Connect with us
Active Currencies 14421
Market Cap $2,661,305,701,826.20
Bitcoin Share 50.00%
24h Market Cap Change $-2.17

Demystifying LFi: Your comprehensive guide to the innovative platform

2min Read

Share this article

LFi envisions a future where decentralized finance becomes the driving force behind the transformation of these conventional systems. The platform is committed to establishing a financial landscape that is open, transparent, and accessible to all through the utilization of blockchain technology

By leveraging the power of decentralized finance, LFi allows users worldwide to access a range of financial tools and applications without relying on intermediaries such as banks or other financial institutions. This decentralized approach paves the way for greater inclusivity and removes barriers that traditionally limit financial opportunities. Here’s what you need to know about the innovative platform. 

Blockchain and Token

The primary element of LFi is its dedicated blockchain and token, forming the first layer of the platform. The ecosystem operates using a native token called LFi, which is utilized for various network services such as sending cryptocurrencies, minting tokens, executing smart contracts, and accessing additional ecosystem benefits when vested.

When LFi tokens are employed in the network’s vesting protocol, they become vLFi tokens, which are non-transferrable tokens. Owning vLFi tokens grants users access to vLFi rewards, Ranking System benefits, and the privilege to participate in voting within the L-DAO.

The LFi Chain serves as the platform’s own blockchain, hosting the native tokens and decentralized applications. Initially, LFi tokens and apps are launched on the BNB Chain, with plans for migration to the LFi Chain by the end of 2023. 

IoP and Hardware

The second layer of LFi encompasses the Internet of People (IoP), a decentralized technology infrastructure that empowers users with control over their data, resulting in an efficient online experience.

Additionally, this layer boasts the LFi One, a smartphone that features a powerful minting application, enabling users not only to communicate, browse the internet, and send messages but also to validate transactions, mint tokens, and receive token rewards.

Decentralized Applications

The third and final layer of LFi is dedicated to decentralized applications (dApps). This layer hosts a range of applications, including the LFi Software Wallet, decentralized exchange, launchpad, decentralized autonomous organization (L-DAO), lending protocol, and more.

Of significant importance within this layer is the L-DAO, a decentralized autonomous organization that grants ownership of the entire LFi ecosystem to the community. Through the governance framework provided by the DAO, every community member can vote on amendments aimed at improving the overall ecosystem. The voting power of each user is determined by the number of vLFi tokens they possess.

LFi: The People’s Platform

Layered Financial Independence (LFi) is a decentralized platform that aims to redefine the concept of financial independence for users. It empowers individuals to take control of their wealth within an inclusive and transparent financial system. LFi is a platform that welcomes everyone, and all you need to do is to jump in. 

For more info: https://docs.lfi.io/v/lfi-technical-docs/

Telegram: https://t.me/lfiofficial

Twitter: https://twitter.com/LFioff

Disclaimer: This is a paid post and should not be treated as news/advice.  

Share

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.