Safety in Defi #
One of the major issues with DeFi nowadays is the amount of fraud and scams out there. If we take the data of 2021, we can confirm that the users were scammed of a whooping 10.5 billion dollars in total. A real atrocity.
It is true that the profits for participating in Defi are very high, but the level of risk is also very high. The crypto world is often compared to the Wild West, where people could get rich, but with a very high risk of losing their money as well.
Fair financial system #
For all the individuals who participate with great enthusiasm to the development of the entire crypto world, this lack of safety in terms of projects, especially in DeFi, is a constant disappointment and one of the major obstacles to its adoption.
The inexperienced user who finds himself drawn to the high returns that many projects promise, to raise funds quickly and then disappear, is the kind of user who will not come back. This is a major burden when it comes to popularizing a much-needed decentralized financial system.
Many governments are using this fact to demand a centralization, a control system, over DeFi. Regularization goes against the foundations of the crypto world and especially if it comes from a government or several. This must be avoided at all costs if we want to create a fair financial system.
Progress has been made through the establishment of audits meant to certify the truthfulness of the Smart Contracts related to different projects, the KYCs confirming the identity of their developers in order to reveal them publicly in case of theft or fraud…but they are not final, as hackers and scammers are looking for ways to break the system.
Our idea is to create a line of protocols and projects certified by Galobank,
that ensures the investor in relation to the truthfulness of the project.
