Radix Rolls Out Technologies to Realize Mass Adoption of DeFi
Radix has taken a huge initiative to bring decentralized finance (DeFi) to main stream with the roll out of its first layer-one covenant developed using a combo of four distinct technologies.
In its white paper, Radix has stated that it had rolled out four technologies it trusts can result in mass adoption of DeFi.
They are Radix Engine, for developing DeFi applications, Developer Royalties, a decentralized incentive scheme, Cerberus, a high-speed network consensus platform and Component Catalog, a library to assist in the creation of DeFi.
The company stated that for DeFi to head mainstream, it requires low transaction fee, remain safe by design, possess capability to stepping up and offer incentives to coders for developing unique decentralized apps.
“Ultimately, Mainstream DeFi will happen when all of the barriers holding back DeFi today are removed, without compromising decentralization. It happens when developers are finally given the tools they need to build apps that can surpass the services offered by the traditional financial industry. It happens when users of those apps wonder why they ever put up with the old way. Mainstream DeFi will move far beyond $4 billion and begins to absorb the $111 trillion waiting to be deployed onto the public ledger. Mainstream DeFi is the future we built Radix for.”
Radix trusts the four technologies that form its basis will address a major portion of limitations faced by DeFi in its attempt to enter the mainstream.
The company stated that its Radix Engine is specifically developed for “the creation of logic that defines predictable, correct results on-ledger in response to requests.”
The engine is in accordance with Finite State Machines. The Component Catalog is developed over Radix Engine and provides an on-ledger centrum for coders to create decentralized apps.
The consensus protocol of Radix is Cerberus, build using “a unique pre-sharded ledger and uses a new consensus process called braiding.” Notably, Developer Royalties is the incentive program run for the advancement of Cerberus protocol.
With exponential growth of DeFi domain, the value of tokens locked has crossed $6 billion, a figure believed to have been overestimated.
So many crypto professionals, including Changpeng Zhao Binance CEO, have opined that DeFi has great growth prospects but acknowledges the gap that needs to be covered to bring it to the mainstream.