We have come full circle. The earliest form of human trade was peer to peer, also called barter. But because it was highly inefficient, money was introduced as a medium of exchange and store of value. However, it was subsequently monopolized by governments and commercial banks, introducing the problems of centralized control, limited access, surveillance, inequality, and opacity.
With the advancement of blockchain and cryptocurrency, we have reached a historical juncture again where peer to peer trade is possible, this time fully digital, highly efficient, and universally accessible. This movement is commonly called decentralized finance, which seeks to build and combine open-source financial building blocks to attract market share from the traditional financial ecosystem.
If you are looking into the DeFi space, you have probably run into Damon Nam. Damon is a 20 year IT professional, Microsoft alumnus, entrepreneur, and currently the Founder and CEO of Coin; an emerging financial services and technology company.
The Coin ecosystem contains all crucial ingredients of DeFi to empower individuals to live a life of peer to peer and sovereign finance. The central element of this network is the Coin Exchange, an all-in-one cross-chain P2P decentralized cryptocurrency wallet, exchange, and assistant powered by atomic swap and artificial intelligence (AI) technology. This not only allows users to store popular digital assets such as Bitcoin and Ethereum securely, but also exchanging assets through atomic swaps which replace the need for any third party involvement.
Furthermore, Coin includes governance smart contracts that empower the community to govern the ecosystem, such as protocol upgrades and expansion of the ecosystem. And it is an open platform, meaning any developers can integrate third-party solutions or build out use cases and applications on top of Coin.
Thanks to innovators like Damon, history comes full circle. DeFi provides compelling advantages over centralized finance such as freedom, access, efficiency, and transparency. It may be the greatest opportunity in the reinvention of finance as we know it.