Cryptocurrency

Latin american projects were finalists in hackatón DeFi

A project of Latin american related to the ecosystem of the cryptocurrencies won the second place of the event “Skynet Hack Money”.

In an announcement posted via the Reddit of Siacoin were announced the winners. DeFi BTC, created by Viraj Anchen, was one of those selected. We used the compatibility of Ethereum and finances decentralized (DeFi) to add new functions to Bitcoin, using an interface hosted on the platform, Skynet.

On this project, developed in the hackatón Viraj pointed out the following:

Use Skynet was really easy. The good thing about Skynet is that there are multiple use cases are possible: 1) Accommodation easy 2) For an application Setting, you can demonstrate to your users that you are running the same source code as shown in its repository of open source code and the following versions. 3) Resistance to censorship: no one can block the user interface of the application to prevent users from using the application.

Viraj Anchen, developer.

Skynet provides users with content distribution and file-sharing high speed at low costs. Breaking News reported that Nubelous, the company behind the network of decentralized storage in the cloud-Sia, launched this platform blockchain last February.

On the other hand, among the finalists of the hackatón organized by ETHGlobal, and made of the 24 April to the 24 may last, was Compose.fi; a didactic tool created to connect visually instruments, DeFi, and learn about the componibilidad. The tool was developed by Bruno Balzani and Daniel Fernandez, both of argentine nationality.

The idea is that teachers, students, newcomers, developers, or anyone else, can use this tool to play, to learn, to teach the componibilidad of DeFi or even create snapshots of custom, explain to the developers in the official site.

Why DeFi BTC caught the attention?

As already mentioned before, DeFi BTC used the capabilities of Ethereum and DeFi for Bitcoin once BTC becomes pBTC, a token is anchored to the price of bitcoin that is compatible with the ecosystems of finance of decentralized Ethereum. About this the official page of the event indicates that: “DeFi BTC takes advantage of the compatibility of Ethereum and DeFi to add new functions to Bitcoin”.

The particularity of this project is that, after exchanging pBTC to any token compatible with the platform Aave, users can earn interest for each block of Ethereum confirmed. DeFi BTC also allows you to pass tokens as pBTc, WBTC and DAI as tokens with interest.

The project’s platform can also be used to process payment tokens ERC-20. This is posed as a solution without custody that makes it easy for users to activate their own flow of purchase in the confirmation of a transfer.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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