3 December 2020
The ‘Money on Chain’ RSK is fulfilling the need for DeFi and Bitcoin. RSK, a smart contract protocol launched in 2016, is doing wonders by becoming a key player in ensuring Bitcoin can have DeFi.
RSK is the perfect online place designed for developers to create whatever they want with code. RSK has a virtual machine that is based on Bitcoin.
There is no risk when RSK smart contracts use RSK’s virtual machine. As of now, users of bitcoin could not wrap their coin so that it could be used on a different chain and use their capital in a reliable decentralized way.
It is said that decentralized finance should operate on bitcoin as it could replace reserve currency. People have started seeing the value of earning yields on their capital and it becomes decentralized finance very important. The decentralized finances managed to gather $12 billion worth of deposits in the past.
Innovators are finding opportunities to make use of smart contracts to make financial applications and diversify the use of crypto.
The source of decentralized finance came from Anthony Pompliano. DeFi has played a significant role in the crypto industry, mainly because of its ability to operate on Ethereum.