The Ethereum merge is still the hottest topic in the news cycle surrounding the crypto industry. However, the market reaction to the merger was chaotic and forced many to start making dark predictions about Ethereum. We don’t want to join this conversation. Instead, we want to focus on a company that may bring great potential to the whole industry of decentralized finance.
Celsius revealed massive vulnerabilities
Decentralized Finance is a great dream of many crypto enthusiasts. However, the complete anonymity and the absence of security standards led to the fall of several DeFi platforms like Celsius, Babel, and BlockFi. The fall showed that the direction of the whole sector must change to introduce more transparency and usability alongside stronger security measures.
Radix is the layer-1 blockchain platform that was coded from the ground up to facilitate advanced DeFi solutions by removing the need for smart contracts and implementing assets as tokens directly into the infrastructure of the network. This will allow token issuance to be kept in check by multiple layers. Tokens can be created only by underlying networks based on parameters specified by users.
The concept transforms your wallet into a vault where tokens can be stored indefinitely which is the direct opposite of Ethereum where tokens are often spread across various smart contracts created on the mainnet or even layer-2 platforms.
To further reduce risks associated with introducing smart contracts and similarly behaving entities, Radix uses its unique Radix Engine, a development tool that will ensure that coding will be reduced to the bare minimum with components readily available for integration.
Will it affect the crypto industry?
Radix uses a completely new approach to understanding and building decentralized solutions. It is a good moment to take a closer look at this particular project that will significantly simplify and fortify DeFi apps.
With Ethereum suffering from the switch to PoS and the market seeking new investment avenues, Radix is positioned to take leading positions in the crypto industry and the DeFi sector in particular.