FAQ

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Here you can find an overview of the most frequently asked questions.

General FAQ

What is DeFiChain

DeFi stands for Decentralized Finance. It describes the idea of not needing a trusted third-party to execute financial services, but with a blockchain in its place to enable people, and in the future, machines to become their own bank for these services, removing counterparty risks.

Here you can find the actual overview of the DeFiChain ecoystem.

Why not use the Bitcoin blockchain?

The Bitcoin blockchain was created for a single specific financial service – the decentralized and censorship-resistant store of value used as a medium of exchange, and perhaps a unit of account in the future. It does this better than other blockchains. However, beyond that, it lacks technical capabilities necessary for the infrastructure of other DeFi services.


Why not use the Ethereum blockchain?

Ethereum was meant to be a general-purpose platform. In principle, one could do anything with Ethereum, rendering it the jack of all trades but master of none. Problems such as the DAO and parity hack reveal the challenge to keep smart contracts secure, due to their general and universal nature.


Problems with the Wallet APP