Blockchain is a digital transaction storage system that permanently records all transactions stored in a public database (or ledger). In essence, Blockchain ensures that the trustworthiness and validity of transactions that have occurred will be stored eternally in its database. This allows the Blockchain to digitally store and transfer value because any monetary input a transaction has can be considered correct.
In a traditional system, records of transactions that have taken place are kept by a central authority such as a bank, which collects and owns the transactions in their private databases. To ensure the trustworthiness and validity of transactions, central authorities need to maintain end-to-end protection of their databases and prevent hackers from modifying the information of their stored transactions. However, this method has a flaw because the central authority is the authoritarian owner of the data and is a single source of failure that is very vulnerable to hacker attacks.
Contrary to traditional systems, Blockchain is a secure method of storing data because it doesn't rely on a single central authority.
In a traditional system, records of transactions that have taken place are kept by a central authority such as a bank, which collects and owns the transactions in their private databases. To ensure the trustworthiness and validity of transactions, central authorities need to maintain end-to-end protection of their databases and prevent hackers from modifying the information of their stored transactions. However, this method has a flaw because the central authority is the authoritarian owner of the data and is a single source of failure that is very vulnerable to hacker attacks.
Contrary to traditional systems, Blockchain is a secure method of storing data because it doesn't rely on a single central authority.
About Knit Finance.
KNIT FINANCE is a unique decentralized protocol that combines multi-chain aggregation, bridge markets and the real world with yield, land, trade and escrow services via smart contracts. It also allows cross-chain liquidity aggregation with 100% fully verifiable transparency. It is known that the next generation of the DeFi protocol aims to link multiple non-Ethereum chains to ERC20 in Phase 1. Any lockable digital assets can be leveraged with KNIT to unlock billions of dollars and commercial access can become proof of censorship. KNIT Finance provides the power of non-ethereum tokens with the versatility of the ERC20 token. Aggregate assets are used to represent any crypto asset or real-world entity and are easily accessible and transferable. KNIT Finance allows you to convert coins into synthetic assets ERC20 equivalent. Also, any ERC20 tokens can be combined on other blockchains. Real-world entities such as gold, stocks, and even fiat money can be attached to these assets.
The KNIT FINANCE engraving will help simplify decentralized trading and DAPP payments. Coins restricted to centralized exchanges can now be traded on DEX. ERC20 nodes are sufficient for DAPP to process multi-currency transactions and receive payments in these currencies.
Knitted Financial Features
1. Each Coin
For every coin hawker, we provide the option to trade and take advantage of their coins in the DeFi room. Coins (For example: LTC) that were previously outside the scope of DeFi will now have full access to all DeFi features.
2. The flexibility of the ERC-20 standard
The ERC-20 standard is known to be flexible, has the highest transferability and accessibility with the second largest blockchain network in the world. Every coin now has the opportunity to take advantage of Ethereum's flexibility.
3. Global Liquidity Pool
A global liquidity pool is opened for Ethereum and vice versa.
4. Read-World assets
Stocks, Gold and Fiat can be synthesized for trading on Decentralized Exchanges, which essentially decentralize centralized assets, giving traders more power.
5. Community Driven
100% governance of this token will be done through the community.
6. DAPP
DAPP can now access tokens on other blockchains using only their Ethereum nodes via the KNIT synthetic token. They can also accept payments in this token.
Why Choose KNIT.Finance?
Lend, Trade and Yield Farm with Any Asset
Knit.Finance creates tremendous opportunities for altcoin and Ethereum DeFi. The protocol feeds new assets into the highly liquid Ethereum network and allows them to be linked to opportunities to produce existing results.
Ethereum DeFi is growing and altcoins are generating new utilities.
Cross-Chain Bridges for Maximum Interoperability
Knit.Finance has created a proprietary bridge for transferring altcoins to the Ethereum network. This wrapped token is a unique form of synthetic asset that is supported 1: 1 by the altcoin represented
Take advantage of the physical world with digital assets
Knit.Finance provides synthetic assets for exposure to physical world assets, providing new opportunities for portfolio diversification within Ethereum DeFi. Knit supports commodities, equities and fiat.
Conclusion
So I have introduced the most common ways of this project, all the necessary information is complete in the article. Knowing that KNIT FINANCE is a great thing, this project has a lot of interesting points and I think their product will definitely be well received by users. In addition, the partnership with KNIT FINANCE is also very good, KNIT FINANCE runs many programs to promote themselves and nothing that promotes better than themselves should be a very good and potential project and I found that KNIT FINANCE. Hopefully in the future KNIT FINANCE will publish more information related to tokens, I am very sure that many people are looking forward to it.
For More Information about Knit Finance please visit the links below:
Website: https://knit.finance/
Medium: https://knitfinance.medium.com/
Telegram: https://t.me/knitfinance
Twitter: https://twitter.com/KnitFinance
Facebook: https://www.facebook.com/KnitFinance-106586011273309
Linkedin: https://www.linkedin.com/company/knitfinance
Medium: https://knitfinance.medium.com/
Telegram: https://t.me/knitfinance
Twitter: https://twitter.com/KnitFinance
Facebook: https://www.facebook.com/KnitFinance-106586011273309
Linkedin: https://www.linkedin.com/company/knitfinance
Username: bilikbambu
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2644528
ETH Wallet Address: 0xd1924931155E04001527D8A16d129FC50ba4F283
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