OVERVIEW OF RADIX -THE INNOVATIVE CONSENSUS PROTOCOL.
The state of the global financial system over the years has been a nightmare for the citizens of the world, everyone is stressed about the management, security and control of their funds as well as reliability of transactions with the complications encountered in traditional finance.
This friction ridden system costs the financial industry $71 billion to run every year and end up creating products that are often inflexible,rigid and lack the capacity to perform optimally.
With the swift advancements of technology, came Decentralized finance (DeFi),through the cryptocurrency industry.While digital tokens generate a decentralized store of value that is totally different from any fiat currency supported by the government. DeFi proffers an adaptable and alternative structure where new innovative applications can be built and accessed by everyone.
Unfortunately, most decentralized finance applications are currently being developed on protocols which were not originally engineered for the unique requirements of DeFi services. For this reason, there is a need for a better and more functional protocol is needed in order to drive the practice of DeFi towards a greater global adoption
INTRODUCING THE RADIX CONSENSUS PROTOCOL.
Radix is an innovative framework that utilizes the advanced technological and inventive tools to become the first layer 1 protocol developed with the intention of facilitating the advancement of the general DeFi industry.
Furthermore,it provides users with a seamless, effective and less complicated method of getting funds into and out of the defi ecosystem, and a service that best suits the unique needs and expectations of participants as well.
The Radix protocol basically focuses on the three prominent drivers of DeFi growth. Let's consider these factors briefly.
1. Accessibility
Regardless of how swift the growth of cryptocurrency has been over the years, individuals still struggled to get funds in and out of the current DeFi ecosystem until now. The radix protocol proffers a user centered vertically integrated approach that aids the process of executing off/on ramping seamless.
2. Choice
The effects of network on a public ledger are dependent on the number of individuals using it as well as the number of connections applications on the platform.Radix attempts to make these applications/assets conveniently composable at a scale by standardizing the method by which they are represented on the radix substrate.
3. Liquidity
The radix platform also provides native project functionality, including developers, communities and market makers to create and have access to liquidity pools. This idea is as a result of the fact that various tokens of the world have their liquidity dispersed across various platforms which downplays the relevance of liquidity.
Given that the products of this platform attract many users,the radix substrate has successfully lowered the barriers encountered in joining the platform in order to create accessibility for the interested participants.
This move will help increase liquidity, lower costs,boost transaction volumes and drive the development of more products and assets for the users in the ecosystem.
CONCLUSION
Despite cryptocurrency simplifying transactions for the global population, there are still a number of laxities in its operations which need to be addressed of which an ideal protocol infrastructure comes to the fore, With the radix blockchain protocol, individuals can conveniently interact with the blockchain and partake in the ever advancing decentralized finance. By adopting the radix protocol,both the world’s financial system and the DeFi industry at large is set for a major revolution.
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