Put your seatbelts on, we’re taking a ride to the future! In the coming five years Australia will witness freelance workers outgrowing conventional employees by two times and the face of money will change.
We cannot promise flying cars but it is expected that Uber drivers will be more in demand as lifestyle changes and standard for privacy evolves. Gig workers in food and other delivery platforms can expect the same.
What is the future of finance?
As privacy, security and convenience are essentialized, flexibility at work will also increase and there will emerge a need for advanced financial solutions that:
i. do more than just store your money
ii. don’t charge you for transactions
iii. provide security and data discretion
Can Decentralized Finance do all this and more?
The concept of decentralizing finance equals to discarding usage of a traditional bank or savings account. Where exactly will your money go then? It will be ‘recorded’ in a ‘blockchain’ which again is a more secure solution to buying and selling as well as to reward you further with income opportunities like trading and investing.
It can seem a little complicated, let’s start with the difference between De-Fi accounts and bank savings accounts:
What are the impressive advantages of having a De-Fi account?
1. You can diversify your investments
When you leave no money idle, you’re getting rich while you’re sleeping! Your personal decentralized finance solution will be called your ‘wallet’.
Now opposed to how you had acquired your bank account at the leverage of restricting your money on the service terms set by the bank, you can use this digital wallet to purchase different kinds of assets independently.
You can purchase various assets that return high annual yield like shares and mutual funds as well as cryptocurrencies. In fact the most popular form of emerging digital investment - NFTs can only be purchased through a crypto wallet!
2. Enhanced security
When we say De-Fi accounts are safe we cannot really emphasize on the quality of safety we are talking about. These wallets or bases function according to ‘smart contracts’ which are a pool of AI protocols linked to the blockchain of your transaction.
Simply put, if blockchain was a shop inside which you were transacting, smart contracts would be the staff and security who create the convenience of smoothly carrying out and closing your purchase.
It is nearly impossible to alter a smart contract. Therefore a finished ‘block’ of the blockchain cannot be changed or tampered without accessing the previously encased blocks. This makes De-Fi immutable.
Due to the ‘data rigid’ nature of blockchains, transparency does not cause problems in security or convenience. When we say blockchains are transparent we mean you have full access to viewing the total stock, return and transaction styles of all available cryptocurrencies in that wallet.
Every person who has transacted in a specific blockchain is entitled to view all its information but once a transaction has been processed it cannot be backtracked or controlled. All of this is the work of the distributed ledger.
What are some of the most popular De-Fi wallets?
ZenGo - It is a simplistic advanced crypto storing and trading platform. It gives you the added app security by allowing only biometric protection to your investments.
YouHodler - If you are better off with a banking interface then you can try this platform that gives you the alternative experience to traditional banking but with the same terms and style. It comes with different tools which enable you to manage, evaluate and trade in cryptocurrencies!
Personalize your De-Fi experience
Gig workers, freelancers and independent contractors have a different income output than full-time employees. Several factors like income insecurity, uncertainty of turn over and the constant urgency to keep saving impacts your financial planning extensively.
When financial institutions start charging you for every transaction you make it gets really difficult to estimate your real income. And retirement? It appears like a distant dream.
But what about a solution that can:
i. separate your income, expenditure and intermediate charges
ii. Personalize decentralized finance plans for you to create wealth
iii. help secure your savings and reward you with interest
All of this coming soon exclusively for MyGigsters users! Get the newsletter now and don’t miss out on all the excitement lined up.