Everyday DeFi use cases and Solutions on Rootstock
The Rootstock community is motivated to change the world for good using Bitcoin with a special focus on DeFi to help the unbanked and excluded population, it is targeted at emerging markets because most utility for cryptocurrency is in emerging markets and solving problems for people that need it the most; users who are trying to do pragmatic things with cryptocurrency all over the world except for one very significant point they are trying to execute basic retail finance use cases but do it using cryptocurrency, people trying to access a store of value; they want to find an inflation hedge to protect their wealth and also a means of doing non-bank digital payment.
Rootstock is focused on delivering value and providing services to everyday DeFi users giving them opportunity to save in USD with safe low-risk stablecoins, easy to use simple UX intuitive UI from Web2.0 opportunity to borrow, lend and carry out exchange functionalities, cheap enough so cost of using the service isn’t a barrier to entry, low-fees stable asset through Ecosystem members like;
Money on Chain (MoC)
Money on chain is a bunch of DeFi protocols that will enable the next financial system to be built on it and the creator of DoC; a bitcoin backed stablecoin that is pegged 1:1 USD, that is 1 DoC equals 1 USD by a set of smartcontract collateralized in rBTC.
DoC is designed for a risk averse Bitcoin user who does not want to be exposed to the volatility of bitcoin but wants an asset that follows the prices of cryptocurrency.
Average people can’t afford bitcoin volatility for instance if I sell properties I won’t want to be paid in Bitcoin due to its volatility.
DoC act as a non volatile store of value and the stability of DoC relies on a set of smart contract which minimizes counterparty risk .
- It gives users the avenue to save in USD , pay for goods and services and also send remittance anywhere cheaper than the current remittance.
- It is used for trading and smart contract operations like loans and insurance deals.
TROPYKUS- Borrowing and lending protocol
Tropykus is a decentralized lending and borrowing protocol. It offers simple digital lending, borrowing, micro-savings and microloans product.
You can save and borrow money in very few steps without identity and without permission which is very important for us in developing countries also it offers us better interest rate when we save and borrow money than our banks.
Some of the user story on Tropykus includes:
- A user who purchased a motorcycle while using his Bitcoin as collateral on tropykus and took a loan in U.S Dollar to make payment.
- Kim got a new job and had to relocate as she had no financial system in place for herself; she used tropykus to put her savings in Bitcoin and took a loan in U.S Dollar to pay her bills and once she received her bills she paid back her loans because loans in tropykus are flexible.
Access to a dollar account might be impossible or difficult but with Tropykus and DoC you can have that in 5 Minutes.
- Tropykus started with a very simple UI/UX simplifying this experience for the user to access this kind of Financial services.
- Tropykus is also partnering with more fiat runs to make it easy for people with cash to get to tropykus and for tropykus to get to loan to cash.
- Tropykus also integrated with some exchanges to make it possible for users to use their loans with Debit cards and to your bank account but it is only available in Latin AMERICA for now.
- You don’t need to understand your private keys and seed phrases, you can connect to a non-custodial wallet with your Gmail in one click.
Defiant is one of the most secure wallet for your cryptocurrencies it is the first mobile platform and P2P marketplace that allows you to store, buy collect NFTs, exchange and earn.
- Defiant is also a multi-blockchain wallet that gives you access to several blockchains; the only wallet that allows you to use Bitcoin Core, Rootstock and lightning network on the same wallet
- it is self-custodial; you are the only one that have access to your wealth through your keys and in just one click you can operate and interact with other Blockchains.
- Defiant also integrated with some staking solutions to offer users passive yield on their crypto.
Rootstock is a way of scaling Bitcoin; it is a very particular version of a sidechain because it is merged mined with Bitcoin and it is not only a scaling solution but also an enabler of new things to happen in Bitcoin and that is more powerful.
Rootstock is focused on providing services to end users through partnership and integration as mentioned in my previous article and also focused on providing Everyday DeFi solution to DeFi users.
There are lots of DeFi usecases and lots of products that are making Everyday DeFi a reality on Rootstock.
Everyday people needs Everyday DeFi.
Stay tuned for more!
To get more important updates on Rootstock blockchain follow Rootstock on Twitter @RSKsmart