Blog #3: Hi again everyone, today I have some key talking points from a discussion that I had with U-Zyn Chua, a co-founder and lead developer of DeFiChain and Pool by Cake DeFi.
Who is U-Zyn Chua?: Chua is based in Singapore and has been fascinated with computers since he started programming at age seven. While he was in college, he started a software development company named Zynesis that focused on systems development through open source technology. Following the rapid growth of cryptocurrency beginning around 2015, Zynesis moved to blockchain-based projects. Some of the notable works that they’ve done include [Sparrow Exchange] and [Project Sand Dollar] of the Bahamas – the world's first live retail Central Bank Digital Currency.
Chua first heard about Bitcoin and cryptocurrency through a cybersecurity forum some time in 2009 (a time we all wish we were all in on Bitcoin I am sure). He read the whitepaper and though that the project was a “brilliant application of cryptography”. He acquired his first $BTC through a faucet that paid out 0.1 BTC (currently valued at over $3,200), “you did not even need to perform any tasks”, said Chua. He then got into crypto mining and ran one of the first Bitcoin exchanges in Southeast Asia for a few years starting in 2011 before the regulatory powers of the world had it shut down. Chua noted that the use of cryptography to establish a free monetary system is what motivated his move into the world of crypto, making this regulation highly telling of why we need people like him to push mass adoption forward.
Since those early days, U-Zyn Chua has made massive strides in the crypto world, now culminating in his project known as DeFiChain. His hopes for the trajectory of the platform embody a sense of community and financial freedom like many of us dream that crypto will create. Chua said that “I aspire that DeFiChain will gain a solid recognition as the blockchain to go to for anything finance related to its safe non-Turing-complete implementations. Another aspiration would be for DeFiChain to have a great developer community so we can see more community innovations making use of DeFiChain to develop some interesting ideas.” A community with the freedom and tools to innovate would do wonders for the aspiration of financial freedom. “Crypto becoming the new world currency. Blockchain will certainly play a major role in the financial space in time to come.”
Chua also had some tips for beginners: “Look beyond the price and spend some time to understand crypto. A good place to start would usually be to run a wallet with full node, such as bitcoin-qt or DeFiChain app and transact BTC and DFI through it. This often gives one the truest experience and understanding of what crypto is all about – that you truly trust no one – no centralized nodes, no hosted solutions and your wallet validates every single blocks and transactions that it receives.” “If you want money to be truly free, free as in freedom not beer, get involved in crypto.”
Chua found inspiration through online blogs and forums in the nascent days of cryptocurrency.
“The early days of crypto the small tight-knit community, amongst which Satoshi Nakamoto was still actively involved in, really helped me in understanding more about the technicals and potentials of Bitcoin. I Interacted with many of them through IRC (#bitcoin) and Bitcoin Forum, it was then bitcoin.org before moving to bitcointalk.org. Open Source Software (OSS) community in general. I got involved in Ethereum and Dash as well, mainly on the technical side. I Interacted and collaborated with many developers in Ethereum and Dash, usually on GitHub.”
A Dive Into DeFiChain and Pool by Cake DeFi:
“DeFiChain's goal is to establish a stable and fast blockchain that focuses on enabling decentralized financial securely. Therefore it is non-Turing by choice to not only greatly limit the attack surface, but also making sure that all financial transactions are processed as part of a blockchain consensus.”
“Cake DeFi's goal is to make decentralized finance accessible to everyday users. A typical Cake DeFi user should not have to have very in-depth understanding of blockchain or DeFi in general, and yet able to get access to sufficient tools and information to make informed decision on managing and growing their cryptocurrency holdings.”
“DeFiChain liquidity pool is incentivized by DeFiChain masternode owners, a.k.a. miners. They voted to cut their own mining rewards to incentivize and attract liquidities to the DeFiChain (See DFIP #2). Unlike other liquidity farming solutions out there, DeFiChain liquidity farming yields are not only actual native coin of DeFiChain and not new "governance" token, they are also not new inflation as they are taken out from existing mining rewards.”
To get a better understanding of the trajectory of DeFiChain, simply refer to their 2021 roadmap.
I personally recommend checking it out as the returns have been AWESOME thus far for me personally with liquidity mining pools carrying between 100-200% APY on any given day! https://pool.cakedefi.com/#?ref=187314
Conclusion: U-Zyn Chua is an example of someone who got into the field and dedicated themselves to the pursuit of the true goal of the movement: decentralized and personal financial freedom. He has done fantastic work in many facets of the crypto-world and is now involved in a growing project (DeFiChain already has over $100 million in liquidity). I thank him for his time, and thank you for your time in reading! I hope that people like U-Zyn will help cryptocurrency reach it’s maximum potential and push mass adoption to the forefront of the movement.
Disclaimer: I am not a financial advisor, and I am personally bullish on $DFI
If you or anyone you know deserves to be highlighted through an article please email me at [email protected] I would love to chat! If you just want to talk about crypto, my inbox is open for that as well!
