EasyFi Network “Layer2” Lending Protocol For Digital Assets
In 2020, there is a lot of crypto projects were launched with (De-Fi) Decentralised Finance system. Nowadays Easyfi is trending with #DoMoreWithDefi. As we all know that in crypto Indian and Indian projects are doing good jobs in the last few years. Easyfi is also an Indian Project which is made by Anshul Dhir & Ankit Gaur. EasyFi is not the first crypto project launched by them, both of them also worked on successful projects like Koinfox and TrustScore before this. In this article, let’s try to explore Easyfi Network.
About EasyFi Network
EasyFi describes itself as a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption. It has been designed as an open network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products. The EasyFi network is blockchain agnostic, allowing cross-chain asset settlements. EasyFi uses a Proof-of-Stake consensus mechanism.
The network design is ethereum compatible and blockchain agnostic that facilitates the expeditious settlement of assets over different blockchain networks while retaining custody with the asset owner’s network. The cross-chain framework allows lending & borrowing across a host of markets such as private platforms and permissionless public networks. The network is secured by proof of stake mechanism, governed through participating voters to achieve consensus among network participants.
EasyFi is different from other Defi projects.
Most of all crypto projects are working on the Ethereum blockchain, one of the biggest problems that the crypto community is facing here is the scaling and high gas fees. Scaling is a problem that slows down the transaction of crypto projects in the 21st century. This is why communities are not able to use these projects the way they should be.
Easyfi solved this through Layer 2 and also eliminated the gas fee problem. This is why EasyFi is much better than the rest of the lending and borrowing program. Easyfi was launched on the Matic network in September 2020.
Advantages or Benefits of EasyFi to the common man.
Today, a common man wants small loans for small needs, whether it is for personal needs or small business needs. For this, he goes to financial services institutions where he has to do a lot of paperwork. Many types of permits have to be taken and they know to get a loan, but microloans are still a big problem and the biggest thing is that its interest is very high.EasyFi is the solution to all these problems! EasyFi Permission is a lending and borrowing platform where you can take a microloan in a few moments without any permission as per your requirement. The rate of interest of these loans is very low and you can return it at your convenience. Here you can also provide liquidity.
What is TrustScore’s role in EasyFi, how is it working?
The traditional financial system has all the personal information of the user and its financial records at the time of making the loan. The biggest drawback to the Defi system is because it is a decentralized system and hence there cannot be KYC, No personal information or financial behavior of anyone is known.EasyFi uses Trustscore for this. It creates a score after checking a person’s crypto record from a person’s crypto address and it works like a credit score. This system helps us in giving unsecured loans. Which gives the lender a lot of protection.
Why does Easyfi choose Matic Network?
As we also mentioned in the beginning Easyfi used to say to reduce both time and transaction costs very much from their project. For this they chose Matic Network, due to this they were able to give a layer 2 solution where all the transactions are very fast. Easyfi community wanted that the problem of transaction fees is coming on the Ethereum protocol today. That is over with the solution on the Matic network. Also, the team of Easyfi did not have to compromise with Ethereum’s liquidity pool. Because of all these things they came to the Matic network. (The EasyFi protocol token is named EASY)
#DoMoreWithDefi #Easyfi #EasyFiNetwork