DeFi on Bitcoin?! Yes! Currently, ‘centralized middlemen’ offer ‘decentralized services’ on the blockchain, which creates multiple problems. Portal fixes this by blending the best of Bitcoin and Layer 2. We are happy to be working together with Portal DeFi and will provide some more details about the platform and our partnership in this article.
BCA investments and Portal DeFiPortal’s solution of combining the best of Bitcoin with the advantages of centralized alternatives, makes it a really promising and essential platform. The project has a lot of strong backers & partners and an experienced team.
BCAi is very excited to have partnered up with Portal DeFi, and we are looking forward to supporting them in various ways. Below, we will go a bit more in-depth about what Portal exactly is and why the existence of it is important.
What exactly is Portal DeFi?Portal is a DeFi platform. The platform makes decentralized finance become uncensorable, peer to peer and trust minimized. By swapping the execution of cross-chain contracts to Layers 2 and 3, the platform has the speed and liquidity of centralized alternatives, all while still offering the trust minimization guarantees of Bitcoin.
Additionally, on Portal’s platform, transactions are a lot faster and cheaper compared to Layer 1 (Bitcoin) transactions. So, Portal DeFi makes swaps between Bitcoin and other digital assets fast, secure, private and cheap, all at the same time.
Why Portal?This DeFi Bitcoin platform has been developed to express self-sovereignty. In order for Bitcoin to really become money, a cross-blockchain, censorship-resistant P2P reading system is needed. Portal is building DeFi using cross-chain atomic swaps, and strengthening Bitcoin by building multiple layers of functionality.
Centralized services which are built on blockchains create the following problems:
- These services negate the decentralization of underlying blockchains.
- Transactions can be censored & addresses can be blacklisted / whitelisted, which is against the principle of censorship resistance provided by blockchains.
- Centralized financial services can lose client data & funds.
Portal’s platform fixes these issues by offering not only the advantages of native layer 1 Blockchain, but also the speed, liquidity, and user experience.
Important features and advantagesTo summarize and clarify, important Portal DeFi features and advantages are:
- Layer 2 and Layer 3 technology Fabric, which enables the fully private execution of smart contracts for staking, liquidity, peer to peer swaps & more.
- Speed and liquidity of centralized platforms combined with the native trust minimization guarantees of Bitcoin.
- Secure, censorship-free and private.
- Strong backers and experienced team.
- Faster and cheaper than Layer 1 transactions.
This ‘DeFi on Bitcoin’ platform definitely solves significant issues and is really promising. The team shared on social media (Twitter) to have successfully raised $8.5 Million. Portal’s Offering will be held on Republic in Mid-November. Stay tuned and follow us for more updates!