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On this week's edition of crypto specials, I'm going to do a breakdown of the fundamentals of one of the promising projects popping up all over the blockchain space: Clover Finance. Don't go anywhere! Just keep scrolling.
What is Clover Finance?
Clover Finance is an infrastructure platform on the blockchain space committed to cross-chain compatibility, particularly useful for DeFi apps. If you haven't been around blockchain lingo for long, cross-chain compatibility enables communication among different blockchains without the aid of facilitators or intermediaries.
This simply means that blockchains which share networks with any form of similarity will be able to easily transfer value back and forth of each other, which I think is super cool. What's more, is that Clover Finance has successfully developed a means for interoperability to take place between other blockchains and Nakamoto's Bitcoin.
One final summation of Clover Finance I would give is that it is an operating system for blockchain that provides:
(I) Ethreum Virtual Machine (EVM) compatible framework for Substrate-based applications.
(II) Blockchain Infrastructure that is both easy to use and one-stop in nature.
So essentially, Clover Finance is driven towards closing the gap incompatibility between blockchains when it comes to building and operating. Here's a side scoop; Clover Finance is an offspring of Polkadot, a substrate-based parachain.
Background Check
Let's do a bit of history here. The Clover Finance project was launched in July 2021 after it was founded in May 2020. And who are the brains behind this project? Major founders are:
(I) Viven Kirby
(II) Burak Keçeli
(III) Norelle Ng
It would interest you to know that Kirby is a seasoned enterprise resource planner currently serving as the leader of project Clover Finance. One of the companies where his genius was on full blast was AXSource as a Microsoft Dynamics Architect.
The operations lead for Clover Finance is Norelle Ng, a blockchain expert with remarkable expertise and a solid background in Humane-Computer Interaction. Norelle was an advisor for Guru Online AdBeyond (Group), head of client relations at Amber Group, and also an advisor for Bithumb Global.
Burak Keçeli is Clover Finance's tech lead. A reputable computer programmer, Keçeli began his tech journey at the tender age of 10. Under his belt is Staqq, a payment platform and a host of MBO Games.
Clover Finance: the big deal
I'm certain most of you readers are wondering what makes Clover Finance a project worth paying attention to. You can hold your horses as I break this down. Clover Finance is highly unique because it:
(I) Offers much more than a single service to users as a result of being built to function as a blockchain operating system. And guess what? Clover Finance has a smart contract later, eApp layer, storage layer, and DeFi protocol layer.
(II) Provides a maximum cross-chain bridge for DeFi. This seamless bridge is easy to utilize by everyone from seasoned DeFi navigators to newbies. Clover Finance makes it possible for developers to not just create and utilize Defi but also create Apps for blockchains.
(III) Permits relayers to act in the interest of the sender in a transaction and will settle gas fees in the base currency as they receive remuneration for the denominated asset.
(IV) Permits smooth deployment of eApps by developers without the use of external virtual machines.
(V) Allows consistent users to remit minimal gas fees thanks to its gas fee schedule which is based on identity.
Conclusion
Like a lot of promising projects in the blockchain space, Clover Finance has established itself as a force to reckon with in cross-chain compatibility, and the team is set to take plenty of huge strides in the coming future. If I were you, I'd do more than watch this project.