Despite all the hype and mania around the cryptocurrency industry at times, it is still considered by most accounts to be in its infancy. It has not yet fully realized its potential, but that may all be starting to change with the continued innovations of DeFi through Xuirin Finance.
How we got here
What started as a simple post on a cryptography group site would go on to redefine modern finance as we know it. The Bitcoin whitepaper was first published in October 2008 by the pseudonymous Satoshi Nakamoto. The whitepaper outlined the fundamentals of blockchain technology as a digital tool to transfer value from peer to peer. It solved the infamous double-spend problem of duplicate accounts holding the same piece of value after a transfer.
However, the revolutionary power of the underlying blockchain technology would not be realized until 2015 after the release of the Ethereum blockchain and the advent of smart contracts. Smart contracts took the distributed ledger technology of the blockchain and introduced the ability for transactions to send code.
This small but monumental distinction meant that users could send code, and if they could code, they could send laws. Laws meant that transactions could be coded with parameters and conditions. Simple if, then formulas.
The Introduction of smart contracts to the industry opened the door to unlimited potential. Every industry could utilize the technology for any condition-based outcome. Yet, Finance became an ideal candidate for the technology. Enter DeFi.
What is DeFi?
DeFi, or Decentralized Finance, is the next evolution of finance. Bitcoin was able to disrupt traditional finance’s grasp on monetary policy through blockchain technology and its infamous proof-of-work consensus mechanism. It enabled users to transact and store value across time and space without permission or approval from any third-party intermediaries. DeFi represents the next logical step in innovating the financial sector.
If Bitcoin is the equivalent of decentralized money, then DeFi is the equivalent of decentralized banking infrastructure. The ability to borrow, lend, trade, or store value in a decentralized manner. Effectively taking over all the services of traditional finance.
The idea of DeFi was first toyed with in 2014 by MakerDAO. However, MakerDAO and its lending platform would not be released until 2017 alongside the controversial ICO boom. Other DeFi protocols started emerging during this time, primarily around the concept of decentralized cryptocurrency exchanges (DEXs). However, the interest in DeFi followed the same trajectory as the rest of the cryptocurrency industry, and as the industry crashed in 2018, so did interest in DeFi.
There was a resurgence in interest in DeFi during the 2021 bull run, and new and innovative DEXs and DeFi products emerged. The 2022 collapses of FTX and Celcius illustrated the dangers of counterparty risk in centralized exchanges (CEXs).
While interest in the space waned again from the fallout of FTX, Terra Luna, and Celcius, there was a new appreciation for the role of DeFi. As the industry entered an extended bear market, developers had learned from their previous mistakes and used this period as an opportunity to start rebuilding a more robust DeFi space.
As the industry starts to emerge from the fallout of the 2023 bear market, more people have started looking to DeFi as an improved form of finance. Projects like Xuirin Finance are leading the charge and bridging the gap between the mainstream and DeFi adoption.
What is Xuirin?
Despite the technological innovation of blockchain technology and DeFi, the space has remained primarily occupied by fluent and native users of cryptocurrency. While it is true that crypto and DeFi are hyper-growth industries that are disrupting traditional finance, the other harder truth to acknowledge is that the adoption of the technology globally still sits at only between 4-5%.
Crypto, and more specifically DeFi has a user experience problem. The technology is innovative and impressive but often difficult and intimidating to enter unless you are familiar with it. Xuirin Finance’s overarching goal is to make the space accessible to the everyday user. It wants to be a catalyst for DeFi adoption by providing practical applications through the creation of a robust bridge between the DeFi and fiat financial spaces.
Xuirin achieves this through the development of its innovative products like its Intelligent Crypto Payment Gateway, AI-Enhanced Peer-to-Peer (P2P) Lending protocol, and Multi-Chain, Non-Custodial, Highly Secure DeFi Wallet and KYC-free DeFi Debit cards.
DeFi Debit Cards
The flagship product of Xuirin Finance is its non-KYC DeFi Debit Cards. It takes the Visa and Mastercard model of credit cards from the legacy financial industry and reapplies them to DeFi.
By creating a physical debit card that can be utilized in real life in the exact same manner as users’ traditional debit cards, Xuirin is creating a familiar and easy-to-onboard entry point for users into DeFi.
The Xuirin DeFi Debit Cards have a number of features that rival the legacy payment networks and DeFi competition do not. For example, Xuirin DeFi Debit Cards can be used both digitally and physically for payments, ATM withdrawals, and online payments. Also, the Xuirin debit card has its own reward program with up to 8% cash back (in XUIRIN tokens) on all purchases. You will struggle to find a better reward program on the market in traditional finance.
DeFi Wallet
Every bull run has ultimately been unwound through the collapse of one of the major centralized crypto exchanges. Mt.Gox, QuadrigaCX, FTX to name a few. Each collapse became sequentially more devastating than before as more people entered the space with each cycle.
The underlying issue with centralized exchanges is that they primarily operate as a custodian for users’ assets. When the exchanges fail, they take the users’ assets, often used as collateral for bankruptcy hearings. This is where the crypto axiom “not your keys, not your crypto” comes from.
Xuirin understands this dynamic and why the future of the space will be through decentralized solutions that remove the issue of counter-party risk from the equation. Xuirin’s DeFi Wallet is operated through a DeFi solution with smart contracts that allow its users to retain full custody of their digital assets at all times.
Not only is this an innovative approach, but it also enables non-native crypto users to access a level of security easily they did not comprehend they needed. More impressive is that the integration of a DeFi wallet solution does not interfere with the user experience. Similarly to traditional finance, users do not need to understand the underlying architecture of how the movement of money works to adopt it.
Business Payment Gateway
Xuirin Finance offers a High-Tech Payment Gateway for businesses to receive crypto payments for goods and services. This is an important step for technological innovation in finance as it enables a seamless onboarding for businesses to receive payments from a global audience.
There is no navigating the traditional payment rails that can take weeks for final settlement. Cross-border payments with a fraction of the costs and instant final settlement is a major technological innovation for businesses looking to tap into a global audience.
How is Xuirin Different?
Xuirin Finance is certainly not the only DeFi project on the market or the only crypto project offering some form of debit/credit card service.
Centralized crypto exchange Crypto.com offers its users a similar crypto debit card reward program. Users can top up their cards with fiat or crypto for similar use to the Xuirin DeFi Debit Cards. However, there are a number of distinct differences between the two products. Most importantly, Crypto.com is a centralized exchange with a high degree of KYC and AML protocols in place.
As a result, the counterparty risks associated with CEXs also carry the disadvantage that your accounts could be seized, frozen, or shut down by government oversight in your region at a moment’s notice. Crypto.com’s debit cards also require an initial staking period to access each level of rewards of 6 months. Xuirin has a base fee for theirs but no requirement for the user to stake with Xuirin Finance.
Conclusion
The DeFi space has seen several periods of growth within the cryptocurrency industry over the last few years. However, this growth has remained largely siloed inside the crypto industry as user experience and user interfaces for DeFi have historically been complex and restrictive to the everyday user.
The underlying technology has revolutionized the financial world, yet mainstream adoption has yet to be realized. Xuirin’s innovative approach to the DeFi space offers a seamless onboarding experience where users can’t tell the difference between their legacy payments and the DeFi ones offered by Xuirin. Xuirin is creating a totally accessible market by blurring the lines between DeFi and legacy payments.
By seamlessly bridging the DeFi space with the legacy fiat financial industry, Xuirin can tap into the 95% of the global population who still have adopted crypto. Services like the DeFi debit card are critical first steps in this process. Take part in the presale today on the Xuirin Finance Website and explore how you can start accessing this innovative DeFi project today.
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