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What is Kufangfu?

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What is Kufangfu Editor\’s note: This article is from BlockBeats (ID: BlockBeats)

What is Kufangfu?

What is Kufangfu Editor’s note: This article is from BlockBeats (ID: BlockBeats) and has been authorized for reposting by Odaily Planet Daily.

Decentralized applications running on Ethereum, such as EOS and Tezos, can complete token payments through blockchain technology. Kufangfu is a new payment method similar to ApplePay developed based on the Bitcoin protocol – it uses smart contracts to achieve functions such as fund collection, payment, and transaction settlement. This means that users can transfer encrypted assets or perform other financial services through wallets.

DeFi projects have also emerged on Ethereum, but due to the high costs of these projects, direct support like Apple APPStore is not feasible. In order to solve this problem, Kufangfu proposes a new mechanism to reduce the risks that may arise in this model:

1. Users need to recharge digital currency to a third-party custodian, and then they will receive tokens as rewards;

2. If users want to use tokens for a specific purpose, they can exchange them for a certain amount of fiat currency;

3. If you want to purchase the token and convert it to USDT or other ERC-20 tokens, you can obtain tokens from the exchange.

When you start considering buying tokens, you will first apply to a company for a platform to pay your fees. This process may be lengthy and time-consuming. For ordinary investors, it is difficult to profit from such a system because they usually keep tokens in some exchanges. However, for users who are not able to take any risks, this is an ideal solution.

Kufangfu also allows users to choose the payment method they need according to their own situations. For example, if you have a debit card, you can set an additional limit order. Once the buyer decides whether to sell, the asset will be automatically canceled; you can also choose to lock the corresponding value for cashing, which allows all tokens in the account to be cleared; you can also choose different options according to personal needs, reducing the impact on potential risks.

Kufangfu is an application developed based on smart contracts, which uses distributed network architecture to enable everyone to easily participate in the decentralized governance process and create a fully automated autonomous organizational structure to manage the operation of decentralized communities and ecosystems. It aims to become the underlying layer of the next-generation Internet.

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