Decentralized finance (DeFi) and blockchain have come a long way in a short time, but it can still be difficult for the uninitiated to jump into the fray. Unity Network is helping to change that by bringing DeFi to the people and making it profitable for everyone . The company does that by leveraging blockchain technology to build fast decentralized applications (dApps) that anyone can use.
Unity focuses on three pillars, helping users learn, connect to the ecosystem, and grow. And it is all done through an inclusive platform that empowers users regardless of their background or technical ability. They also understand the challenges of today’s market, which includes fear and confusion as scams and misinformation crowd the space. The following questions answered by Charles Ellingsen, CEO and Founder of Unity Network, address those issues and more.
Grit Daily: Unity Network wants to bring DeFi to the people and make it available for everyone. What do you think the largest barrier is? What is the best way to solve it?
Charles: We’ve reached a point where cryptocurrency has entered the stage of public discourse, yet this discourse is rife with misinformation, cash grabs, and a harmful lack of user education.
Cryptocurrency is currently used for speculative profits and not much else, which holds back the massive potential of the field. Users do not know whom to trust.
Web3 is built to remove the “middleman” which delegates the responsibility completely over to the user. This requires the user to be adequately educated on how to handle their own funds and digital assets.
Grit Daily: What is the most important aspect to consider when making dApps for the everyday user?
Charles: Accessibility must be prioritized! While it is good to be educated on how to manage your funds and safely navigate the crypto space, it shouldn’t be hard to use basic services and applications.
The main focus of crypto should be to give everyone the possibility to securely access money and store value. Crypto enables this because it is a never-ending, 24/7 modern stock market.
The blockchain is just a layer on top of the current internet and should be treated as just that. A dApp is most effective when the user is unaware of the blockchain technology embedded as a secure hidden layer.
In general, the user experience is one of the most important factors when it comes to software development. Focusing on user-centric, easy-to-use, beautiful design will provide a better gateway for people to start embracing the utilities of decentralized applications.
Grit Daily: How have the current market conditions affected things? Are people warier about jumping into DeFi and blockchain than before?
Charles: The market is currently experiencing a crypto crash. Many people are panicking and selling their holdings, but those who are holding strong are building a solid foundation of a long-term investment. Web3 technologies have seen tremendous growth in the past few years, but they have also seen their share of storms. In the past few months, the global crypto market cap has dropped significantly. This has led to the devaluation of cryptocurrencies and has made many people sell their holdings and panic.
With the situation surrounding Terraform Labs “Luna” and their stablecoin “UST”, the Celsius situation, and especially inflation and a possible recession people tend to have other priorities right now. Which is completely understandable. Making sure one can afford the electrical bill and mortgage is more important than investing in crypto or stocks.
On the other hand, while this crypto crash is happening, the business in web3 technology is working on the development of its infrastructure. In the bear market, Unity Network is thriving and acquires time to build behind the scenes to deliver quality products which will gain extra traction when the bull market arrives. With such a current low price point, an entry point is presenting itself for many. With the innovative developing business in web3, there is a high probability of the price of the tokens increasing in the future. As Nathan Rothschild said, “the time to buy is when there’s blood in the streets.”
Grit Daily: Is there any piece of misinformation that stands out as something users need to be aware of?
Charles: Bad advice and irresponsible influencers are tricky but common challenges in the industry. Anyone can pay for an article on most of the popular news outlets, and provide whatever information they see fit. This causes a challenge for the adoption of web3 and the safety of its users.
We’ve reached a point where cryptocurrency has entered […]
source Unity Network Discusses DeFi, Blockchain, and the State of the Market
Protected by Patchstack