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Topic:

DeFi Product: Interoperability Enabling Blockchain System (IEBS)

Essay Instructions:

The questions below are deliberately similar to the ones that you answered when analyzing an existing protocol.

A main component of the course is that you develop and pitch an idea for a DeFi product as a

team. In the first assignment you analyzed an existing DeFi protocol and you’ve heard about

some others in class. In this assignment, I would like you to propose an idea for a DeFi product

that users want.

The questions below are deliberately similar to the ones that you answered when analyzing an

existing protocol.

Part 0: Motivation and Tech Stack

1. The report should be prefaced by an elevator pitch where you explain the merits of your

product in 30 seconds (https://www.mindtools.com/pages/article/elevator-pitch.htm).

Three steps should explain the product’s “job”:

a. You know how …

b. Well, we/I …

c. So that …

2. Where in the blockchain tech stack does your product live?

Part 1: Background Information about the product

Explain in simple terms (and using your own words).

1. What economic/business problem does your project solve? (Sector of operation, particular use of the product, underlying finance concept.)

2. Describe the standard operation/workflow of your product.

Part 2: Detailed Product Information

1. Customers: For whom is the protocol creating value? Who are the protocol’s most important users? What is your main value proposition for customers?

2. Market: What are alternative or competing protocols? Pick a competitor and describe a main difference/competitive advantage. Is the competitor a substitute or complement?

3. Product business model: How does your product create revenue for the developers and the investors? (It may not create revenue, it may rely on token price appreciation, it may be an add-on to an existing project, etc.)

4. Tokens: does you model require the issuance of a token? If so, what is the role of the token?

5. Governance: Is your model centrally controlled or is it decentral? How are key parameters of the protocol decided? Describe the process.

Essay Sample Content Preview:

Defi Product Proposal
Name
Institution Affiliation
Instructor
Course
Date
Defi Product Proposal
Elevator Pitch
The current proposal recommends a Defi product called Interoperability Enabling Blockchain System (IEBS) that will enable unrelated blockchains to securely relate with one another such that data or value will flow between different blockchains. For instance, between Bitcoin and Ethereum without any intermediary. The proposed product seeks to break down barriers between different blockchain ecosystems and enable middleman-free communication between these networks, that the DeFi technologies strive to achieve (Zetzsche et al., 2020). It can be considered a network of networks, allowing even different blockchain architectures to interact. This will be done through specialized blockchains that have their features and tokens.
IEBS will be based on a blockchain designated as Dispatch Chain and several pre-created analogous chains called Analochains. Furthermore, it will consist of a connecting layer referred to as Conduit that will allow the transfer of data and value across blockchains such as Ethereum, Bitcoin, Cardano, Avalanche, Hyperledger Fabric, Hyperledger Sawtooth, Chainalysis KYT, and IMB Blockchain, among other blockchains. Thus, IEBS will not be based on the existing blockchain like DeFi, such as Decentraland (Blockchain Council, 2022). Rather will utilize a specifically designed blockchain to facilitate communication between existing blockchains.
Part One
Today, most blockchains are struggling with interoperability and scalability issues, and most users of DeFi products would want a platform where such problems have been eliminated (Holotescu, 2018). IEBS aims to solve this problem by providing a platform with improved speed of transactions and where users can transact across various blockchains without any problem. It attempts to achieve a fully decentralized web under user control and provides an interoperable protocol to scale up the network using shards or segments. The product will connect private chains, public networks, and oracles, creating a new form of the web where independent blockchains can securely exchange data and enable transactions (Holotescu, 2018). As indicated above, the IEBS will use two sets of blockchains, Dispatch Chain and Analochains. The Dispatch chain will be responsible for reaching a consensus and delivering transactions between Analochains. Analochains will be application-specific blockchains within the IEBS network. Each Analochain will be a complete blockchain in its own right, with its logic and functionality. Interoperability Enabling Blockchain System Coin (IEBSC) will be the native token currency of the IEBS, and it will be its smallest unit. IEBSCs will facilitate payments, network governance, staking, reward incentives, transaction fees, and other engagement processes. Tokens might be locked as part of connecting new chains to the IEBS network or will play other roles in the ecosystem. Unlike most other cryptocurrencies, the supply of IEBSC will not be limited. Rather it will aim to incentivize the network to adjust dynamically to users’ staking participation rates.
Like other blockchain ecosystems, IEBS will not allow a handful of large fi...
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