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How BloomBeans Is Creating the New Financial System
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Flowering beans – the first fully decentralized financial system – is introducing a complete ecosystem for blockchain-based financial products to be traded on P2P exchanges and decentralized lending markets.
The timing of BloomBeans’ launch is significant in the face of an ongoing social shift from centralization to decentralization, especially in finance. This shift has given rise to DeFi – Decentralized Finance: A rapidly growing sector that already boasts hundreds of millions of users. BloomBeans will support these people by building a cohesive financial system that truly utilizes and explores the potential of digital assets.
BloomBeans draws on 14 years of blockchain development to create a simplified version of today’s colossal financial system, which is so outdated and riddled with corruption that it has become a wealth-sucking machine from the real economy to moneylenders and warmongering power structures. Current systems expose the average person to wealth extraction, debt slavery, and market manipulation as unfortunate byproducts of using a centralized financial system.
This problem is especially prevalent with gold, where there are far more gold ETFs than gold itself. Fortunately, Bitcoin and blockchain have emerged as solutions that have proposed an alternative way forward, but 15 years after their humble beginnings, we have not yet sufficiently exploited their capabilities to overcome the traditional model. BloomBeans announces solutions for the new society coming, a society with sovereign citizens who manage information and wealth in a decentralized manner, with full ownership and accountability.
Decentralized finance is also democratized finance, the project argues, because it levels the playing field worldwide, opening the door to a booming global economy. With universal access guaranteed, the rules are the same for everyone, everything is perfectly transparent, but the system still allows users to preserve their privacy and anonymity. By design, a system that makes all transactions public is much more secure and less susceptible to exploitation than one that hides behind private networks and centralized financial institutions known to abuse their power.
BloomBeans aims to do things differently by offering a range of financial products and services, such as loans, insurance, savings accounts and pensions, that can replace and enhance existing options. The team says it offers replacements, upgrades and cost savings on about 75% of centralized financial products.
Theirs will be a financial revolution based on math and code, where no one tries to manipulate the system and line their pockets. While the project recognizes that centralization has served an important purpose and that leadership has always been important, we are now at a stage where the immutability of blockchain technology can overcome the inherent corruption of centralization.
Takashi Nakamoto, the pseudonym for the anonymous team of programmers and economists developing the BloomBeans Project, commented: “There is a sense of inevitability when it comes to decentralization in finance. As media, transportation, and communications have evolved and transformed with the times, so must the financial system. BloomBeans will lead this change, embracing and collaborating with the disruptive foundational world that has been created over the past 15 years.”
Like any other financial system, BloomBeans does not create wealth. Its utility comes from helping the real economy thrive by creating a useful framework to store, transfer, and manage wealth. BoomBeans does this by developing decentralized versions of major financial products and a solid currency to back it.
About BloomBeans
BloomBeans is a decentralized blockchain ecosystem that features its own currency, markets, and a number of popular financial products, all designed to facilitate the ideal financial environment for a healthy economy. While Bitcoin introduced the world to decentralized currency and acts primarily as a store of value, BloomBeans aims to usher in a holistic decentralized financial system.
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