Last updated on November 17th, 2022 at 02:20 pm
At the moment, there are numerous crypto projects offering a variety of features and services. Some are altering reality by creating a metaverse filled with activities that may have been impossible in the real world, others are injecting innovation into decentralized finance.
DeFi Connect is an emerging blockchain project aspiring to encroach into real-life finance applications.
Applications on DeFi Connect
DeFi Connect, according to its whitepaper, has some use cases that will have far-reaching effects.
- Multi-Level Marketing (MLM) Launchpad
Multi-Level Marketing involves using a non-salaried workforce to convince potential buyers to purchase the products or services of a company. The workforce is usually paid using a commission system. Though this system has been used for a long time, it is quite controversial, especially when linked to a pyramid scheme.
MLM participants earn commissions in some ways. Firstly, the reward that accrues to a participant is based on the number of sales that they sealed. The second stream of income is linked to the number of sellers that they recruited to join the scheme. Usually, those that are recruited are allowed to purchase products from only the participant that invited them.
Traditionally, multi-level marketers earn rewards from recruiting new participants and selling their products to the consumers via a word-of-mouth marketing strategy.
DeFi Connect uses smart contract technology to create a safe haven for MLM projects to launch.
In the decentralized finance space, a typical launchpad like Solanium on Solana blockchain allows crypto startups that focus on DeFi and NFT applications to launch their projects. The typical launchpad may not be accepting MLM crypto projects because of the controversy trailing them. Usually, on a launchpad like Solanium, crypto projects access a large community of potential investors, marketing facilities, and an efficient system of fundraising.
DeFi Connect offers something similar, except that in its case, the launchpad caters solely to MLM platforms. They hope to profer solutions to the problems that have been linked to the MLM ecosystem in the past.
Based on the purpose of this ecosystem, claims on their website state that DeFi Connect wants to ensure that the MLM business functions with the highest security and zero risks.
As earlier mentioned, this industry has been plagued with issues linked to nonexistent transparency. The business model concerning MLM may have been used by reputable companies like Longrich to grow, but it has still been a breeding ground for illegal pyramid activities. DeFi Connect believes that it can salvage this by injecting transparency into its activities.
MLM crypto startups can use this launchpad to reach potential participants. Like a typical launchpad, these startups are availed of marketing opportunities. During their IDO, DeFi Connect will help in promoting them on social media channels. The MLM projects will access a community of potential investors that may buy into their projects if they are convinced by the use cases of their features. Proceeds from the fundraising activities on the launchpad are used by the startups to improve their architecture and operations.
As for the potential investors, they can purchase tokens of MLM crypto projects with innovative use cases and features. Regularly, a new project will be listed and community members can do their research on the features that the startup offers. If they feel that the MLM project is worth investing in, they can follow the procedure outlined by DeFiConnect.
MLM, referral, and crowdfunding projects can be launched on DeFi Connect, as long as the guidelines are followed. One of the projects that are live on the launchpad, as at the time of writing this is CLUB250CENT. In the launchpad, it is defined as a “crowdfunding/digital cryptocurrency investment platform designed to make network marketing a real-life career.”
The launchpad features are not open only to MLM crypto platforms. Any organization that wants to test out network marketing in a relatively controlled environment can create a campaign. The community members of DeFi Connect are rewarded when they convince others to buy the company’s products or services.
- DEHIM Healthcare
Another feature that DeFi Connect offers is the Dehim Healthcare application. This decentralized application is designed to improve the record management process on DeFi Connect. Some of the important aspects of this application are:
- Electronic medical records management
In many countries, especially developing nations, the medical records management system is inefficient. Hospitals have to use paper-based systems to record the history and data concerning their patients, which makes it almost impossible to share patients’ information with other medical institutes. According to DeFi Connect, it intends to solve these issues.
- Securing healthcare data
Healthcare data is highly-priced because companies use it to make important decisions, carry out research and do much more. DeFi Connect is adding an extra layer of security to healthcare data through its Dehim Healthcare feature.
- Healthcare data management
Usually, the healthcare record of a person is stored by the hospital or medical institution that they use. A patient may not have a comprehensive record of their health conditions at their fingertips, Dehim Healthcare offers people access to a personal health record data management functionality.
- DefiConnect Health App
The third feature currently being built by DeFiConnect is its health app, which is designed to mimic Google Fit. The app has a responsive user interface and gathers the user’s days while analyzing it to ensure that the user lives a healthy life. The DeFiConnect app works on any mobile device.
- DefiConnect Health Insurance Marketplace
Community members on DeFiConnect can access a health insurance marketplace that offers them a layer of protection. When launched, it is meant to be a hub of medical practitioners and health insurance companies. The latter will offer different subsidized insurance packages that can be accessed by anyone in the ecosystem. DeFiConnect’s native token, DFC, will be used to purchase the packages.
According to the platform’s website,
“Some of the advantages are:
– The lower operational expenses have decreased duplication of procedures
– It has also diminished counterparty dangers
– Robotization of procedures have expanded,
– Security and decentralization exchanges have increased.”
What is DeFi Connect’s Native Token?
The native token used on this platform is the DFC token, and it is the key to unlocking the different features listed above. Below are the use cases of DFC:
- Incentivize users
The utility token may be available to some exchanges, but its sole purpose is not to be used as a means of exchange or carrying out financial transactions. DFC will be used to reward regular users in the ecosystem. When a participant invites others to join the platform, they are rewarded with this token.
- Real-world applications
To unlock most of the features on DeFi Connect, the user needs to have the DFC tokens. An MLM platform that wants to utilize the launchpad must have the DFC tokens. The token acts as a gate fee to use the health applications on DeFiConnect.
- Zero-fee transaction cost
Using the native token in DeFiConnect attracts zero-fee transaction cost. The participant can decide how their funds and portfolio are managed.
In Conclusion
- DeFiConnect is creating a peculiar launchpad. The launchpad will focus solely on MLM projects and companies that want to dip their toes into referral marketing, and crowdfunding.
- Its native token, DFC, has some use cases in its ecosystem. It unlocks the value in the platform.
- DeFiConnect intends to improve the healthcare record management system through its Dehim Healthcare feature.
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