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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.
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.