Not all DEFIs are called DIFI! | Online Classroom

Produced by | Lieyun Finance

On September 2, 2020, Dr. Zack Cheung, co-founder and chief scientist of Difirst, visited the live broadcast room of Lieyun Finance Online Classroom and gave everyone a wonderful and informative sharing.

The following is the sharing record (edited):

Host: Good afternoon, everyone! I am Yu Meng, the host of Lieyun Finance Online Classroom. Lieyun Finance is a vertical blockchain media under Lieyun Group. It has many popular brand columns, and its in-depth interview articles are also highly recognized by the industry. Online and offline activities are also held regularly.

The theme of this sharing is "Not all DEFI is called DIFI!"

The guest invited in this episode is Dr. Zack Cheung, co-founder and chief scientist of Difirst.

First, please allow Dr. Zack to introduce himself to everyone and briefly introduce Difirst and DIFI.

Guest: Hello everyone, my name is Zack. I graduated with a Ph.D. in Information Security and Cryptography from the University of London. I have 15 years of experience in IT technology planning and management. I have served as a senior technical manager in many well-known blockchain companies at home and abroad.

He has in-depth research on public chains, data security, etc., and has a deep background in financial technology.

With the popularity of DEFI, my partners and I launched Difirst, the first decentralized oracle project of TRON. Difirst is a network protocol that allows everyone to participate in quoting and mining, and can also verify quotations. It serves the DeFi applications on TRON and provides a decentralized way to obtain data.

We hope to truly serve the TRON ecosystem through oracles, build a connection between the real world and blockchain, and allow blockchain to truly empower business.

01

DeFi has the value of truly solving the drawbacks of traditional finance

Host: Why is DeFi so popular recently? How do new and old investors take over the high ground? What do you think is the future development prospect of DeFi?

Guest: There are many reasons for the popularity. First, DeFi has the value of truly solving the drawbacks of traditional finance. Second, the participation threshold of DEFI is relatively low, and the return on investment is very objective, so it has activated the enthusiasm of new and old investors. Third, the currency circle has a demand for rising after a long bear market. Finally, we cannot ignore the need for market speculation, which is also something that retail investors need to pay attention to.

Regarding how to occupy the high ground in DeFi, I think first of all you don’t need to give a very professional explanation of the word DeFi, but you need to clearly understand the specific application areas of the concept of DeFi. Then look for applications in a targeted manner, exclude overheated or already greatly increased currencies, and ambush in some potential areas that have not yet exploded. Whether its business logic is self-consistent and whether it can truly solve practical business problems must be the first question you can answer.

I am very optimistic about the future prospects of DeFi , because DeFi is a project that can truly implement blockchain technology. Whether it can develop in the future mainly depends on the extent to which it can solve the drawbacks of traditional finance and empower the real economy.

02

Predictions are becoming increasingly important

Host: Oracle is an important track of DeFi. How do you view this important track? What are the characteristics of DeFi for the oracle projects that have appeared in the market?

Guest: The importance of oracles is that they establish a data sharing problem between the real world and the blockchain world. With the advent of the 5G era and the Internet of Things era, there will be more and more real-world data, and oracles will become more and more important.

About Difi Features:

1. The first oracle in TRON, focusing on serving the TRON ecosystem;

2. Focus on safety, reliability and trustworthiness, and put the security of users' assets first;

3. Thanks to TRON’s low transaction fees, our entire mining cost is the lowest.

Host: When will the Difi official website be launched? When can everyone start mining?

Guest: It will be launched this Sunday and can be mined next week. I wish everyone can be the first to dig the mine and win the jackpot.

03

DeFi products are on the rise

Host: I know that Dr. Zack is a PhD in cryptography from the University of London. What do you think are the market or R&D differences between domestic and foreign DeFi projects? As Difirst Protocol, which carries the banner of domestic DeFi, where is its competitiveness?

Guest: Foreign DeFi projects are relatively more mature and have been doing user education for a long time. Some products have already occupied the minds of users. Pure community-based projects such as YFI have been popular recently and have also attracted domestic attention.

Most domestic DeFi projects are still in their early stages, especially DeFi products on major public chains other than Ethereum, which can be said to be in their infancy.

Therefore, we borrowed the ideas of foreign communities and gave more rights to the community. Our overall operational ideas at Difirst are very open. As long as you contribute to the ecosystem and participate in the project operation, we welcome you. The recent popularity of projects such as sushi also proves this point.

In terms of R&D, foreign teams pay more attention to product security, and do better than domestic teams in terms of code standardization and regularization, security audits, development templates, etc.

Our Competitiveness:

1. First, we focus on security. We have invested a lot of research and development in contract security and user asset management throughout the development process. The contract is also undergoing professional audits. We are very confident in the security of the product.

2. We have very good marketing teams in Japan, South Korea, and the United States, and will have relatively systematic business expansion overseas. It is expected that we will be 200% certain to be listed on a well-known Korean exchange and a well-known European and American exchange in early October;

3. It is the first oracle project of TRON and has also received strong support from TRON officials;

4. Compared with Nest, the current price is 0.2 cents, which is 0.2 dollars away from Nest’s highest price, and there is still a hundred times of room for improvement;

5. In the future, we will develop oracles on other public chains such as EOS, Polkadot, and Cosmos.

Host: What are Difi’s advantages in the community?

Guest: Since the end of August, we have seen that in addition to Europe, America and China, DeFi in Japan and South Korea has gradually attracted more and more attention. We have a large number of community developers and community representatives from Japan and South Korea. We believe that in the future, we can combine the power of the TRON ecosystem to bring the power of the DIFIRST oracle to Japan and South Korea.

04

The local bull market will continue

Community Question 1 : What is the logic behind Difi’s appreciation?

Guests: (1) TRON's NEST, China's Chainlink. NEST is valued at $600 million and has a circulating market value of $150 million. Chainlink is valued at $1.2 billion and has a circulating market value of $300 million. (2) The initial circulating market was small, with less than 0.1% of the market opening. (3) "Quote mining" is similar to trading-i.e. mining, and it has costs. Each quote has a handling fee, and the DIFI tokens mined by losing this part of the TRX handling fee are valuable. (4) Dividends for holding coins: Transferring DIFI to the lock-up contract for staking can obtain dividends from the TRX handling fee. As the number of miners increases, the dividends will also increase, thereby increasing the value of DIFI.

Community Question 2: The “partial bull market” currently brought about by DeFi only belongs to a few people. How far are we from a “full bull market”?

Guest: First of all, I think the local bull market will continue because the market has this demand. At the same time, DeFi has indeed brought a wave of good technologies and products. As for how long it will last in the future and whether it will enter a full bull market, I think the key is whether DeFi’s new technologies and products can truly empower the real economy after the bubble recedes.