How Decentr’s dFintech Replaces Swift, SCT INST, “Clearing House” and other Payment Solutions
To TL-DR our basic dFintech concept, we are building an open decentralised platform that captures the value of secure user data and returns this value as payable, data-backed “currency” to the user.
Our native exchange allows users to convert this data value into fiat or crypto via our token, DEC, giving DEC unparalleled utility. This is due to DEC being positioned as the currency that supports — and is supported by — Decentr’s “true” data economy, called the “deconomy” (“decentralised economy”). The deconomy is based on the repurposing as exchangeable “currency” the expected 175 Zettabytes of data by 2025 through restructuring and refinement via the Decentr platform and web browser.
As a result, our foundational technology delivers a horizontal solution for multiple commercial verticals; to be as robust and as maximally economically beneficial to as wide a cross section of personal and business users as possible these verticals will need to be serviced by next-gen DeFi Dapps built — not independently of each other on current blockchains — but as part of a wider DeFi matrix supported by our open platform.
Consequently, bank/PSP Dapps built on our platform can utilise our data-as-value paradigm to pass on benefits to their customers.
Data-as-value is expressed on Decentr as a user’s “Personal Data Value” (PDV), which is a “personalised” exchange rate between currencies that users can leverage to their economic advantage across the blockchain clients we build with, as well as the Dapps that build with us. PDV rises in direct correlation to the quality of data generated, exchanged and reused by individual and business users.
For example, a finance company building/using a DeFi Dapp on Decentr could offer consumer loans that can be repaid at a cheaper rate by leveraging user-borrower PDV.
These dLoan repayments would further reflect the decrease in fiat-money needed to make these repayments where a user-borrower’s PDV increases in data value. It is worth bearing in mind the data generated to make the required payments on time also increases PDV while maintaining the integrity of the transaction and the blocks on the chain.
In this respect, a data-backed dLoan system that is 100% secure adheres to Satoshi’s famous claim that Bitcoin (BTC) is secure from attacks. He provides the following as his reason:
“[The attacker] ought to find it more profitable to play by the rules […] than to undermine the system and validity of his own wealth.”
Moreover, the interconnected data used to make and receive payments improves not only the user-borrower’s PDV but also the bank/PSP’s Business Data Value (BDV).
In this way, consumers receive better services at increasingly more affordable prices while banks/PSPs improve their bottom line.
DeFi: Reaching Critical Mass
Decentr realises that in order for DeFi to reach a critical mass of users that will make the tech and concept sustainable long-term — while stabilising the debt-based mainstream economy — the consumer crypto loan market needs to be urgently exploited.
Decentr will itself offer (and support) native DeFi solutions (with these solutions being developed and refined both for vertical and horizontal businesses, depending on user/commercial demand); in particular “dPay”. dPay is an automatic protocol used to pay less for goods and services by leveraging PDV at point-of-sale, and can also be used as an instant and secure way to transfer money peer-to-peer using data-value-as-currency, or what we call “Digital Data Value” (DDV). This means a transferee can effectively Hodl DDV and only extract its value into fiat or digital currency, via the DEC token, when he or she sees a rise in this value due to increasing overall aggregate platform PDV.
The Problem with “Clearing House” and Other Payment Services
Decentr’s native dPay system, at enterprise level, is also designed to complement many features of the slow and inefficient, antiquated “clearing house” solutions (some being over 50 years old) currently used by banks for international payments and transfers.
Payments using SWIFT and other “clearing house” services — including Sepa, SCT Inst, BACS — share the same problem.
These systems are all relatively expensive and slow, with SWIFT taking up to 5 days, depending on the destination. This constrains business effectiveness, largely due to security checks between many intermediaries, and then — depending on the banks involved — trading between currencies that can render the process even slower. It’s a jigsawed mess.
The Solution Decentr Offers
Decentr makes the whole process 100% secure, safe and efficient as part of a single system, removing API incompatibility.
Decentr then eliminates “money” (fiat or digital), as a further impediment to the process in terms of currency exchanges, swapping it out with DDV instead.
Our tech repurposes all online data as a payable, tradable, spendable value: a new, hyper secure asset class uncorrelated to the mainstream economy that can be used to seamlessly pay and trade online (and increasingly offline with compatible IoT applications).
We look forward to answering all your questions. Please find our official links below.
Official Links for Decentr:
Official Email Address: Admin@decentr.net
Official Website Link: https://decentr.net/
Official Telegram Discussion Group: https://t.me/DecentrNet
Official Telegram Announcements Channel: https://t.me/DecentrAnnouncements
Official Twitter: https://twitter.com/DecentrNet
Official Medium: https://medium.com/@DecentrNet