What is Hifi Finance (MFT) | What is Hifi Finance token | What is MFT token
The Lending Protocol allows anyone to borrow against their crypto. Buying and selling the tokenized debt enables fixed-rate lending and borrowing — something much needed in decentralized finance today.
What Is Hifi Finance (MFT)?
Hifi Finance (Previously Mainframe) is a decentralized cryptocurrency ERC-20 token created in September 2013 by Mick Hagen. According to the official Mainframe whitepaper, MFT is an integral part of the Mainframe protocol operation, which aims to provide a secure platform for communications that is not restricted by censorship.
MFT has attracted interest from crypto enthusiasts because it tackles an increasingly important problem in the face of censorship and the security of messaging services globally. Mainframe claims to be a revolutionary read on what online privacy should be. It employs blockchain technology’s innate privacy characteristics to bring a more secure communications outlet to the world.
Who Are the Founders?
Mick Hagen is the driving force behind the Mainframe protocol and MFT. His professional career has taken more than one turn; however, he has proven to be an expert in communication and blockchain technology throughout his work.
After dropping out from Princeton in 2006 after having spent only a year at the prestigious university, Hagen founded Zinch, an app aiming to help students find the best available higher-education path. Later, he sold Zinch and focused on developing cryptocurrency-based solutions, thus arriving at the idea for Mainframe.
Another prominent figure of the team behind Mainframe is Carl Youngblood, the company’s chief technical officer. He joined the company in 2017 and was a fundamental addition to the Mainframe team.
Of course, this is not the entirety of the Mainframe team, as more than fifteen people have helped boost and develop operations over the years; however, Mick Hagen and Carl Youngblood are the most critical links in the chain.
What Makes Hifi Finance Unique?
Hifi Finance is a unique project because, unlike most cryptocurrencies out there, it does not aim to completely replace the way finance is done at present. On the contrary, through the MFT token, Mainframe seeks to utilize the potential of blockchain technology for personal data security and privacy.
One of the Mainframe network’s features is that it employs several different sub-protocols with enhanced encryption services and functions like Dark routing. This ensures that privacy is safeguarded and communications going through the network are protected. The Mainframe platform allows users to safely and securely send files, create Decentralized apps DApps and store data on the blockchain.
To guarantee the accuracy of validator nodes, Mainframe set up the protocol to execute incentivized economics, i.e., validators are rewarded for their work.
How Many Hifi Finance (MFT) Coins Are There in Circulation?
Hifi Finance organized one of the biggest online airdrops of tokens ever held. The company created 10 billion MFT tokens, half of which are already employed in different functions.
Around 2.5 billion tokens were reserved to support functionality on the Mainframe network. In a series of small physical airdrops all over the world, Mainframe distributed a portion of the remaining 2.5 billion tokens for private sale. The rest of the available MFT coins were made available for purchase during the grand online airdrop held between March and June 2018.
How Is the Hifi Finance Network Secured?
The Hifi Finance protocol is based on Ethereum, and the Mainframe coin is an ERC-20 token, which allows you to store it in Ethereum wallets. Considering its Ethereum roots, Mainframe is secured by the proof-of-stake PoS model.
Proof-of-stake protocols try to battle the vast power consumption required by proof-of-work PoW systems by placing greater importance on the number of coins held by miners rather than their mining capacity. PoS models are becoming increasingly popular as they require less electrical power and are easily scalable.
Hifi’s Ethereum compatibility also makes it an excellent environment for the development of Dapps.
Where Can You Buy Hifi Finance(MFT)?
MFT coins are relatively accessible for purchase, being ERC-20 tokens. One of your solid choices is Binance, which has the second-largest trade volume of MFT coins: $2,074,002.
Another option to purchase MFT coins is Upbit. The exchange has an MFT/KRW trading volume of $2,196,885. Of course, it is crucial to note that investing in cryptocurrency can be risky, as coin prices are incredibly volatile.
Stable vs. fixed-rate lending
This is a common question among our community, so let’s explore the difference between Mainframe’s fixed-rate loans and AAVE’s stable-rate loans.
AAVE’s stable-rate loan
AAVE’s stable-rate product allows borrowers to pay a premium in exchange for their loan to have less interest rate volatility. Essentially, AAVE allows users to accept a higher interest rate at origination that most likely won’t change in response to fluctuations in demand for the borrowed asset. However, if there is a crash, your stable-rate will probably change.
Mainframe’s fixed-rate loans
Mainframe’s fixed-rate loans are just that, fixed. They have a fixed term, the interest rates will not change due to fluctuations in demand, and borrowers do not have to pay a premium. In addition, lender’s earnings are not diluted across a pool, which means they get more of their profits.
Ultimately, having options for variable, less-variable or stable, and fixed-rate loans opens the door for new opportunities in the space. But if you are the type of person that values planning out your finances in advance or having predictability in expenses, fixed-rate loans will give you greater assurances.
Mainframe is now Hifi
Introducing our new visual brand that encompasses our mission of delivering a high fidelity experience to decentralized finance.
Since beginning our pivot into DeFi, we’ve added to our leadership, rebuilt the team from the ground up, acquired Sablier, and we’re about to launch our lending protocol. This isn’t Mainframe anymore.
Introducing Hifi.finance
Hifi’s core values of delivering confidence and clarity to our users can be found throughout our new branding. Every decision for our rebrand was carefully considered to instill confidence for our users, who make large financial transactions on our protocol.
Brand update
Hifi comes from our goal of creating high fidelity experiences and products for the DeFi space. The logo and submark encompass the functional and technical aspects of our brand in a clean, minimal way. Our primary color blends the Mainframe red and blue to create a unique purple that will help us stand out among the greens and blues of DeFi. Our dark color theme takes into account the preferences of our users while creating a strong website and web app.
How does this affect you?
As a member of Hifi’s community, you can expect that we will continue to prioritize design and user experience so that we’re positioned well for growth and adoption as DeFi continues to grow.
Head over to hifi.finance to sign up for notifications about the launch of the Hifi Lending Protocol.
Lending protocol: starting private beta
Let’s get to it–an update on our private beta and how it affects our launch.
We’ve done a round of internal revisions, made progress on our liquidator bot, and added a couple more members to our team. These are all good things, but we are most excited to start our private beta.
This is an opportunity for you to participate and give feedback to help shape our lending protocol before we publicly launch. Go to our discord and join the “private beta” channel. Let us know you are interested in testing our product, and we will slowly add new testers over the coming weeks. After you are selected to help test the lending protocol we’ll send you some testnet ETH and collateral, and you’ll be set to start lending and borrowing on our pre-released version of the protocol.
Looking for more information…
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