The ERC20 token standard was groundbreaking and led to the 2017 bull run. Its key power was based on allowing anyone who knew solidity to issue a token on the Ethereum blockchain. It was also a key building block of what would later be known as DeFi.
Once anyone who knew solidity could issue a token, liquidity was needed for all of these new ERC20s. Enter Bancor and later Uniswap with a solution allowing a Smart Contract to function as an Automated Market Maker (AMM). Simply stake your ERC20, and either BNT or ETH and voila, you have liquidity and DeFi was born.
Less than three years later DeFi has nearly $1,000,000,000 staked in smart contracts begging the question, what’s next?
According to deWeb’s Eyal Hertzog, “Nobody knows what is next for blockchain and DeFi, but if history is to be trusted, as we lower the barriers to entry, mankind’s inherent creativity will shine through. The next step is to make the benefits of blockchain accessible to mass marker users.”
It is for this reason that Hertzog created the deWeb Framework. The first application built on this framework is a user generated token portal that can be run by an unlimited number of entities. So far, the platform is run by EOS Nation — deweb.eosnation.io and Blockstart — deweb.blockstart.one. There are a few important things to note:
- Token issuance is free and as simple as creating an email address. Token issuers do not need to manage private keys, 12 words, blockchain wallets or network resources thanks to the deWeb Framework.
- Tokens have built-in liquidity from the moment they are issued thanks to Bancor’s Liquid Tokens.
- Built in integrations with existing fiat to crypto on ramps like Elastum and Moonpay allow easy user onboarding.
- The deWeb Framework allows third party developers to connect any functionality to the system.
- Token issuers have a built-in income made possible by a novel use of Dynamic Reserve Ratios.
Upcoming features include:
- Polling — Allow token holders to vote based on their holdings.
- Discussion Board — A discussion board where tokens are used for community based content moderation.
- Social Sign-in — Allows users to log in using popular social accounts and send tokens to anyone with a social account.
- Token Burn — Allows token issuers to reward holders by burning tokens.
- Beneficiary Tokens — Tokens where allowance gets paid to a beneficiary, not the actual token issuer. For example, anyone can make a Joe Rogan token, host content relevant to Joe Rogan and send the revenue to Joe Rogan via any of his social accounts.
- Fiat in/out — Additional options to buy crypto with a credit card or cash out to fiat.
Now comes the unanswerable question: What will users do when they can experience the benefits of blockchain regardless of their technical capability? Only time will tell for sure, but the journey starts now.