The post Everything You Need to Know About LFi, the People’s Platform appeared first on Coinpedia Fintech News
Layered Financial Independence or LFi is a multi-layered decentralized financial system that uses blockchain technology and provides tools and applications that will help in creating different financial opportunities for its community. This article will explain every layer that makes up the LFi network.
Layer 1: Blockchain and Token
The first layer of LFi consists of its own blockchain and token. The native token of the ecosystem is called LFi. It is used to pay for network services such as sending crypto, minting tokens, calling a smart contract, and accessing other benefits of the ecosystem when vested.
vLFi is what a vested LFi token is called. This is acquired when LFi tokens are used in the network’s vesting protocol, making them non-transferrable tokens. Once you have vLFi tokens, you will be able to receive vLFi rewards, Ranking System benefits, and the privilege to vote in L-DAO.
The LFi Chain is the ecosystem’s own blockchain wherein the native tokens and decentralized applications will be launched. Initially, LFi’s tokens and apps will be launched on the BNB Chain and are anticipated to be transferred to its own blockchain in late 2023.
Layer 2: IoP and Hardware
The second layer of LFi is where you can find the Internet of People, a decentralized technology infrastructure that gives users control of their data. As a result, users will have an efficient online experience.
Moreover, layer 2 also consists of the hardware. It has a lineup of three types of minting hardware and two varieties of smartphones. One smartphone accommodates a powerful minting application, allowing users to not only call, text, or go online, but also to validate transactions, mint tokens, and get token rewards.
Layer 3: Decentralized Applications
LFi’s third and last layer is packed with decentralized applications. This is where you can access the LFi Software Wallet, decentralized exchange, launchpad, decentralized autonomous organization, lending protocol, and more.
One of the biggest pieces of this layer is the L-DAO or decentralized autonomous organization. This makes the community the sole owner of the entire LFi ecosystem. Through the DAO governance, every member of the community can vote for the amendments that will improve the overall ecosystem. A user’s voting power depends on the amount of vLFi tokens they hold.
LFi is the People’s Platform
Layered Financial Independence is a decentralized platform that helps users achieve a new concept of financial independence. It gives people control over their wealth and boasts an inclusive and transparent financial system. LFi is your platform. All you need to do is join.
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