Singapore Web 3.0 - Project Guardian

https://www.mas.gov.sg/news/media-releases/2022/mas-partners-the-industry-to-pilot-use-cases-in-digital-assets

"4 The first industry pilot [1] under Project Guardian will explore potential DeFi applications in wholesale funding markets. The pilot, led by DBS Bank Ltd., JP Morgan and Marketnode [2] , involves the creation of a permissioned liquidity pool comprising tokenised bonds and deposits. The pilot aims to carry out secured borrowing and lending on a public blockchain-based network through execution of smart contracts."

Oh wow, so now even our government is getting into DeFi lol, but the difference is they are going for a permissioned model, I think this makes sense and is mandatory because in order for mass adoption, they need to come up with something very safe and idiot-proof, something as safe as putting money in the bank.

I tried DeFi for some time and I must say it is very different from traditional finance i.e. bank.

Bank is easy, you have a bank account, your ATM card, credit/debit card, loan, any problem you call the bank and visit a branch and they settle for you.

DeFi, you need to have a crypto wallet, your own seed phrase, there's no customer service hotline or branch, any problem you go to Telegram or Discord of the protocol and ask for help.

There's a myriad of chains and protocols out there. That's not the worse part, scammers will be your biggest nightmare if you are not alert. There are always cases of people getting scammed, lost their seed phrase and all their funds.

Then there's the rug pull, shill and fud.

I can only say DeFi is not suitable for average folks, but it has huge potential.


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