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How Audit and KYC Projects Build Trust in DeFi Industry

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The Decentralized Finance world is one of the most outstanding financial revolutions of the 21st century. Generally, with DeFi, everyone globally can take charge of their finances and investments while benefiting from other services like lending, gaming, etc. 

However, the trust in DeFi is still lagging; thus, the adoption is also lagging. The primary reason for the lagging confidence in DeFi has always been about its bad. Generally, as a product of the crypto world, DeFi is always blamed for the issues associated with cryptocurrency. Since some KOLs still view crypto as a scam, DeFi suffers the same fate. 

Fortunately, there are ways to help bolster the trust in DeFi, including audits and KYC procedures. 

How Audit and KYC strengthen DeFi Projects

How do KYC and Audit projects strengthen confidence in the DeFi world? Here is a short guide. 

  • Audit Proves That a DeFi Project is Genuine

One of the significant ways that KYC and Audits bolster trust in DeFi is by proving that a project is genuine. Scams connected to the crypto world have been soaring, with investors losing fortunes to fake schemes. However, how do these scams happen?

Some developers may introduce a project with the primary intention of stealing from unknowing investors. Generally, these kinds of projects promise to offer high yields and could easily attract investors. Due to such scams, some investors could easily lose trust in DeFi. 

However, by using the KYC and Audit procedures, investors will now start trusting DeFi-related projects. The auditor can know if a particular project is genuine or not. In some cases, the auditor may do deep research, including looking at the following; 

  • Project webpage
  • Coin Minting mechanism
  • Team behind project
  • Economic model

By doing thorough analytics of the above mentioned, the auditor can assure investors that the new DeFi project is genuine. 

  • Real Tests

Another reason why audit and KYC platforms contribute to bolstering trust in DeFi is the real tests done. Smart contracts involve codes that are very complex for a person with no coding knowledge to understand. Therefore, it may be impossible for any investor to do an audit of a project before investing. 

However, smart contract audits have for some time now been an industry standard. The smart contract system auditors include a group of people with coding experience. The auditors apply autonomous tests on the system to see how it reacts to different scenarios of transactions. 

Furthermore, the auditors include manual tests to see if the results are consistent with the autonomous ones. The applications of real tests make their reports more valid and dependable to the DeFi investors, thus increasing trust in the DeFi industry. 

  • Audit Projects Give Recommendations

Another thing that audit and KYC projects do to help in building trust for the DeFi world is offering recommendations. Developers of the projects are the primary beneficiaries of the recommendations given by the auditors. The auditors can tell the developers how to change some code for more efficiency. Since the audits are often done before the project launches to the public, the developers can take their time and make the necessary changes to achieve efficiency. 

Investors, on the other hand, can benefit vastly from the project. The recommendations given by the audit companies may include what an average investor should do. On some occasions, they may state the risk level involved in investing in the projects. As such, the average investor will benefit. 

  • KYC Details Boost Consumer Trust

The fact that KYC collects details is another aspect that makes investors have deep confidence in the DeFi space. An average investor often wants to know that their investment will remain safe from hackers.

As mentioned earlier, KYC helps eliminate fraudulent people who are planning to commit manipulations or financial fraud. As such, it’s safe to say that KYC procedures can help boost investors’ confidence.

  • SolidProof Helps Bolster Investor Trust

Solidproof’s primary intention was to help in auditing and providing KYC services for DeFi projects. It aimed to participate in bolstering the trust of investors in DeFi, thus speeding up DeFi adoption. 

Solidproof KYC standards target to protect the DeFi platforms from corruption, fraud, money laundering, and financing of terrorism. It does KYC by; 

  • Identifying project customers.
  • Understanding their nature of activities.
  • Assessing money laundering risks and offering their recommendations to the platform developers.

Auditing by the Solidproof network also takes a few straightforward steps to ensure that services are provided efficiently. The steps include:

  • Communication– The first step to getting an audit is communicating with the Solidproof network and submitting the code.
  • Auditing– The second step is Solidproof working on your project’s audit, searching for any vulnerabilities manually and algorithmically.
  • Fixes- Here, Soldiproof suggests recommendations to the developing team, which they will work on. Afterward, the Solidproof network takes a second audit. 
  • Reports- Finally, SolidProof releases its audit report. 

Final Word

It’s true that with the increasing cases of scams, DeFi institutions are vulnerable to related financial frauds. Frauds contribute vastly to slacking investor trust in the Decentralized finance space. 

Audits help assure investors that the underlying project is genuine and the people behind it are not malicious. Moreover, auditors do real tests and give recommendations to the developers and, in some instances, the investors. KYC details collected and analysis done helps in protecting the projects.

Any platform offering DeFi services can try to use Solidproof’s auditing and KYC services to bolster efficiency. 

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DIFX Says Hola Mzansi by Joining Hands with Digital Banking Platform eZaga to Launch DoshFX

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Fully secured centralized exchange, DIFX has officially partnered with eZaga, South Africa’s premier digital banking platform, to set up a new regional crypto platform, DoshFX.

Digital Financial Exchange known as DIFX is an EU-regulated CEX, disrupting the financial industry by bridging digital and traditional assets. With DIFX, users can create diverse portfolios in various asset classes like indices, forex, CFDs, commodities, futures, and cryptocurrencies all while having access to a fully secured wallet. In a mission to expand its services and accelerate blockchain adoption through the African continent, DIFX has officially partnered with the South African digital banking platform eZaga.

Founded in 2014, eZaga has been a pioneer in providing financial solutions to the underbanked & informal sector with innovative tools and services that enable people to transform the way they manage finance through the use of mobile technology. Over the past 2 years alone, the African continent has become a well-developed crypto market that has seen deep penetration and integration of cryptocurrency into everyday financial activities for many users. In fact, the Chainalysis report for June 2022 showed that Sub-Saharan Africa was the overall leader in retail crypto transfers, accounting for 80.1% of the global regional transactions.

Therefore, to service this growing industry, both DIFX & eZaga have joined hands to create a new financial platform catered explicitly to the African continent called DoshFX.

DoshFX will serve as an exclusive multi-asset trading platform for users from the African continent and help increase the rate of adoption found in the region. A key mission of DoshFX is to improve financial services around the continent with blockchain technology, cryptocurrencies, and traditional assets. The new platform will be utilizing both parent entities’ crypto and banking solutions to reach a wide audience of crypto enthusiasts and traders alike. Furthermore, the unique partnership allows all eZaga users to open an account on DoshFX without any additional KYC requirements and have access to a secure custodian wallet.

Regarding the partnership, DIFX CEO & Co-Founder Jeetu Kataria stated “Our primary mission as DIFX is to provide a robust trading platform for our global users so that we can increase the acceptance and adoption of blockchain and digital assets in a secure and transparent manner. We want to foster a world where payments and financial management are done with the ease of your fingertips. For us, the creation of DoshFX is an extension of the DIFX mission of forging a blockchain future along with our commitment as a member of the digital space to take part in helping the industry with its adoption and bring financial inclusion to all people, especially the unbanked majority, through various digital assets.”

Saud Ally, CEO & Founder of eZaga added “The creation of DoshFX is a needed service for the African continent, as the growth of adoption in the region is unbelievable. With this new venture, we want to expand eZaga’s banking capabilities and give our existing users a platform to leverage blockchain and digital assets.” Ally further stated that “DoshFX and eZaga are working together with DIFX to create a new infrastructure that will make money move instantly, identify users, and allow them to connect to bank accounts and credit cards.” Both the respective founders also shared their mutual passion for investing in South Africa’s innovation layer and developing DoshFX to act as a foundation for all future developments and blockchain scalability within the continent.

About DoshFX

DoshFX is a premier African centralized exchange created through a partnership between a fully secured cross-asset trading platform & African digital banking platform to provide users within the region a safe and secure way to trade cryptocurrencies like BTC, ETH, USDT, and much more.

DoshFX is powered by eZaga Capital bearing license number FSP license no. 44133, Auth FSP.  Limits, terms, and conditions apply.

To learn more about the services and features of DoshFX, visit doshfx.io

About DIFX

Digital Financial Exchange (DIFX) is a centralized cross-asset crypto exchange that allows users to trade between multiple asset classes that include indices, forex, crypto, metals, and commodities, just to name a few. The DIFX fully insured crypto wallet comes from a partnership with Fireblocks, one of the leading crypto custodians in the world.

DIFX was presented with the “Most Trusted Cross-Asset Trading Platform — 2022” by the Crypto Expo Dubai and the “Best New Trading Platform Award” at the E-Business Awards 2021 by Entrepreneur Middle East and the Forex Expo 2021.

To begin your journey with Endless Possibilities, download the app now from the iOS or Google Play Store, or visit us at difx.com.

About eZaga

eZaga is a South African digital banking platform and authorized financial services provider that enables African users to open a bank account via their mobile phones in less than two minutes. It leverages mobile technology like USSD and a mobile app, existing banking infrastructure like ATMs, and a low-fee structure to empower unbanked people and organizations to achieve more.

To learn more about eZaga visit https://www.ezaga.co.za/ or download the app now on iOS or Google Play Store.

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The world’s largest online general merchandiser DollarStore, will start accepting Oduwacoin in their online U.S flagship Store

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The world’s largest online general merchandiser DollarStore, will start accepting Oduwacoin in their online U.S flagship Store.

“The official cryptocurrency of the  Dollarstore.”

An incredible milestone for the Oduwa community; The world’s largest online general merchandiser, DollarStore, will begin accepting oduwacoin in their online U.S flagship stores.

A new partnership between ODUWA and DollarStore is set to change the way we shop. The two companies have come together to create a unique shopping experience that will offer customers the best of both worlds.

“Cryptocurrencies should be spent like money and not sold.” -Nana Obudadzie Oduwa I 

Why this partnership is beneficial for both companies

ODUWA is known for allowing people transfer digital cash to any one they want without

any territorial restrictions. The Oduwa network is built to deliver higher performance, efficiency, and enable quick transactions at lower costs., while DollarStore offers an extensive range of items at rock-bottom prices. The new partnership will allow customers to enjoy the benefits of both companies.

The two companies have already started working on a new joint venture, which is set to launch in the near future. This will be a one-of-a-kind shopping experience that will offer the best of both worlds.

The first 1,000 in the community to respond to the email Dollarstore@oduwablock.io  with the subject ” Send Me Coupon”  will receive a discount  off coupons when we launch. 

About Oduwa Coin

Oduwacoin, connecting crypto to the essential things we need to live. Oduwacoin is an alternative digital currency to paper money backed by the trustless blockchain technology Network. It eliminates human interference, counterfeiting, double spending, and excessive printing like government-issued money. It serves as a medium of exchange, store of value, and proof of ownership.

Unlike centralized fiat money, Oduwacoin is a decentralized open-source blockchain-based monetary system. It uses peer-to-peer technology to settle all transactions within its network. Individual coin ownership records are stored in a transparent ledger using cryptography. Oduwacoin is governed on its native Blockchain to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.

For more information about oduwacoin, visit 

www.oduwacoin.io

Be the first to reply and save. Dollarstore@oduwablock.io

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Voltichange Ready to Enhance the Volt Inu Universe

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Volt Inu’s team recently announced that it is about to release its anticipated decentralized exchange. Voltichange should come later in November, but the team’s Twitter page hinted at the possibility of an anticipated release that could happen any day within the next 3 weeks.

This new tool will serve as a bridge between any DeFi project and the VOLT ecosystem. The team wants to help existing projects by adding to them the power of VOLT’s deflationary mechanisms.

Getting Ready for the Voltichange Arrival

VOLT’s community is eagerly waiting for Voltichange’s release. The team behind the project has been working hard to complete the development and testing of the platform. As they recently announced, this platform will automatically list every erc20 and bep20 tokens at launch meaning that the majority of the crypto industry will be directly concerned by the burns this platform will offer.

Meanwhile, the community is also looking forward to upcoming news about VOLT’s new partnerships, integrations, and sponsorships as well as several Tier 1 listings that seem to become more than a rumor by the day.

This is not the first time VOLT has created hype around its project. The team succeeded in delivering on its promises before, creating interest within the crypto community.

With Voltichange’s release, the VOLT universe will become more accessible, more attractive and even more deflationary since the volume generated by their upcoming exchange will generate revenues automatically used to buyback & burn the native token VOLT. The team has no doubts: this operation should lead to more adoption of the token.

History never lies

Volt Inu’s team knows the importance of a solid and engaged community. The members often give feedback and suggestions that help to improve the project.

This feedback is essential to make VOLT a success story. The team is always looking for new ways to increase its engagement with the community and grow its community.

Apart from the feedback and excitement of their community, the media and the crypto space often tended to compare VOLT to SHIBA since its early days due to their countless similarities. 

With the recent updates shared by the team, it seems that VOLT is once again on the verge of following SHIBA’s path, with hints pointing towards a series of listings on major Tier 1 exchanges, while releasing a groundbreaking DeFi product at the same time. The impact that such news had on its forerunner SHIBA can of course not be forgotten. 

About Volt Inu

Volt Inu is a digital asset investment initiative that offers its investors a diversified portfolio of assets. The project aims to help people take advantage of the growing digital economy. The project focuses on four main asset classes: NFTs, nodes, altcoins, and stablecoins.

The $VOLT token is at the center of the Volt Inu ecosystem. The token is hyper-deflationary, offering investors a solid foundation on which to grow their investments. A portion of profits from treasury investments serves to buy back and burn $VOLT tokens. This operation aims to further increase the value of the remaining tokens.

The Voltichange announcement is game-changing news for the VOLT ecosystem. The release of this new platform will make it easier for investors to participate in the growing DeFi sector. With Voltichange, VOLT’s hyper-deflationary tokenomics will become even more powerful. The team expects the move to make VOLT an attractive investment for both experienced and new investors.

Volt Inu’s website and the social media pages below feature more details about this rapidly growing project.

Twitter | Telegram | YouTube

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