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 removing the trusted third-party to execute financial services, 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, universal, and Turing-complete nature.

DEX Fee Structures

Detailed Information on the DEX fee structure you can find here.

Where can I find answers to my questions in the DFI-Community?

Legit telegram-channels

As there are many scammers in the crypto space, you need legit places where you can go with your questions. The following list contains the main telegram channels around defichain. Most of them are moderated. But still beware of scammers: Mostly scammers try to contact you via private messaging. So please, ignore private messages in the channels!

Twitter

Reddit-Community

Reddit also offers the possibility to discuss topics and ask questions. The structure of Reddit allows a more focussed discussion on a special topic than a Telegram-chat. You can find the DeFiChain-community by clicking the following link

https://www.reddit.com/r/defiblockchain/

Instagram

Youtube

Problems with the Wallet APP