'There’s No Quick-Fix to Poor DeFi Accessibility, But There’s Hope: ReSource Co-Founder, David Casey' by dan_jgs decentralizedinternet quicknode
, for a quick chat where we tried to pick his brains as much as possible. And as expected, we received some amazing insights from him regarding the crypto and DeFi industry. He spoke about the ReSource Protocol, the problem they are trying to solve, and more. In addition, David also shared his thoughts on stablecoins and their future. He also mentioned a few developments in the crypto, DeFi, and NFT space that have caught his attention.I’d like to call myself a ‘social entrepreneur’.
Absolutely. The current landscape of credit and lending is more of a disservice to businesses than a service. The exorbitant interest rates, the opaque terms, coupled with the moral high ground attached to the lending party have together made credit - a handicap that businesses pay and wear. Mutual credit helps build an inclusive trading network that maximizes mutual benefit while freeing businesses from external lenders, credit, and the hanging knife of accumulating interest to be paid.
Now, there is no quick fix for this, and making DeFi more accessible shall be a result of several independent actions. First off, the entire space of crypto, DeFi, and Web3 need a simplification drive. Inclusivity in DeFi can only be achieved if the services, products, terms, and everything else are simplified.
Traditional mutual credit initiatives were completely human-based. This entails the concept of trust which in the olden days could only be generated by physical interactions. Therefore, the mutual credit economy was restricted to close-knitted groups in certain specific locations. This placed a limit on the resources and commodities that can be locked in one mutual credit system.
By this, the risk of bad debts, frauds, and unlawful activities in the mutual credit system can be mitigated.Stablecoins are a classic concoction of stability, security, and liquidity. They solve problems on different fronts with ease. And they shall continue to be the drivers of both activity and growth of the crypto and DeFi industries. With Web3 and metaverse closing in on us, stablecoins are going to be the currency for all things digital.