Tired of not being able to spend your coins on goods and services? DeFi For You (#DFY) is a new project by the founder of Travala (#AVA) Adam C. Chaplin and Vietkey author Dr. Dang Tuan Minh.
Dr. Dang Tuan Minh has a Ph.D. in mathematics and cryptology and now helps banks and the Vietnamese government develop blockchain technologies, alongside developing the blockchain for DeFi For You.
The R&D team in Vietnam will be GEM Vietnam, who were the builders of the Travala.com platform and are currently working on many blockchains and AI projects for the Vietnamese government.
DeFi For You (#DFY) is a platform to buy, sell, rent, and pawn items using cryptocurrency payments. Users will be able to set up their own pawnshops to issue loans while holding cryptocurrency and other items as collateral.
The DeFi For You #DFY token will launch its IDO to sell off the remaining 160 million tokens in the coming weeks - visit the website for details!.
Why pawn?
The global pawn industry is untapped because no one has ever been able to set up an international pawn service due to the inability to enforce contracts. This changes with the introduction of smart contracts.
We’re using irrefutable smart contracts stored on the Binance Smart Chain to enforce contracts so anyone can pawn their belongings in exchange for short term loans.
The pawn industry is worth an estimated $400 billion in South East Asia alone, and billions more worldwide. Defi For You is creating a global platform to allow anyone to access financial services.
This includes the thousands of small and medium-sized businesses that have been hurt by the pandemic and can’t gain access to capital. These businesses could now finance their stock holdings or other assets to gain much-needed loans.
Pawn is the oldest form of finance. Simply lending money while holding an item as collateral in the case the borrower can’t repay.
The terms of contracts will be decided by the lender and the borrower and will be stored in an irrefutable smart contract on the Binance Smart Chain.
Collateral can then be trivially repossessed, which means the reputation of the borrower is no longer an issue that needs to be taken into consideration.
Why Binance Smart Chain?
Binance Smart Chain (BSM) is faster, cheaper, and more scalable than Ethereum. While Ethereum is a phenomenal platform, the updates necessary on Ethereum to make our project work on it will take years to implement.
BSC has the following characteristics:
Compatible with the Ethereum Virtual Machine (EVM) and the Ethereum programming language Solidity, which opens to the largest ecosystem of developers, libraries, tools and know-how.
Faster, Cheaper and better scalability than Ethereum because it relies on a variant of Proof-of-Stake called Proof of Staked Authority (PoSA) where there are a limited number of validators (up to 21) but anyone can stake BNB to become a validator.
Blocktime 3-5 seconds
Uses BNB for gas
Opponents of BSC could claim Binance Smart Chain it is less decentralized than Ethereum, but in our opinion, it is decentralized enough and because of the higher speed, lower cost and better scalability, it works.
We’re not here to win a philosophical argument but to build a working product that provides real-world value to millions or even billions of people and we can’t risk building that on a platform that might not scale to handle it in the timeframe we need.
BSC also has other benefits, for example, the DFY BEP20 token could also be paired with a corresponding BEP2 token on the Binance Chain BC, where sub-second block finality is accessible.
Details of the IDO
The IDO will take place on the 31st of January 2021, starting at 6.00 am GMT and lasting for 24 hours. The #DFY token is already LIVE and has been in operation since September 2020.
The initially issued and sold ERC-20 tokens will automatically be transferred over to the Binance Smart Chain (#BEP20 blockchain).
The #DFY token is LIVE already today and works on both the legacy blockchain (Ethereum ERC-20) as well as on the just new state-of-the-art blockchain Binance Smart Chain (BEP20 which is 100% code compatible with the Ethereum blockchain ERC-20).
You can hold the tokens in your Trust Wallet. You can download the Trust Wallet app on the Google Play Store and the Apple App Store.
The total amount of #DFY tokens issued (100%): 1 billion
#DFY Tokens released to seed investors (sold out) (5%) = 50 million
#DFY Tokens available for this sale (30%) = 300 million
#DFY Tokens available for R&D, marketing, and cost of sales (30%) = 300 million
#DFY Tokens available for team, founders and future hires (15%) = 150 million
#DFY Tokens Locked in DeFi For You.™ Treasury for 5 years by smart contract (20%) = 200 million
Depending on future demand DeFi For You might release the tokens over the next 2 years at whatever the market dictates or burn what they have left to keep the token price stable.
BEP20 BSC Domain:
Public token tracker, BSC:
https://bscscan.com/token/0xd98560689c6e748dc37bc410b4d3096b1aa3d8c2Contract address: 0xD98560689C6e748DC37bc410B4d3096B1aA3D8C2
Symbol: DFY
Decimals: 18
Max supply: 1,000,000,000 - in total BEP20+BEP2
Initial supply: 1,000,000,000
Additional minting possible in the smart contract: No
Initial circulating supply: 350,000,000
The DFY phase 1 token code is based on the much trusted-and-tried Solidity ERC20 template of
https://github.com/vittominacori adopted for BEP20.
The DFY phase 1 token is open source available on
https://github.com/defi-vn In a previous iteration, the team built the token as an ERC20 token on Ethereum, before migrating to BSC. Users received an equal number of DFY tokens by airdrop.
BEP2 BC Domain
Public token tracker:
https://explorer.binance.org/asset/DFY-EA0 Symbol: DFY
Additional minting possible in the smart contract: No
Take note of the “Cross-Chain” badge on the first public token tracker link above. Each token can at any point of time exist either as a BEP20 token on the Binance Smart Chain, BSC or as a BEP2 token on the Binance Chain, BC (but not at the same time).
The Cross Chain capability enables the token to take advantage of both the EVM smart contract code execution on BSC and the 1 second block time of BC. Users can easily convert between the two modes inside e.g. the Trust Wallet app in an easy-to-use GUI and can easily keep some of the tokens in BEP20 BSC space and some tokens in BEP2 BC space, within the same wallet.
For the technically inclined, the mechanics of the conversion between BEP20 and BEP2 can be monitored for the ecosystem here: BEP20 BSC Token Hub:
https://bscscan.com/address/0x0000000000000000000000000000000000001004 For example under:
https://bscscan.com/token/0xd98560689c6e748dc37bc410b4d3096b1aa3d8c2#balancesCollect 100 #DFY tokens free now
Open an account at the DeFi For You website now to receive a reward of 100 free #DFY tokens. The future of fintech is coming. Join us to be a part of it.
