Base DLT is the world’s first full-stack for DeFi, with the team behind it hell-bent on building the foundation for Web3 to truly scale and make traditional finance obsolete forever, a feat that has yet to be conquered by those building in the space.

While the project will not fully go public until next year, after 9 years of construction, on December 8th, the dedicated and focused minds behind Radix will reveal how they plan to radically change the face of finance in the free virtual event, RadFi 2022. Learn more here.

Despite the impressive growth recorded by DeFi throughout 2021 and beyond, Ethereum and other smart contract platforms have been plagued by security and scalability issues, making it difficult for platforms to develop production-quality DApps.

The Ethereum network, which first launched smart contracts several years ago, uses its native Solidity programming language, which is fairly easy to learn for simple smart contracts but becomes incredibly complex and difficult to secure. Many who have tried it suggest that it would take years of experience programming with Solidity before it can be used to create secure and stable code. As a result, it is prone to attacks, exploits, and flaws, even when built by experienced developers.

If DeFi goes mainstream, it must be able to radically improve to support global change for the $400 trillion banking and financial system that is currently home to billions of users around the world.

Why have web 3.0 development and DeFi suffered?

At the core of what it takes to enable a digital ecosystem to thrive are its developers, a demographic that ironically has had one of the most difficult onboarding journeys to Web 3.0 yet.

Although the growth of Web 3.0 developers continues to pick up a bit, only a small percentage of the world’s software engineers are currently working on Web 3.0. The number of developers working specifically on DeFi projects is even smaller, and there are not enough programmers to achieve the scale of DeFi envisioned by its proponents. Of the nearly 30 million developers worldwide, those trying to get into Web 3.0 are only a fraction.

Here are some statistics from the Electric Capital Developer Report (2021) on Web3 developers:

• More than 18,000 monthly active developers commit code in open source Web3 and crypto projects.
• In 2021 alone, more than 34,000 new developers committed code, which is the highest ever.
• More than 2,500 developers are working on DeFi projects.
• Fewer than 1,000 full-time developers are responsible for more than $100 billion in total value locked in smart contracts.

The Radix team building believes that there are four main barriers facing DeFi developers that are hindering the growth of DeFi. Their goal is to solve these problems through four crucial technologies that build the backbone of the Radix network:

Achieve scalability without breaking DeFi composability, for which Radix developed the Cerberus consensus protocol

1. Avoid hacks, exploits and smart contract application failures through its Radix engine
2. Build interoperable DeFi dApps faster by creating a reusable DeFi blueprint code catalog
3. Incentivize the decentralized development community through its developer royalty program, which is managed directly by the platform.

After nine years of groundbreaking development that led to an impressive roadmap, those behind the project are about to reveal exactly how Radix’s radically different infrastructure will eventually take Web3 mainstream.

Radix is ​​building “the future of DeFi” with an asset-oriented approach, which is fundamentally different from Ethereum and almost anything else currently in existence within the ecosystem.

With Ethereum smart contracts, users don’t actually directly own or control their tokens, but instead completely trust the smart contract and its ability to maintain a list of balances that defines “ownership” of each token.

Unlike most smart contract platforms where your tokens are not actually stored in your wallet, with asset-oriented DeFi built into Radix Engine, users will actually hold their tokens within their own smart contract account at the ledger and will not need the approval of others. smart contracts to spend their own tokens. They can also define exactly how many tokens they intend to transfer or receive from the smart contracts, which greatly improves security and allows the concept of a “trustless” ecosystem to thrive.

To make the advantages of an asset-oriented paradigm real and useful to developers, Radix has created its own custom programming language, Scrypto, which enables the unique features of the Radix Engine while maintaining a greatly enhanced development experience with expressive logic. .

Scrypto’s asset-oriented features and lifecycle of a “component” (a Scrypto smart contract) would naturally allow developers to focus on their own business logic and rely on Radix Engine for intuitive and secure asset management. .

Once the final implementation of Radix is ​​complete, developers building on the grid will be able to create efficient, secure, and usable products much more easily than ever before and in a way that resembles the rapid-adoption simplicity of traditional fintech.

The team behind Radix doesn’t seem to do anything by halves. Ahead of the launch of ‘Babylon’ next year, the DeFi ecosystem that will allow Scrypto ‘component’ smart contracts to run on the network, Scrypto was made available in a private environment earlier this year for developers to experiment with. the first builds and tests. Within just a few months, excitement was running high among developers who jumped at the opportunity, with many noting the considerably cleaner experience compared to other smart contract languages. Scrypto has been gaining more and more traction ever since, with over 130 projects now being integrated into the platform. even before it’s public.

Here are some excerpts from those building the project so far:

• “Using Scrypto is like bowling with the bumper walls up so you can’t hit the gutter (hacks, bugs, composability issues) and it’s faster/easier to get a strike.”
• “Scrypto is a game changer. Once people from the other ecosystems find out, they will come to Radix to build. We will see an explosion of DApps built for the network.”
• An analogy is a visual comparison of a poor man’s toolbox with a hammer, wrench and ruler (solidity tools) vs. a fully sponsored shop with power tools, a lathe, table saw (crypto tools )

Recurring events like the demise of FTX demonstrate that the crypto industry needs to migrate from trusted centralized institutions, often with little accountability, to decentralized public ledgers, where all holdings and transactions are transparent, and where users they actually control their own funds. If the Radix technology roadmap is delivered, the project could be the first to actually build what it takes to enable a new, enhanced financial ecosystem powered by Web3.

On December 8, Radix will host a free virtual event, RadFi 2022, with over 10,000 pre-registered people, where the minds behind the project will reveal how they plan to bring DeFi mainstream. Learn more here.

Read Radix’s white paper on DeFi here to learn about the company’s ambitious and transformational project before heading into RadFi 2022.

To read Benzinga’s latest articles on Radix, click here and here.

If you would like to learn about Radix’s journey and its products, please visit the company’s website.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.

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