Yet DeFi today, and its developer community, are barely a blip on this scale. It means a system where the dApps (decentralized apps using smart contracts) that those developers write can offer just as much functionality at the same level of security that we’re used to today – or better – at unlimited scale and low cost on a decentralized network. It means millions of developers with millions of great ideas building better financial products and services. This is the potential, but imagine what it really takes to remake global finance in a democratized model at the scale of hundreds of trillions of dollars and billions of users. The ability to securely manage financial assets of real value on a decentralized network means nothing less than the first steps of replacing a financial system that is inherently monopolistic with a better one that is open, democratic, and ceaselessly innovative. Today’s Smart Contracts Fall Shortġ2 years on from the invention of blockchain technology, DeFi has emerged as its most important and revolutionary use. In this article, I’ll discuss how the development paradigm offered by Ethereum – and virtually every other smart contract platform – falls far short of the needs of global-scale DeFi and I’ll discuss how a truly easy, safe, reusable, and composable development paradigm points the way toward Radix’s “asset-oriented” Radix Engine and Scrypto smart contract language. But perhaps the greatest barriers to actually reaching this world are the technical limitations of the way DeFi smart contracts must be written today. Ethereum’s invention of smart contracts running on a decentralized blockchain allowed us to imagine for the first time a world where DeFi (decentralized finance) has remade the global financial system to be as open and innovative as the internet itself.
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