Imagine a global, open alternative to every financial service you use today — savings, loans, trading, insurance and more — accessible to anyone in the world with a smartphone and internet connection. Wecreate intends to make all these a reality! Using defi smart contracts, Wecreate looks to build a decentralized financial ecosystem which does not depend on a country or an institution to make important financial decisions for you, but a powerful mechanism that depends entirely on data and information. This decentralized system transfer the power of financial management back to the users and is fair, transparent and cannot be tampered with.
Since the beginning of the 20th century, the Western World has begun to influence international politics and economic order, sending the world into an era of Financial Capitalism. Looking back at the development of International Finance over the past 100 years, we find out that the old international economic order dominated by the Western’s financial capitalism which is based on accumulation, has a parasitic nature which are the root causes of the many problems facing the Financial World today.
The 2008 global financial crisis affected the economies in Europe and the United States as well as shackling the economic development of Asia. Although the governments of various countries came out with rescue plans after the financial crisis but the results have proven unsatisfactory. The reason is very simple. The European and American governments’ solution to the problem is printing and circulating more currencies, thus leading to inflation, asset bubbles, and shrinking national wealth, as well as exacerbating market risks. The root cause of all these problems seems to be pointing at a single issue. Centralized financial and economic policy is that issue and the International Financial System of today is in deep trouble!
Using a decentralized financial system to replace the current centralized system may be the way forward. Wecreate’s defi smart contracts running on the Ethereum Blockchain enable its developers to build sophisticated dapps (applications build on decentralized technology). To construct its financial ecosystem, different dapps fulfilling different functions will be built over the course of the next 2 years.
According to its R & D schedule, Wecreate will complete its decentralized financial ecosystem by June 2022. The final product will be a crypto wallet, loaded with the user’s digital assets and transaction data including assets locked up in different open finance protocols such as loans, interest, income and insurance contracts. WCT which is issued by Wecreate will be the only authorized utility token flowing through all the dapps and subsequently the completed ecosystem. Regardless of whether the user is a borrower, lender or trader, they will need to have WCT to be able to operate all functions in the ecosystem.
The rapid development of the blockchain means we are entering into the era of “Smart Contracts”. Once the smart contracts are popularized, the economy will face a major upgrade. The world is moving towards an open international financial system. Wecreate, a pioneer developer of the decentralized financial system looks set to improvise on the current demise of the World Finance and transform itself into an important player in the New Era of Decentralized Finance.