InstaDapp : Making Decentralized Finance more accessible3 months ago Shravani Maddirala
Ever since the innate innovation of the internet, the properties holding the most value are portals- websites acting as gateways to gather information in one place. The world of technology has come a long way from the internet to the development of the decentralized web. Also called web 3.0, System Innovation defines decentralized web as a peer-to-peer network built around blockchain technology helping users own their data which s portable. Computing and storage resources are provided by end-users within distributed networks. Apps run locally on end-user devices with platforms that are decentralized and autonomous. In the era of decentralised web, InstaDApp wants to be a window to multiple DeFi ( Decentralised Finance) services to move assets between them
Founded by brothers Sowmay Jain (21) and Samyak Jain (19), InstaDapp is a Hyderabad-based startup that wants to build out its smart wallet to help users execute advanced transactions through the company’s decentralized finance (DeFi) platform. In an email to CoinDesk, InstaDApp co-founder Sowmay Jain said his company’s decentralized app (DApp) is an interface to multiple protocols.“For InstaDApp, we focused on building up a layer that acts as a mediator between the user interface and underlying protocols,” Jain said. “This layer, consisting of our smart wallet, bridges contracts, and reserve pools, [and] abstracts away lots of complexities.”
InstaDApp is a Decentralized Bank built on top of the MakerDAO protocol, making it easy for everyone to interact with the blockchain, especially while taking loans. It is focused on simplifying the experience for non-technical and non-financial users. Why blockchain? Blockchain technology offers a high-security, low-cost way of sending payments that cut down on the need for verification from third parties and beats processing times for traditional bank transfers. In this new financial system, you don’t trust humans, you simply trust the algorithm. You’re only interacting with smart contracts running on the blockchain. InstaDApp is envisioned to build a mashup of all the segregated protocols and to build a banking entity around it by grouping them all.
According to DeFi Pulse, InstaDapp is the fourth-largest Dapp in DeFi, with $30.8 million worth of assets locked in its smart contracts (up from only $4.2 million in early July).InstaDapp currently provides interfaces for Compound, Uniswap and MakerDAO. “InstaDApp is a very talented team out of India looking to make decentralized finance more accessible,” Balaji Srinivasan, formerly of Coinbase and Earn.com, wrote in a blog post shared with CoinDesk prior to publication.
Notably, InstaDApp’s Jain is 21 years old; fellow co-founder Samyak Jain is 19. Nevertheless, they have pivoted their lives to crypto, writing in a blog post shared with CoinDesk that they have dropped out of school to “become full-on ‘native DeFi.’”Aiming to make decentralised finance more accessible, this set of brothers are refining the tech and the money world.