Decentralized Finance (DeFi) is a financial instrument that uses blockchain smart contracts for its transactions and does not rely on banks or brokerages.
While Telegram is the biggest social network in the world. Its developers built it on the principles of openness and freedom. James Wo will be combining these two concepts in a project. And together with his team, they will soon launch Defigram.
Telegram is a cross-platform instant messaging app. It allows users to interact securely with one another one-on-one or in groups. Its client is free and open-source software. As a result, it is greatly accessible to users and communities from all over the world.
In addition, on Telegram, you may find communities for all blockchain projects. Binance, the world’s largest cryptocurrency exchange, for example, has 160,000 users in its exchange group.
DeFi + Telegram
James Wo plans to make Defigram and have it based on the Telegram community. In line with this, cryptographers will build it on top of Telegram’s open-source code. This is so that it will still retain all of the app’s core features. And to complete Defigram, the developers will add a decentralized wallet that will aid users whenever they are managing their multi-chain assets. These assets could be Bitcoin (BTC), Ethereum (ETH), and Binance (BSC).
Aside from this, as a decentralized network, the system developers and the network’s users will have opportunities to discuss and communicate about future DeFi projects. Defigram will also allow its users to view and authenticate their NFT assets.
The Defigram Decentralized Wallet
To create and login into a Defigram account and wallet, you’ll need a cellphone number. The system design will not tie the Defigram’s wallet function to a user’s cell phone number. This is to ensure user security. When a user uses a mnemonic to activate the wallet, the system will use the mnemonic and private keys to manage the wallet’s assets.
Users must create a wallet password to handle wallet authorization, transfers, transactions, and other operations. Moreover, to secure the private key and the wallet password, the system will store them locally and encrypted using several algorithms and encryptions. It simply requires the user to authorize and agree to it, which improves the Defi user experience.
The Defigram (DFG) Token
The native Defigram token is DFG. Those who will get to hold DFGs can vote on Defigram’s future development plans based on the quantity of DFGs they own. The developers believe that this will allow better governance of the Defigram community.
Moreover, Defigram is a social networking site. Users can directly utilize DFG to reward NFT works that other users present and users the system rewards can get their DFG.
They can purchase through DFG in addition to rewarding other users’ NFT works. If the owner accepts, they can complete a deal right away. In addition, in conjunction with Defigram, future users can utilize DFG in Gamefi.
