• DeFi, according to a former Google scientist, is the ‘American dream’ for everyone

  • Hossein Azari, a former Google scientist and the CEO of DeFi platform Cmorq, has said that the decentralised finance sector’s inclusivity equates to the “American dream” for everyone.

    In an interview with ULTCOIN365, Azari stated that the sector’s growth now aims to serve one billion people globally, and that industry players are working to unveil the necessary technology.

    “As a result, we have a fantastic economy. We’ve built over decades, if not centuries, so the next step is to become more inclusive, which DeFi embodies. As a result, decentralized finance is essentially the American dream for everyone,” Azari explained.

    With a population of over a billion people, he believes the DeFi industry will be able to serve the majority of the unbanked. According to Azari, the sector is capable of handling and managing the over $1 trillion in paper cash held by individuals around the world.

    According to Azari, the DeFi sector’s main selling point is its ability to address some of the traditional banking system’s flaws.

    And they would benefit firsthand from a platform that allows them to do the majority of those things at a lower cost of operation and in a much more secure manner than they are accustomed to. In the United States, there are 55 million people without bank accounts, so it isn’t just a problem from abroad […] It’ll be more secure, and it’ll be a better offering for us, because that’s what these people want to do: lend money to American consumers and businesses at a much better rate than our banking system,” Azari explained.

    ‘There is no need for widespread crypto usage.’

    Azari believes that for the DeFi sector to reach a wider audience, it does not require widespread adoption of cryptocurrencies. He believes that the focus should be on resolving the issues of custody, money holding, better interest, and lower-fee payments.

    Furthermore, Azari believes that the decentralisation trend will continue as industry players seek a more efficient system rather than relying on centralized platforms.

    The executive emphasized that payment units for the DeFi system could include national currencies rather than cryptocurrencies.

    In another interview, Azari discussed Ethereum’s dominance in the DeFi sector, saying that the underlying layer is primarily influenced by technological competition in the space. He believes that as the industry matures, the community will determine the winner and which blockchain best embodies decentralised concepts.

    Azari also mentioned that incorporating two layers, as in the case of Polygon, is an emerging trend.

    The DeFi sector has risen to prominence in recent months, propelling Ethereum’s value to new highs. Most DeFi projects, for example, have used Ethereum as their primary underlying technology.

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