Facebook’s name change was one of the biggest news in recent weeks, but it seems not many grasped the bigger story behind the rebranding. Facebook wants to be known now as Meta as part of its preparations for the establishment of its founder Mark Zuckerberg’s vision of a metaverse.
This metaverse aims to provide people with an alternative universe where they can interact with each other and get involved in activities without necessitating physical mingling. Employees have been compelled to work from home. Business executives and investors have been doing meetings online. Government officials do most of their work through teleconferencing.
Likewise, music fans have learned to get by with virtual concerts. And it’s not only shoppers who have enjoyed the convenience of buying things online–retail, sellers have also taken advantage of online platforms to sell their products particularly through “live selling.”
The “metaverse” has already been creeping in even without Facebook giving it a name and demonstrating how it works. The pandemic-induced community lockdowns have forced people to get accustomed to virtual interactions. They have also ramped up the adoption of digital transactions, services, and processes.
With all these, it has become inevitable for people to learn how to use digital currencies and undertake digital transactions. Correspondingly, DeFi companies have seen the need to be more innovative with the services or solutions they offer.
The thriving of decentralized exchanges
The metaverse is expected to see the rise of a multitude of digital and online platforms and services. One specific sub-sector here that merits attention is that of Decentralized Exchanges (DEX). While digital currency exchanges have experienced setbacks over the years, they continue to grow and gain more users.
China, for example, already established rules that disallow cryptocurrency exchanges back in 2017. Recently, the United States Securities and Exchange Commission threatened to sue Coinbase over its cryptocurrency lending program. The US SEC also conducted an investigation on Uniswap over the manner by which it is advertised as well as the ways it is used by investors.
In spite of these challenges, operators of decentralized exchanges are not relenting. There is apparent faith in the bright future of cryptocurrency and its widespread adoption. The amount of crypto capital participating in decentralized finance is increasing. Many countries are also becoming friendlier to crypto. Singapore and the UAE already have regulations for crypto designed to facilitate its safe and efficient use, not to restrain or discourage adoption.
One innovation that helps decentralized exchanges thrive is automated market-making (AMM), which is now widely accepted as part of the DeFi ecosystem. Automated market makers employ algorithms that make it possible for digital assets to be traded in a permissionless and automatic manner. Instead of relying on traditional financial market buyers and sellers, AMMs use liquidity pools driven by crypto tokens.
The rise of AMMs and liquidity pools, in a way, has reinvented DEXs into security token exchanges. This allows decentralized exchanges to trade not only crypto assets but also derivatives such as leveraged BTC trades and security tokens, which include NFTs. Decentralized exchanges nowadays are not only platforms for the conversion of cryptos into other valuable assets. They also serve as platforms for investors worldwide.
Decentralized exchanges are now competing with banks and other traditional financial service providers with the rise of products such as collateralized BTC, interest-earning cryptocurrency deposits, and staking. Consequently, the innovations of DEXs are stimulating the rise of new breeds of financial institutions that specialize in cryptocurrency. These innovations are attracting both individual and institutional investors.
Helping the masses access DEX innovations
One startup that is benefiting from the innovations of decentralized exchanges is HashBrownSwap (HBS). Scheduled to go live this month, HBS seeks to provide a DeFi platform that takes advantage of next-gen crypto exchange functions and use cases with emphasis on mass adoption.
HBS aims to make it easy for first-time crypto users to access token trading services and investment transactions. It provides a browser-based wallet, which allows anyone to get a crypto wallet through their web browsers without the need to install or configure anything. Users only need to have an email address and the knowledge in using Google Authenticator, so they can adequately secure their wallets.
HashBrownSwap makes it unnecessary for users to become familiar with the concept of using private keys and other processes involved in owning and using crypto assets, where the private keys are automatically controlled by the smart contracts. Users can quickly proceed with their DEX transactions and other activities like accessing trade token pairs and doing investments.
HBS removes or significantly minimizes the complexities of using crypto assets through conventional ways. There are no complicated wallet settings to deal with. Also, it is not necessary to switch from Ethereum to Bitcoin network.
HBS was developed under the MASFi public blockchain, which uses proprietary cross-chain technology to expedite the transfer of tokens. The company says it can complete BTC, ETH, and USDT transactions within three seconds with a fixed fee of USD0.10 for every transaction.
The company enables cross-border payments, micropayments, and other related transactions using BTC or other tokens. HBS has an API that allows licensed crypto exchanges to connect to its service so that they can also offer local fiat access. Also, HBS is working with third-party service providers such as licensed crypto exchanges to come up with fee-sharing arrangements.
HBS aims to put up managed token funds powered by smart contracts to automate the sharing of fees and profits and ensure utmost transparency. There are also plans to introduce new types of assets and strategies.
Moreover, HashBrownSwap intends to introduce a social token platform, something that can enable just about anyone to issue their own tokens that can be used as gifts or donations, payments, and other related applications. These personal tokens can be traded on HBS via AMM with as little as USD5K, from the token owner or family and friends as liquidity providers. . HBS seeks to make the use of crypto as easy as using popular fund transfer services such as WeChat Pay and AliPay.
Additionally, HBS provides the option to enable personal identities for token transfers in Telegram for example. These identities can serve as passports into the metaverse.
Easier-to-adopt decentralized exchange and tool for the metaverse
In the future, almost everyone would be convinced that virtual interactions have numerous practical benefits. However, to access these benefits, it would be necessary to be acquainted with the different tools, protocols, transactions, and other aspects of living in a virtual world.
The thriving of decentralized exchanges is a welcome development towards wider crypto adoption. The innovations demonstrated by different DeFi companies help achieve more widespread crypto use not only when it comes to purchases but also in terms of investing and other productive activities.
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