Blockchain-based savings accounts offer a promising alternative to traditional banking. By leveraging the power of decentralized technology, individuals can take control of their finances and potentially earn higher returns. Blockchain technology offers a revolutionary approach to savings, providing several advantages over traditional bank accounts:
- Decentralization: No single entity controls your funds, eliminating the risk of bank failures or government intervention.
- Transparency: All transactions are recorded on a public blockchain, ensuring transparency and accountability.
- Security: Cryptographic techniques safeguard your funds, reducing the risk of fraud and theft to virtually none.
- Higher Interest Rates: DeFi platforms often offer higher interest rates compared to traditional banks.
- Global Accessibility: You can access your savings from anywhere in the world with an internet connection.
- 24/7 Access: Transactions can be processed 24/7, without the limitations of traditional banking hours.
- Digital Wallet: You create a digital wallet to store your cryptocurrency.
- Depositing Funds: You transfer your desired amount of cryptocurrency to your wallet address.
- Interest Earning: The platform, often a decentralized finance (DeFi) protocol, lends out your funds to borrowers. In return, you earn interest on your deposit.
- Withdrawal: You can withdraw your funds, including the accrued interest, at any time.
In here, we'll learn how to manually create our own account("wallet") on the Flow blockchain, how to fund it with $Flow tokens, how to check your balance and how to transfer and even lock your money in a savings account.
To follow along with this tutorial, you’ll need the following things: NodeJs and NPM Go for testing The Flow Command Line Interface (Flow CLI) Your favorite IDE