Can CashFi (CFI) Produce Life-Changing Gains Alongside Chainlink (LINK) and Decred (DCR)?

Chainlink is designed to enhance the real-world implications of blockchain technology. More specifically, it is a DON (decentralised oracle network) that aims to provide real world data to on-chain smart contracts. A smart contract contains agreements between parties that are automatically executed upon meeting specific requirements. Smart contracts are inherently secure, a smart contract is verifiable through a blockchain. These are also immutable meaning they can’t be modified. Smart contracts operate without the need for something as feeble as trust. A major bonus of the decentralised oracle networks.

The native token LINK is based on the ERC-677 standard which is mostly used for data transfer and is built on Ethereum. Pay rates are algorithmically determined in accordance with the market for a particular demand to execute the task. LINK can also be used for staking. Node operators are inclined to use this to express their commitment to the development of their collective ecosystem.

The token value is correlated to the amount of data that exists within the ecosystem. The greater the number of nodes operating on the network results in a higher data flow, thus enhancing the value of LINK. The utility of Chainlink and its ecosystem will play a crucial role in the price of the token.

Decred launched in February 2016 described as the “more efficient Bitcoin”. The team wished to solve many of the earlier issues that accompanied Bitcoin’s protocol. They are both considered a store of value as well as a means of transaction. Decred (DCR) uses the Proof-of-work consensus model similarly to Bitcoin, but DCR uses a hybrid variation that combines with Proof-of-Stake, ensuring top-level security, making attacks nigh on impossible.

Decred identified a fundamental problem that many governments and organisations propagate in regards to centralised decision-making personnel, it being that incentives don’t clearly align with those of the public they’re supposed to serve. The solution offered was an egalitarian decentralised currency encouraging community participation through voting. From the voting mechanism, users can decide whether or not they wish to change the function of Decred.

The team aims to create a financial system by developing crypto exchange interfaces as email rather than a business model. DCR has a voting platform, “Politeia” which is a Hub for proposals for future changes. A  60% vote is needed in order for a change to be enacted whereas a 75% vote is needed for protocol changes. A healthy democratic approach.

Decred is secured by a unique Hybrid consensus mechanism that uses both Proof-of-Work and Proof-of-Stake. This will provide more security as the reward allocated to the voting pool ensures that the blocks are valid.

Deciding on the right token to invest in can be a difficult task but based on the fundamental qualities of the three projects above, The anticipation for growth is considerable. Remember to always research thoroughly before investing!

For more information on CashFi:

Keywords: CashFi, CFI, Chainlink LINK, Decred, DCR, Blockchain, Decentralised, Proof-of-Work, Proof-of-Stake, Bitcoin