Story of the week
Today, i propose a weekend read :)
If we were to see the early evolution of information transfer since humanity used smoke to communicate and we d fast forward to the time when people used pidgeons to send messages to distant places, till the internet era, where information transfer was made almost instantly. even if internet was not fully understood or used at the time of its inception, that didn t mean it was not there to stay.
Now if we were to compare the information transfer with transfer of value we notice that to fulfil their needs, people have been using the barter system to exchange goods or services in the past. It had various flaws which led people to shift to gold coins which was an early form of currency. This gave birth to fiat currencies and paper money. First sign of digitalization was the credit card and we are now living in the era of crypto/digital currencies, just like the internet, it is not mass adopted and it is in it s early stages, living the 90’s of the cryptocurrencies.
The Bitcoin blockchain, as the ancient ancestors of all cryptocurrencies, is certainly showing its maturity. It is suffering from a multitude of limitations in the real world use cases. Not the least of which is its inability to scale. To compete with it in the battle for supremacy, lots of new alternative blockchain implementations have emerged to address some of the fundamental issues of Bitcoin’s blockchain, but none have been able to grab a significant portion of the market.
Except for Ethereum, which has long been Bitcoin’s lone major rival. Ethereum, on the other hand, while being more evolved than Bitcoin, has certain drawbacks that it must overcome in order to gain market domination. Ethereum 2.0, the forthcoming update to the underlying blockchain that the project’s creators are calling Ethereum, aims to do just that.
Furthermore, DeFi came to life and it changed the game. Imagineis an open and globalized financial system designed for the internet era. It is an alternative to the opaque, tightly regulated, and decades-old financial system, which offers you power and visibility over your money.
This will shift the structure of the whole financial system at a macro economic level, think about that! Decentralized finance is already revolutionizing the world, you just don t know it yet! This market is growing at great speed and it s gonna generate trillions of dollars and opportunities. This will give financial freedom back to 6 billion people. Sphynx Network is the innovation banks couldn t and wouldn t do. It s your basic human right to have your own financial freedom!
DeFi devices enable anybody with an internet connection to access financial services, and they are generally owned and managed by their customers.
Right in the apogeum of the DeFi era, NFTs arrived and quickly gained mass adoption and got mainstream, without stealing the lights to DeFi but perfectly integrating with it. NFTs are tokens that can be used to represent ownership of one-of-a-kind things. They enable asset tokenization from art to even real estate and finance. They can only have one official owner at a time and are protected by the blockchain — no one can modify the ownership record or create a new NFT.
This is how Sphynx Network concept is born.
