Paypal recently announced the launch of a cryptocurrency settlement service called “Checkout with Crypto,” which will allow American customers to use their cryptocurrency to pay millions of online merchants worldwide. It currently accepts Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as payment. Paypal also stated that its 29 million merchants would use this service within the next few months.

On the same day, Visa, one of the world’s largest credit card payment companies, announced that cryptocurrency USD Coin would be accepted to settle transactions on its payment network. Furthermore, during the company’s fourth-quarter earnings meeting in 2020, General Motors CEO Mary Barra suggested that the company consider the purchase method of payment in Bitcoin.

Various on-chain metrics indicate a healthy amount of trading activity and an increasing number of new users interacting with DeFi and DEX protocols, indicating that the DeFi space is heating up.

With the rapid development of digital currency, global companies and investors’ attention has shifted to cryptocurrency applications. However, while most investors are currently interested in entering the cryptocurrency market, their level of understanding of cryptocurrencies varies.

What is cryptocurrency?

A cryptocurrency, also known as crypto, is a digital currency that can be used to buy goods and services. Still, it employs robust cryptography and an online ledger to secure online transactions.

Cryptocurrency is a sort of payment that can be used to exchange goods and services over the internet. Many businesses have developed their own currencies, known as tokens, which can be exchanged for the goods or services provided by the business. Think of them as arcade tokens or casino chips. You must first exchange real currency for cryptocurrency in order to gain access to the good or service.

Cryptocurrencies utilise blockchain technology to operate. Blockchain is a distributed technology that runs and logs transactions across a network of computers. Part of the allure of this technology is its security.

The primary issue that GIBX DeFi seeks to address is trust. The use of blockchain technology provides at least three benefits to assist in resolving the trust problem in investor transactions, such as:

• Decentralisation
• Non-tampering transactions
• Distributed accounting

Decentralised transactions

Smart contracts manage all funds on  GIBX DeFi, and all smart contract codes are open source and audited and verified by professional organisations. There is no need to go through centralised exchanges such as brokers, exchanges, and banks in traditional finance at  GIBX DeFi. Smart contracts handle the transactions on  GIBX DeFi, and users can recharge and withdraw their funds at any time.

Transactions’ records cannot tamper

Blockchain is a technology that ensures the security of digital currency usage. Everyone is aware that blockchain technology has two major characteristics: encryption and immutability, which can effectively eliminate errors in using digital currencies. 

Every  GIBX DeFi  transaction will be recorded in the blockchain database. One of the primary reasons blockchain is used as a bookkeeping book is the inability to tamper with it.  GIBX DeFi cannot be changed as quickly as digital files stored on a computer. Once the blockchain information has been approved by each node and becomes a part of the chain, it will be uniformly recorded by all nodes on the chain, and once recorded, it will be permanently stored. 

Consider decentralised finance

Today’s financial system is mainly centralised. Bank bookkeeping, for example, must be reconciled with you regularly. For example, you deposit 1 yuan in Alipay, and it is recorded in the Alipay database. Except for Alipay, no one else is aware. Although efficient, such a few patterns rely on the credibility of centralised ones and the need for workforce and material resources to ensure information storage security.

Distributed accounting is a shared ledger that network members share, replicate, and synchronise. The  GIBX DeFi  transaction process is recorded on each node, which means that anyone entering from any public node can see the ledger on the entire blockchain, the information is open and transparent, and everyone has the same information.  GIBX DeFi‘s assets stored in this ledger can be monetary, legal entities, or electronic assets. The security and accuracy of  GIBX DeFi‘s assets stored in this ledger are controlled by controlling the ledger’s access rights through the use of public and private keys and signatures, achieving cryptographic maintenance.