DeFi, BASS, DAAS, and EasyDefi.
- EasyDefi is a futuristic DAAS service provider on Hive, which I think provides investors on Hive with a glimpse into the future of decentralized finance mass adoption.
- But in order to understand why DAAS is the future of mass adoption of decentralized finance we need to talk about the current state of DeFi mass adoption, then review BAAS and finally DAAS.
- So welcome to a glimpse of the future.
Defi: the state of mass adoption of decentralized finance
- We have all lived through an explosian in decentralized finance, where the amount of money invested in decentralized finance grew 1000 times from millions of dollars to billions of dollars in a year.
- This is the fastest growth of a new financial industry in all recorded history.
- But the number of investors in decentralized finance represent less then one percent of the earths population, and by some estimates hovers around 1/2 of 1 percent.
- This is a very small percentage of human beings.
- Why??? decentralized finance is complicated.
- I know it's surprising to some of you, who are DeFi Degens but to 99% percent of the world's population decentralized finance is to complicated to invest in...
- Thats shocking when you conside that the lowest APR you can find on decentralized finance sites is around 4% per year and because Traditional bank Savings accounts pay 0.25% per year that 4% is a 16x or 16 times greater return on investment.
- Now consider for a moment that 4% is actually very small and that temporary APRs of 1000% are not unheard of in decentralized finance yield farms. Which is an astronomically high 19% return on investment per week. So you can potentially double your investment every 5 weeks!
- So with returns this great, decentralized finance must be extremely complicated if only 1/2 of 1 percent of the global population is invested in it.
- So what's the solution? DAAS or decentralized finance as a service.
- What is DAAS? read on.
DAAS Defi As A Service and BAAS: Banking As A Service
I am going to explain the title backwards because I think you may be more familiar with BAAS then DAAS, and if I explain BAAS first, you will most likely instantly understand DAAS.
BAAS or Banking as a service.
What is a bank?
A bank is a very complicated and heavily regulated entity. But many commercial busineses on the internet find it that they can sell more products and services, if they are partnered with a bank, so they can allow their customers to use credit cards and sometimes pay directly from their checking or savings accounts for goods and serviceas.
But Banks are expensive to run and banking partnerships cost a business 10-15 percent of their revenues.
If you are a large retailer like Walmart, doing 100 million dollars worth of business in a month, that's 10-15 million dollars your paying to banks every month.
So what do you do? Build your own bank!
So the retailers tried to create their own banks. But they tried and failed. Even very large retailers like Walmart, the largest retailer in the world tried to create their own banks. But they failed.
Why? Banks get to decide who gets to become a bank and they simply said no.
It seems banking is heavily regulated and controlled by the government. And a committee made up of people from all the banks in a state or province get to decide if a new bank can be allowed to operate. So in the name of consumer safety, not to stifle competition, they didn't allow any retailer to build their own banks. Ha Ha Ha :)
But then something revolutionary happened!
A large bank decided that it coud make money by providing banking services in single or multiple specific banking service packages to retailers. So in the name of making money the monopoly that banks held on banking services was broken. Now retailers could buy the banking service, deploy it in their stores and then keep the 10-15 % fees that they previously paid to banks. In return they pay much smaller fees, which amount to 1-3% of their revenues. This became known as Banking As A Service or BAAS.
BAAS or banking As A Service has become so common place that you don't even recognize it anymore. But technically when you create an account on a cryptocurrency exchange, and connect your banking account to transfer money from your banking account to your cryptocurrency account, the cryptocurrency exchange is engaging in banking services.
So ... lets move on to DAAS or decentralized-finance As A Service.
As I mentioned above banking is very complicated, and while a lot of retailers and exchanges would like to do it, it's simpler to hire a bank to provide banking as a service or BAAS.
So by now I think you see the parallel. DeFi is complicated, and although lots of people would like to invest in defi, they can't due to the complexity.
So I provide decentralized finance as a service or DAAS. And I think that DAAS is the future of mass adoption of decentralized finance, because defi is complicated, and DAAS makes it simple. My business on Hive is called EasyDefi and it's motto is defi made simple.
What do you think?
- In your personal experience is defi complicated?
- Do you think you would pay someone to do it for you?
- Do you agree that defi as a service is one pathway to mass adoption of decentralized finance?
- Have you ever heard of EasyDefi before now?
penned by my hand 
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For further information about these businesses read the following articles by clicking on the title your interested in reading:
(1) The No Loss Lottery
(2) DeFi made easy; EasyDeFi, the 2 step DeFi investment strategy
(3) EasyDeFi report to investors : #56 on June 19th, 2022..
(4) No Loss Lottery Winners on June 19th, 2022!
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