[UDC 2021] DeFi or die
NEM's Kristy-Leigh Minehan outlines why first-era blockchains need to embrace DeFi during UDC 2021
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임준혁 2021년 9월7일 16:01
출처=UDC 2021 유튜브 영상 캡처
Kristy-Leigh Minehan, CTO at NEM, speaks during UDC 2021. (YouTube screenshot)

Kristy-Leigh Minehan, CTO at NEM, thinks that the key to innovation in blockchain lies in DeFi.

Minehan spoke during the second day of UDC 2021, a blockchain conference hosted by Dunamu. Dunamu is the first that operates the South Korean exchange Upbit.

Watch the first day of UDC 2021 here and the second day here.

NEM is a blockchain solutions firm that operates two blockchain platforms, NEM NIS1 and Symbol. The former was designed to be a developer's sandbox, while the latter is a next-generation enterprise-grade solution designed to help businesses cut costs and simplify technical problems.

"Instead of clearly dividing the NEM and Symbol communities into two, we will operate NEM as a subchain under Symbol," Minehan said.

"That way, we can use NEM to expand Symbol."

"Later on," she added, "we can use Symbol's plug-ins to upgrade NEM's transaction functions.

Minehan described the four eras of blockchain technology. The first era was Bitcoin, which introduced the world to blockchain technology and the idea of a decentralized ledger.

The second era was Ethereum, which brought us smart contracts.

The third was the ICO era, which ushered in a variety of token projects.

The fourth era, Minehan says, is DeFi.

She stressed the need for protocols to innovate by embracing DeFi if they're to remain relevant.

"There's a popular adage in business that comes up: 'Innovate or die,' but in blockchain tech it's come down to DeFi or die."

She described NEM and Symbol as examples of "first-era chains" that have had to reinvent themselves through DeFi tools and concepts.

An example of a service NEM has offered through DeFi is asset aggregation.  Aggregation allows users to pool various services into a single, optimized tool. This would allow a NEM user that thinks NFTs are going to skyrocket in three months to offer a DeFi futures contract.

Add aggregations of images, video and keywords, and users can bet on a variety of futures contracts based on various assets.

"The important thing is to design mechanisms in a systematic fashion.”

UDC 2021 articles are sponsored by UDC 2021.

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