Of all the headlines being grabbed by the blockchain industry lately, none are as well-deserved as those highlighting decentralized finance (DeFi). Blockchains are capable of a wide range of applications, however, they’re just now finding out that the real killer application has been in plain view all along.
BlackPearl.Chain is an ultra-high performance public blockchain specially built to accommodate the future of decentralized finance. Whereas other blockchains resemble jacks of all trades, we know that DeFi is not only our strong suit but is also that of decentralized ledger technology.
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However, no matter how much we proclaim DeFi as the next big thing in financial technology, it won’t be of any use to you without adequate context. Let’s take a look at why decentralized finance is critical for creating a fair and balanced global economy, and how it picks up from the legacy financial system’s shortcomings.
The Existing Financial System Is Exclusive
The laundry list of reasons behind why the centralized banking industry is failing people is so extensive that, for the sake of brevity, we’ll only focus on the most glaring one. Above and beyond all of its other offenses, the banking industry operates with a high degree of exclusivity.
Its exclusivity is such that over two billion adults are currently without a bank account. That jaw-dropping figure exists despite the fact that access to the global economy is based on the banking system. The obvious (and unfortunate) consequence of this pairing is that those two billion adults, along with millions more who have basic bank accounts but lack the additional vital infrastructure to make use of them, are left out of the global economy’s warmth and comfort.
Making a purchase online, selling a product on Amazon, paying a Netflix bill, downloading an Apple Music song – and so much more – all require a bank account. Sending money to friends and family abroad also requires a bank account. The only alternatives to bank-to-bank transfers are remittance services like Western Union who charge predatory fees of up to 25% of the amount being sent.
BlackPearl.Chain Creates an Inclusive and Fair Financial System
The situation regarding the banking industry is unlikely to change anytime soon. Banking industry profits are at all-time highs and, because of an extreme degree of centralization, profits funnel straight into the pockets of top executives.
BlackPearl.Chain is changing that by introducing an ultra-high performance blockchain that enables a financial stack for everyone. The BlackPearl.Chain blockchain uses intelligent sharding and VRF lightning-fast consensus to scale to over several hundred thousand transactions per second in testnet measurements alone. At mainnet launch, the team fully expects to hit over a million TPS – a groundbreaking achievement unmatched by any other technology.
What can BlackPearl.Chain do with all that power under the hood? Imagine an app that is simultaneously a payment system handling every conceivable crypto and fiat currency. Now, imagine that app exchanging those currencies seamlessly and instantly while offering decentralized identity, messaging, credit protection, and property rights – all rolled into one simple place on your mobile phone.
Such technology requires a robust, secure, and fully decentralized blockchain like only BlackPearl.Chain can offer. Once made a reality, DeFi apps on BlackPearl.Chain can grant instant access to the global economy for the billions of unbanked and underserved people of the world – finally bringing them in from the banking industry-induced cold.
In our next article, we’ll go into further detail about how BlackPearl.Chain is delivering on the future of DeFi with a highly scalable blockchain.
BlackPearl.Chain is building a decentralized future today.
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