role in the Decentralized Finance system will be played by cryptocurrencies. Cryptocurrencies have a lot of potential, and with the help of these currencies, people can become their own banks, i.e,, no mediators will be present to facilitate transactions and so, no account maintenance charges or other useless fees will need to be paid.
Why there is an urgent need for DeFi
- The traditional banking system that has been followed for centuries has become obsolete now. The reason behind this is that the banks cut unnecessary charges for each of the services they provide. Also, banks have been accused of using their power without any control, i.e., they print fiat currency as and when they feel like it. This causes an immense surge in the prices of commodities, i.e., inflation.
- Banks change high transaction fees, and each bank has its own set of rules that you have to follow in order to get your work done. People have to undergo a lot of inconvenience due to such a faulty system. The bank is the supreme authority, and what it says goes. This is where Decentralized Finance can provide transparency because it makes the user the sole owner and responsible person for his or her crypto.
- A direct conclusion can be derived from this fact. Once the DeFi system replaces the current banking system, the financial stability of the entire world will increase. The reason behind this is that inflation has no effect on crypto, i.e., it’s inflation-proof. The world had never seen a financial crisis like that of 2008 wherein the financial system entirely collapsed.
Such collapses can be easily cured and prevented with the use of cryptocurrencies that do not depend on any external factors, making the system more resilient to tough circumstances.
How Aurix Contributes to The Transparency and Resiliency
Aurix Ecosystem is based on the concepts of the DeFi system. It has all the features that one can expect from a wallet based on the DeFi system. In order to understand this better, kindly consider the following scenario:
- You went into a bank and you were told to provide your details so that you can open your account. You were charged with a prominent amount of money and you don’t know why. The customer support is not educated enough to tell you what kind of charges have been deducted other than certain ‘account opening charges’. You won’t be able to do anything other than comply with the procedures of the bank.
- Aurix does not work in such a manner. From account creation to transaction and withdrawal, every step is transparent. You don’t need to worry about any kind of unnecessary deduction from your account, as contemporary exchange platforms do. You may implement any kind of step you want and you will be in control of the entire system. There is no involvement or commission of Aurix when it comes to your trading actions.
- Consider a situation wherein you went into a bank and while you were in it, some people came and looted the entire bank. This means all your wealth is gone, which may or may not be recovered. Aurix doesn’t work like that. It is secure and there is no chance of breaches.
Conclusion
Aurix has a great vision in mind regarding crypto adoption. From the above arguments, it is clearly visible that Aurix Ecosystem works on the principles of the DeFi. The installation of great digital walls in order to secure your information and crypto makes Aurix a great place for the initiation of transactions between two (2) users wherein each user has complete authority over his or her actions. This means that every user has complete control over his crypto and no involvement of a third party.
