DeFi development with Golang
20 Jan 2022
DeFi development with Golang
Decentralized Finances or DeFi is one of the most notable emerging trends in the financial industry. Providing an alternative to traditional financial services enabled all the market players to find new revenue streams while ensuring superior quality of services to their users. However, there still are quite a few questions every business must answer before adopting DeFi:
- What are DeFi apps and how do they work?
- What benefits can DeFI apps (or dapps) provide for my business?
- What technology do they use and are they compatible with the rest of my tech stack?
As an experienced technology partner, Spintech shares some insights on how to make DeFi work for your business why Golang can be the best choice for DeFi development.
What is DeFi and how do dapps work?
The main difference between DeFi and traditional centralized financial apps and services is that dapps rely on distributed copies of the ledger to store the immutable and transparent database. While presenting certain challenges in terms of DeFi development, this approach ensures security of operations, resilience of the system, traceability of changes, interoperability within the ecosystem, etc.
Below we list the most common types of DeFi development services:
- Dapp development — create feature rich, secure and intuitive financial apps with distributed data ledger
- Token development — your dapps need tokens to operate, so having a functional, reliable token will increase the value of your dapp and help attract investors
- DeFi exchange development — such platforms can be used to any end, not only for trading cryptocurrency while retaining the same transparency and traceability
- DeFi lending and borrowing tools — this software can provide internal lending/borrowing instruments for private communities of public markets, either as a fork of an existing solution, or built from scratch
- Yield farming and staking — since 2020, this new niche is rapidly growing, allowing investors to gain additional yield based on the amount of liquidity invested
- Smart contract development — smart contracts with preset terms of completion are the mainstay of DeFi industry and are needed for almost every dapp project
- DeFi wallet development — a way to provide your customers with utmost security and control over their funds and financial data
As you can see, there is quite a wide range of DeFi development projects that can be useful to your business. The question is — why would you decide to go for dapps in the first place?
Business benefits of dapps
As mentioned before, transparency of operations, traceability of updates, security of ledger data are among the most crucial DeFi benefits. But the game-changing one is the high load ability.
When using centralized financial products or services, you rely on the provider to ensure data security, system performance, and accessibility. However, should they come under DDoS attack or meet higher visitor traffic than they expected, they can lag or crash under the load.
This is not the case with high-load DeFi applications, as they run in a distributed environment. When every user runs a small portion of the whole, shutting down the service is impossible.
What are the business benefits of distributed apps then? We list the key of them below:
- There are no fees for transactions and services, as these are performed by all participants, not by any single entity
- You keep your money and digital assets in a secure wallet protected by the whole network and do not entrust them to a single bank
- You don’t need anyone’s approval to use any feature or function — only an Internet uplink
- Funds transfers are instant, as they don’t require multiple layers of approvals
As you can see, Dapps are definitely worth looking into and can bring significant benefits for any business that deals with online transactions.
High-load DeFi development from Spintech
We’ve briefly mentioned the challenges of DeFi development. While there are a few, they are not unbearable and can be dealt with, if you have sufficient expertise.
The challenges include:
- the need to ensure data integrity in case of a failure of any of the system parts
- the need to scale up and down automatically to conserve resources and meet traffic fluctuations
- the need to ensure high system performance for every user
Spintech addresses all of these concerns based on our in-depth expertise with blockchain development, command of the most appropriate programming languages, and in-depth knowledge of development best practices and frameworks.
We use Golang to ensure high performance, transparency, and adjustability of code, as Golang works well with many other languages and frameworks. We design systems on the principles of availability, security, and reliability of operations. We implement in-depth testing and close monitoring of all the DeFi systems we develop. We constantly write down all possible crash reasons and implement step-by-step crash recovery scenarios to ensure your Dapp can continue operating after any kind of failure.
We can continue this list for quite some time, but seeing once is better than hearing thrice. Contact us for a free consultation and see what Spintech can do to help make your DeFi project a reality!