✳️How the existing crypto lending system works

A traditional lending system includes a bank in real world and dapps like Celcius or Venus in the crypto domain. However, no real difference exists.

Presently, as sad as it might sound, the existing crypto lending system works just like the traditional lending system works. Take a moment to compare these two scenarios:

1. You need a loan in the real world: You have banks and other financial institutions offering loans. You visit them (or their websites) and see that the institutions dictate everything, from interest rates to collaterals, repayment terms, defaulting penalties and everything else. You have no option but to agree to those terms and conditions if you really want to have that loan.

2. You need a loan in the crypto world: You visit those existing lending system dapps and see that they have defined everything, from interest rates to collaterals, repayment terms, defaulting penalties and everything else. You need to choose from those pre-set loan terms and conditions to avail the loan.

We couldn't find any difference between these two approaches, could you? Do you realise how this kills the very philosophy of decentralisation itself? Everything is centralised, whether you are a borrower or a lender, you need to abide by the rules and regulations set forth by the platform. JUST LIKE A BANK!!

DecentraCredit is different. Let us elaborate on that in the next section!