Finance Innovation: Ethereum (ETH) Developers Are Building A Revolutionary Open Financial System


Ethereum (ETH) was in the spotlight when it'd been mentioned by an important entity.

Weiss Ratings mentioned the project. The agency released an updated list of the leading crypto.

The financial ratings agency tracked 125 digital assets, and ranked each of them according to the level of technology and adoption.

The agency also checked out the risk-reward potential for investors.

Back then, we revealed that Bitcoin and Ethereum both earn a B-. XRP got a C+.

There's a need for a new financial system

The traditional financial system might have worked for so long, but it became flawed and the time has come for something innovative and better, according to the more experts' analysis.

In order to combat failing financial policies, crypto manipulation and the shadow banking system that feeds the entitites that grab users’ fees aka financial intermediaries, ETH devs are building some mind-blowing tools that are reimagining how money flows and how the financial services are provided.

In a new blog post entitled, “2019 Was The Year of DeFi (and Why 2020 Will be Too),” Mason Nystrom, who is a content marketer at the Ethereum incubator ConsenSys, is explaining the main objectives of decentralized finance.

Nystrom wrote the following, as cited by the online publication the Daily Hodl.

“The current financial system is comprised of walled gardens with limited transferability or two-way access. Where interoperability is possible, it’s controlled by middlemen and rent-seekers.”

Fireshot Capture 020 2019 Was The Year Of Defi (and Why 2020 Will Be Too) Consensys.net

Open finance is explained

He continued and explained that “Open finance is defined by platforms that can work together with a degree of transparency with functions that complement one another.”

Ethereum enables interoperability, programmability, and composability. The latter allows other protocols to be built on top of the network.

Head over to the original blog post in order to learn more.

In terms of pricing, ETH is trading in the red at the moment of writing this article, and the coin is priced at $142.82.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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