You know you should research cryptocurrency and you’d love to take advantage of the financial opportunities it offers, but it seems like a lot of boring, tedious work – like filing a tax return or reading the fine print of all your user agreements. Every time you jump around various DeFi platforms, you get more confused by the unfamiliar terms and strategies that just seem to mushroom the more you read. The “educational tools” are no help because they presume you already have the level of knowledge you’re trying to achieve.
While DeFi platforms have strived to improve their user interface and welcome newcomers as they improve their businesses and redefine their objectives, they’ve had varied success. The whole cryptocurrency concept still is too confusing for many people new to the revolutionary financial industry. Trying to understand the blockchain underpinnings and DeFi superstructure only complicates the issue, and the quickly evolving vocabulary and strategies are difficult to follow. Finding a trustworthy, easy-to-use platform with a solid foundation seems impossible, particularly if you don’t know how to evaluate them.
It might help to start by understanding how platforms work and how one innovative platform, Nimbus, develops their products for their users’ ease of use and financial advantage.
The core of all DeFi platforms are the smart contracts used to process transactions. These algorithms or computer programs automatically execute transactions when certain conditions are met. Then they securely verify and store transactions, all without an intermediary or centralized institution. On the Nimbus Platform and others, all smart contracts are not unique because they share pieces of the same logic found on different platforms, such as Uniswap. Nimbus is unique because they collect all these pieces in one place, knowing users want the ease and efficiency that it provides. Users don’t want to jump around various platforms to find the tools and strategies they need, or learn how to use numerous systems. Nimbus assembled the most successful products with a simple interface and step-by-step instructions on how to use them, making it easy to implement strategies for financial success.
Nimbus has also developed unique products for their users. Nimbus created the first yield-generating NFT that functions as a personalized financial strategy. While other platforms’ NFTs represent ownership of unique items like digital art or event tickets, the Nimbus n-NFT automatically distributes assets across products, optimizing yields and mitigating risk while saving its users’ time and fees. The platform is also planning on advanced strategies for more experienced crypto holders. With the unique Nimbus IPO hub, users can directly access IPO shares with their digital asset, and without a brokerage intervening and charging excessive fees. Those who want sophisticated evaluation mechanisms and relevant analytics all in one place, can find them on the IPO hub.
Start-up DeFi platform start-ups frequently outsource their smart contracts development, but Nimbus avoids outsourcing this important function. They believe it can be one of the most major mistakes a start-up can make. The most critical issue for companies that outsource is lack of control in preventing smart contract vulnerabilities. If a product is outsourced, developed and held by the outsourced team, then the company doesn’t have control of the technology and it doesn’t have control of the product. DeFi history is highlighted by several notable instances of companies suffering massive financial losses because of errors in their smart contracts. For instance, Compound, a DeFi platform with high market capitalization, mistakenly sent its users $90 million worth of cryptocurrency, then pleaded and threatened to get it back.
Nimbus allows that there may be a few acceptable times to outsource temporarily, such as avoiding legal issues, introducing a new product to test market acceptance, or launching a product before competitors. However, to avoid outsourcing as part of their business plan, the Nimbus Platform meticulously assembled an in-house development team dedicated to analyzing, examining and testing their smart contract protocols to ensure they function without weakness or error. To prevent their and their users’ financial loss, the platform leadership knows it’s critical for its developers to be knowledgeable about vulnerabilities of smart contracts and have the necessary skills to overcome them. Their developers must also know financial basics, but they’re not required to have a background in finance because Nimbus promotes the comprehensive approach that multifaceted perspectives provide.
Newcomers who don’t have the time or inclination to spend hours studying something that puts them to sleep would prefer to find a DeFi platform that provides everything they need with easily accessible strategies. Nimbus does all the work for them and offers a foundation built on expertise and innovation.