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Hi!

In our last lesson, we looked at decentralized insurance companies.

Today we’ll talk about starting a DeFi payment business.

Starting a decentralized payment business is one of the hot emerging business opportunities in today’s market.

DeFi payments occur at the speed of light.

There’s no admin involvement until there’s a dispute regarding the payment transactions.

You don’t need any kind of technical expertise to handle the DeFi payment app or website.

All you need to do is create a platform that will be appealing to your customers.

Whichever type of DeFi project you’re working with, you will follow a specific development scenario.

This is slightly different from regular software development.

It’s all about decentralization.

DeFi isn’t run by any traditional financial organization or central authorities.

The blockchain enforces all the logic of an application or service.

To make this happen, you need to build smart contracts containing all the rules of the operation.

The DeFi development process includes:

1. Business Analysis

This is part of defining the project functionality and requirements, which will help choose the optimal tech stock and build the product architecture.

You should probably involve a business analysis at this stage.

2. UX/UI Design

This is an integral part of any application.

You’ll need the help of good designers to provide a unique user experience.

Whatever interesting and functional features you come up with, you need to correctly implement them into design.

3. Smart Contract Protocol Development

The correctness and security of your DeFi app depend on the quality of your smart contracts.

Keep in mind that smart contracts can both increase the security of your system and also make it more vulnerable to hackers if your architecture is incorrect or the quality of the code if poor.

Choosing an experienced development team is crucial at this step.

4. DeFi Integrations

This is one of the key features of decentralized finance.

One way or another, your product will be connected with other DeFi protocols.

However, all these protocols have different features and interfaces.

Therefore, you need to conduct a detailed preliminary analysis to make sure that integration is secure and efficient.

This is also one of the most difficult parts of developing your DeFi project because your development team needs to examine the code and architecture of other DeFi before starting the integration.

5. Front-End Development

At this stage, the development team brings the UX/UI design to life.

By choosing the best front-end frameworks and libraries, front-end developers build your product’s user interface with smooth navigation and fast-loading pages.

6. Testing

Before putting your DeFi product on the market, check to be sure it’s reliable and safe in all aspects.

It’s not enough just to make sure the system works as intended.

You also need to test for vulnerabilities and loads.

A security audit is one of your main tasks because bugs in your code could lead to loss of funds.

In our next lesson, we’ll talk about open lending platforms.

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