DeFi, short for Decentralized finance is a major advancement in technology and has completely transformed the trading world. This system is the reason behind the availability of financial products on a public decentralized blockchain network. DeFi is a revolution in itself, the software is transcribed on blockchains, allowing peer-to-peer communication easy for buyers, sellers, and lenders. In addition, there is a strictly software-based middleman rather than a company or an organization assisting a transaction. In this way there is no use in going through middlemen like banks or brokerages and everyone can use it openly. Unlike conventional banking, government ID’s address proof and social security numbers are not compulsory to use DeFi.
There isn’t a single method or technology to make a platform decentralized. Such systems can be a combination of open-source technologies, blockchain, and proprietary software. Another technology used is the smart contracts, these automatic agreements set the terms between buyers and sellers or lenders and borrowers for creating a hassle-free bridge for financial products.
The volume of trading tokens is increasing day by day. Many websites are being created on decentralized platforms as it is secure and the money is locked in smart contracts. Its growth is steady but still, it has the potential to grow and develop.
All these pros, but what’s Answerly’s role in this regard?
What’s Answerly Got to Do With It?
Nobody would’ve thought that being a writer could land you in the world of earning digital currencies! While most of the writers wished to enter the crypto world, the creators of Answerly worked effortlessly to make their dream come true. Hence, a revolutionary app called “Answerly” came into existence.
Answerly is a Q/A platform built on decentralized Stellar blockchain technology. There are plenty of websites built on tokenization models, but Answerly is above all. It is similar to Q/A platforms like Quora or Redditt, yet rewards differently.
Not everybody is competent enough to write well. It’s a skill that few of them have. Thus, such individuals deserve to be paid accordingly. As blockchain technology has paved its way in every field, then why not the writing industry?
The modern blend of digital currencies and Answerly has caused the writers to learn more about this platform. Everybody would want to earn crypto as a passive income and as a result, the influx of users has been great ever since it started functioning.
What Makes Answerly Standout from Others?
Above we stated it is similar to Quora or Redditt, but at the same time, this Q/A website is unique in its way. The Stellar technology alone is enough to make this platform stand out from others. But if you wish to dive into details, there is more!
Being a DeFi platform means earning in digital currencies. At Answerly users earn rewards called “Answerly tokens”. These rewards act as digital currencies which can be exchanged for crypto or fiat. The most impressive answers tend to earn the most. The algorithm is designed to rank those answers the best which are clear, authentic, structured properly, etc. Not only it benefits the users but it is also beneficial for Stellar itself.
To receive these awards, users are expected to make Stellar wallets (XLM) in which these tokens are safe and secure. Additionally, by using the services of Lobstr, the transaction is swift and eliminates middlemen with a low transaction fee. This USP of Answerly has led thousands of people to become a part of this Stellar-based platform.
The Future Lies at Answerly!
DeFi models incorporate such technologies that disintermediate centralized models and facilitate the provisioning of financial services for everyone, regardless of where they belong to. Like all other DeFi platforms Answerly is also built on public blockchains, it replicates similar offerings by different platforms. But unlike others, they aren’t built on common technology standards, they are innovative and their services are customized for the DeFi ecosystem. Such applications, allow the users to gain more control over their wallets and monitor the trading services closely and cater to individuals rather than organizations.
To make a user’s experience worth remembering, plenty of other features have also been incorporated. From an integrated plagiarism checker, photo library, and rich multimedia textbox, writers will have a good time while penning down their thoughts.
But what about other users?
While Answerers earn tokens according to their user levels, active users who post queries or search for answers can get a set amount of tokens in their Stellar wallets. We believe it is a win-win situation for both parties, unlike other platforms where tech giants are benefited the most.
DeFi based websites are still in the initial stages and have the potential to grow. But still, the Answerly community is stronger than ever with over 200,000+ active users worldwide!