Health care professionals are increasingly required to base clinical decisions on the best available evidence. Evidence-based medicine (EBM) is a systematic approach to clinical problem solving which allows the integration of the best available research evidence with clinical expertise and patient values.To get there, the 5 step EBM model needs to be introduced.<ol><li>Creating an answerable clinical questions.</li><li>Search for evidence.</li><li>Critical Appraisal of evidence.</li><li>Applying the evidence.</li><li>Evaluating the performance.</li></ol>

1] Principles of evidence based medicine

The concept of evidence-based medicine (EBM), defined as the ‘‘integration of best research evidence with clinical expertise and patient values’’The practice of it requires life long, self-directed learning where patient care creates the need for important information about clinical and other healthcare issues.Healthcare and science is ever-changing, so staying current is imperative.This is made easier by utilising the tools of EBM; such as finding the relevant evidence, critically appraising it and using it in daily clinical practice.

2] What is evidence-based medicine?

To Improve quality care through the identification and promotion of practices that work, and the elimination of those that are ineffective or harmful.EBM demands that the effectiveness of clinical interventions, the accuracy of diagnostic tests, and the power of prognostic markers should be scrutinised and their usefulness proven.Clinicians should be open to try new scientifically proven methods and discard those that aren't. It's important that clinicians develop key EBM skills including the ability to find, critically appraise, and incorporate sound scientific evidence in their own practice.

3] Why evidence-based medicine

The practice of EBM should start with a well formulated clinical question.A good question should be clear, directly focused on the problem and answerable by medical literature research. A good clinical question has 3-4 components:<ul><li>Patient or problem</li><li>Intervention, test or exposure of interest</li><li>Comparison interventions (if applicable)</li><li>Outcome(s)</li></ul>Question should then be made using the PICO (Patient, Intervention, Comparison, Outcome) or PIO (Patient, Intervention, Outcome) format .

4] EMB model 1: Creating answerable clinical questions.

A 4 month old baby is admitted with viral bronchiolitis. The baby's symptoms worsen and you wonder if corticosteroids might help the child improve and reduce the length of hospital stay.The key components of your clinical question would be:Patient: 4 month old baby with viral bronchiolitis.Intervention: corticosteroids.Comparison: no corticosteroids.Outcomes: clinical score, length of stay.Clinical question may be formulated as follows:In a 4 month old baby with viral bronchiolitis, does the administration of corticosteroids improve clinical score and reduce length of hospital stay, or not?

5] PICO/PIO Example:

The next step is to seek relevant evidence that will help you answer the question.Sources are:<ol><li>Traditional methods (textbooks, journals).</li><li>Ask an expert. (answer quality will vary)</li><li>Summarised clinical evidence (<a href="www.bestbets.org">BestBets</a>).</li><li>Electronic bibliographic databases(<a href="https://www.cochranelibrary.com/">Cochrane</a> Library databases, <a href="https://pubmed.ncbi.nlm.nih.gov/">PUBMED</a>, <a href="https://www.nlm.nih.gov/">MEDLINE</a>, <a href="https://www.embase.com/landing?status=grey">EMBASE</a>, and <a href="https://www.ebsco.com/products/research-databases/cinahl-complete">CINAHL</a>).</li></ol> To find relevant articles fast:<ul><li>Use Boolean operators "AND" and "OR"</li><li>Example:</li></ul><ol><li>Viral bronchiolitis</li><li>Corticosteroids OR steroids OR glucocorticoids OR prednisolone OR dexamethasone</li><li>Clinical score OR hospital stay</li><li>(1) AND (2) AND (3).</li></ol>

6] EBM model 2: Finding the evidence.

After obtaining relevant articles on a subject, the next step is to appraise the evidence for its validity and clinical usefulness.Research evidence may be appraised with regard to three main areas: <ol><li>Validity</li><li>Importance</li><li>Applicability to the patient or patients of interest.</li></ol>Critical appraisal provides simple, structured methods for assessing research evidence in all three areas. Appraisal skills may be learnt within small tutorials, workshops, interactive lectures, and at the bedside.Tools for appraising research articles are available. Like the Critical Appraisal Skills Programme (<a href="https://casp-uk.net/">CASP</a>).

7] EBM model 3: Critical appraisal.

After critically appraising the evidence, we then decide whether that evidence can be applied to our individual patient or population, taking into account the patient’s own personal values and circumstances.Both efficacy and risks should be fully discussed with the patient or parents, or both, to allow them to make an informed decision.This approach is consistent with the EBM principle: the integration of good evidence with clinical expertise and patient values.This decision should also take into account the feasibility and availability of the treatment.

8] EBM model 4: Applying the evidence.

As we incorporate EBM into routine clinical practice, we need to evaluate our approach at frequent intervals and to decide whether we need to improve on any of the four steps discussed above.We need to ask whether we are formulating answerable questions, finding good evidence quickly, effectively appraising the evidence, and integrating clinical expertise and patient’s values with the evidence in a way that leads to a rational, acceptable management strategy.Formal auditing of performance may be needed to show whether the EBM approach is improving patient care.

9] EBM model 5: Evaluating the performance

personaldevelopment

Personal Development

moneyandinvestments

Money & Investments

health

Health

problemsolving

Problem Solving

Principles of evidence based medicine: Summary

<ul><li class="ql-align-justify">When implementing a UBP model, prioritize allowing for maximum usage flexibility and pricing transparency for your customer. </li><li class="ql-align-justify">Create the option for customers to commit to your product for an extended time period for a pricing discount.  </li><li class="ql-align-justify">Emphasize the benefits of UBP to your investors and get them excited about usage-based metrics. </li><li class="ql-align-justify">Don’t hesitate to automate financial processes when you are ready to scale.</li><li class="ql-align-justify">Don’t let your financial team exist in a vacuum. Collaborating with outside teams will help your team do their job more accurately and be prepared for change.</li></ul>

Usage-Based Pricing(UBP)

Usage-based pricing removed a lot of friction for adoption.For customers, getting started is easy and with an emphasis on flexible usage, staying with the company becomes a no-brainer.Pricing transparency is also a huge selling point.

Removing Friction By Being Transparent

Answering questions about what the top line is going to grow to as new logos are added or as existing logos expand can be more challenging with UBP.

Manage Expectations for Predictability

<ul><li>Your product and platform's intrinsic virality gives your investors confidence in continual top-line growth.</li><li>ARR is the metric that communicates how Datadog is performing today.</li><li>Usage-based annual recurring revenue (UARR) measures usage growth over time with any vertical customer.</li></ul>

Sell Your Investors on UBP With Redefined Metrics

Financial processes need to clearly present different commitment and drawdown plans and track customer-specific contract terms.Whereas seat-based models can implement a third-party customer billing platform with relative ease, these billing platforms cannot readily account for all the features.

Automate Financial Processes to Scale

<ul><li>Pricing will change with a UBP model.</li><li>The finance team has to be able to adapt and move as these new insights arrive.</li><li>Take proactive measures to understand potential changes and prepare your teams for them.</li></ul>

What The Finance Team Needs To Do

I joined Datadog as VP Finance back in 2015 when the company was still very small. Back then, the company had about 100 employees, was making around $20

business

Business

Implementing Usage-Based Pricing: What Your Financial Teams Need to Know - OpenView

The biggest economic stories of the last two years were a pandemic no one saw coming.
It always works like that. The biggest risk is what you don’t see coming. The fact that you’re not prepared for it is what makes it so risky.

The Biggest Risk Is What You Don't Expect

Some people save money for a down payment on a house, a new car, or retirement. That’s great, of course. But saving does not require a goal of purchasing something specific.You can save just for saving’s sake. And indeed you should. Everyone should.Only saving for a specific goal makes sense in a predictable world. But ours isn’t. Saving is a hedge against life’s inevitable ability to surprise the hell out of you at the worst possible moment.

The Biggest Lesson: You Don’t Need a Reason to Save

Everyone knows the tangible stuff money buys. The intangible stuff is harder to wrap your head around, so it tends to go unnoticed.But the intangible benefits of money can be far more valuable than the tangible things that are obvious targets of our savings.Savings without a spending goal gives you options and flexibility — the ability to wait and the opportunity to pounce. It gives you time to think, and lets you change course on your own terms.Every bit of savings is like taking a point in the future that would have been owned by someone else and giving it back to yourself.

Money Buys The Intangible

Saving without a spending goal has many benefits, including control over your time.

Why you don’t need a reason to save

Underearning occurs when someone makes under their potential and has a mental block around deserving or earning more. It can feel like being stuck in a loop—only making enough to get by. It can be caused by an accumulation of bad habits or even a mindset full of limiting beliefs. Either way, anyone suffering from underearning deserves to break the cycle.

Earning Less Than You Are Capable Of

Constant financial crisis: You're always in a financial mess, in debt, or feel dead broke.Financial ignorance: You're clueless about how much money you have, earn or need. Isolation: You're not comfortable asking for help, especially about ways to earn more or to do your work in a more efficient or cost-effective way.Procrastination: You generally mismanage your time or drag on work that could be done quickly.Undercharging or accepting low pay: You underprice services for fear that you'll lose clients or that you don't deserve that much.

High Tolerance For Low Pay: Self-Diagnosing If You Are An Underearner

If you are in denial about your financial situation, you cannot make the money moves needed to fix it. You must first concede that you have a problem. Perhaps you fear that if you make over a certain threshold, your friends and family will expect handouts. Or maybe no one else you know has ever made over a certain amount, so you think it is impossible for you to do so. Maybe you think that only people who have certifications and degrees—or those who work in certain fields—can earn in increasing amounts.

Accept the Situation

Gather information: your earnings, your expenses, your debts, your assets, your habits, your preferences, and everything that affects your finances. You'll have to get very clear about what your expenses are and whether they're higher than they should be. Cancel subscriptions you don't need and get rid of anything that is a drain on your household income.

Get Educated

Learn about cost-effective alternatives that could lower the amount of cash flowing out. And plan to open your mind to quick and easy wins that will allow you to bring in more money, easily. This could mean committing to watching free YouTube and TedX videos around your industry to learn how to position yourself for a raise or how to justify a price hike in your business. Being open to learning is important to improving your habits and increasing your earnings.

Be Open To Learn And Implement New Ideas

Often, you're never in control of the things that matter most—your time and money. With the clarity gained from education, you'll need to commit to getting organized. Take an inventory of how you spend your time and your money. Are you spending too much time on things that don't earn you money? Could you be more efficient at taking on more clients or <a href="https://www.realsimple.com/work-life/money/how-to-hire-staff-save-money">hiring staff</a> to do administrative work? Once you get organized enough to find the inefficiencies in your current patterns and to create strategies to get organized, then you're on your way to breaking the cycle of underearning.

Get Organized

There are a lot of resources to choose from, and they're not all worthwhile. Your search might be misplaced if, for example, you haven't already done steps one through three to really identify what's holding you back. If you discover you have a savings problem, you'll want to look for books, podcasts, and experts who can help you understand why it is so hard for you to hold on to money, even when you earn large amounts.

Access the Right Kind of Resources

If you realize that you're constantly de-valuing your work, even after you've compared market rates and your successes, then you may need a therapist to help you tackle low self-esteem. Or you may want to hire someone specifically to handle the sales and billing for your company so that you don't have to have those difficult conversations about raising prices or increasing rates.

Devaluing Your Work

Practice doesn't always make perfect, but it does make you way better than you used to be. Whatever changes you're trying to enact, you must keep doing them—even if you're off to a rocky start. Relapses can be avoided, but they are common. You'll have spending splurges and you'll forget to turn off a bill. But with time and practice, these mistakes will happen less frequently.

Make It A Practice

It is so much harder to work your way out of debt and underearning than it is to get into it. So be gentle with yourself as you improve your situation, little by little. Take a look back every quarter and congratulate yourself on the things you're doing a lot better than before. Over time, your bank account will reflect your wins, not your stumbles.

The Bottom Line

You may be earning a lot less than what you are worth, and not know it.

A guide to overcoming chronic underearning at work, with five steps to get unstuck if you realize you're in a vicious cycle of financial dead ends.

habits

Habits

5 Ways to Overcome Chronic Underearning 

With the announcement of Union Budget 2022, the proposed <a href="https://cleartax.in/s/cryptocurrency-taxation-guide">Section 115 BBH in Budget </a>gave away a significant progressive and futuristic outlook of the government with respect to cryptocurrency in the country.The focus on digital innovation while promoting Blockchain technology touched upon the key points that are supposedly meant to help the industry create sustainable growth. The first step in that direction came with classification of cryptocurrency as virtual digital assets. As per the Finance Bill, the term <a href="https://www.mondaq.com/india/fin-tech/1164634/virtual-digital-assets-in-india-a-sneak-peek-into-india39s-regulatory-framework#:~:text=As%20per%20the%20Finance%20Bill,intentionally%20kept%20wide%20in%20scope.">virtual digital assets </a>includes both cryptocurrency and non-fungible tokens(NFTs) .

What Does The Government Say? 

The main question that arises is how does it impact a retail investor in crypto? <ul><li>Tax Deducted at Source will amount to 1% of the entire transaction amount.</li><li>Any profits made from sale of cryptocurrency will be taxable at a flat rate of <a href="https://cleartax.in/s/cryptocurrency-taxation-guide">30% w.e.f April 1, 2022. </a></li><li>Loss incurred from digital asset holding can not be set off against any other income.</li><li>The tax is on the basis of cumulative net gain on a transaction. For example, in case the profit from one cryptocurrency is ₹20000 and the loss is ₹6000, then the net taxable amount is ₹14000.</li><li>The only deduction to be allowed is the cost of acquisition. </li></ul>

Indian Crypto Investor Woes

India has the potential to become a crypto superpower, as it is emerging as one of the hottest internet markets in the world, with almost <a href="https://edition.cnn.com/2021/03/08/tech/india-internet-homegrown-apps/index.html">750,000,000 users </a>, and millions waiting to join the Great Internet Factory.Blockchain data platform Chainanalysis, published a report ranking <a href="https://edition.cnn.com/2022/03/03/investing/india-cryptocurrency-investing-future-hnk-intl/index.html">India second behind only Vietnam </a>in the list of countries seeing the speediest growth in the realms of cryptocurrency adoption. With no official estimates of the current cryptocurrency users in the Indian market, the unofficial number is more than <a href="https://edition.cnn.com/2022/03/03/investing/india-cryptocurrency-investing-future-hnk-intl/index.html">20 million crypto investors. </a>

THE FUTURE OF CRYPTOCURRENCY IN INDIA 

The <a href="https://time.com/nextadvisor/investing/cryptocurrency/donate-crypto-to-ukraine/">donations to Ukraine in cryptocurrency </a>have showcased the potential that these unregulated digital assets hold. With the ability to eschew bureaucratic red tape, crypto has safeguarded and funded the war from Ukraine’s side.However, the counters in Russia, have alleged that <a href="https://news.bitcoin.com/russian-prime-minister-economy-ministry-support-legalization-of-cryptocurrencies/">legalization of cryptocurrency </a>could save the country from the current dearth of funds and jumping the SWIFT ban that was imposed on the country. With an untapped potential and still looking into the mainstream world, the journey to become acceptable around the globe, is still a long way to be walked upon.

THE GLOBAL DILEMMA

With the announcement of Union Budget 2022, the proposed Section 115 BBH in Budget gave away a significant progressive and futuristic outlook of the government with respect to cryptocurrency in the…

crypto

Cryptocurrency

to invest or not to invest?- the Indian crypto dilemma.

Do What You Love Or Love What You Do.

Saving Only Will Never Make You Rich, Invest.

Feel Proud Of Your Own Decision.

If Taken The Decision Stick On It.

Enjoy & Celebrate Even The Tiniest Achievement.

You Are Worth It

Face Everything With A Smile On Your Face.

Never Judge A Person.

State Of Patience Is The Toughest Thing.

Make Best Use Of The Things You Already Have.

philosophy

Philosophy

career

Career

10 Lessons From a teen to a teen 

Thomas J. Stanley, the author of the book The Millionaire Next Door, studied over 1,000 millionaires and found that 80% of millionaires didn't inherit their wealth. They built it. The first step in building wealth is more personal than building millionaire habits or investing wisely. It is to change or build your mindset that encourages wealth. That means you believe that you can access wealth.

You are worthy of wealth

For many, it requires effort to develop a mindset believing that there are enough resources and opportunities for everyone. This is more true for those who grew up with limited resources. Studies show that our financial habits are formed by age seven. It means that our feelings about money are influenced by how people around us talk and behave with money. Before becoming a millionaire, we should rewire our brains to expect abundance. This means we should pay attention to our thoughts, then choose to entertain different ones.

Let go of limiting beliefs

Many people will stop themselves from desiring wealth because they believe that money is the root of all evil. But understanding that you can use your money to help others can be a game-changer. Money can do as much good as it can evil. Don’t let fear stop you from pursuing wealth.

Accept that money is not always evil

You are worthy of wealth, despite the systems designed to keep it from you.

motivationandinspiration

Motivation & Inspiration

How to Build Wealth When You Don’t Come from Money

You have probably heard of Beeple, an American digital artist who sold his NFT piece (a collage of digital images) and made USD 69 million at an auction. And there is similar news of an artwork sold at Christie’s auction house (the first example of an NFT artwork) for USD 131,250. All of it shows what NFTs (non-fungible tokens) can do to our lives.And if you are searching for ways to create an NFT and begin trading? You’re at the right spot.But NFTs are much more than just digital artwork and stories of people who made millions and billions out of this new trade.

A Beginner’s Guide to Minting NFTs

First, NFT stands for Non-Fungible Token. Here, non-fungible refers to some entity that cannot be exchanged or interchanged. And by its definition, an NFT is an authentication certificate or a digital asset representing the objects in the real world. And by “Token,” we mean the interchangeable item. These items are the ones that you can trade online, such as art, music, collectibles, videos, in-game items, GIFs, etc.,For example, years of the old tweet can be an NFT, too, like Jack Dorsey (the former CEO of Twitter) used his tweet as an NFT and made millions of US dollars.

What is an NFT, or what do you understand by an NFT?

To provide a secure ledger for its trade and preserve its uniqueness . Blockchain is the only technology that can do it safely, making it easy for anyone to buy and sell NFTs.Remember, each token’s value may increase or decrease since it depends on the growth of the NFT market.Again, making it easy for you to understand, a simple example of a non-fungible item can be a picture of a signed dollar (using unique color ink for the signature).

But why the blockchain and not any other means of technology?

-No probability of making its copy.-No other token can replace it.-No two individuals can own the same NFT.-It has a unique code, differentiating it from every other digital replica.-It’s an authentication certificate that gives you its ultimate ownership.-It can help people verify the right of a digital asset.

features of an NFTs:-

It’s a digital era, and an NFT’s purpose is simple — maintaining all digital assets’ uniqueness and authenticity through rightful ownership.NFTs are those digital assets that are transferable and secured by a digital ledger based on blockchain technology called Ethereum or any other Crypto Cryptocurrencies that are most secure and highly protected by blockchain technology.Remember, Cryptocurrencies are fungible assets.

How does an NFT work in the real world?

Blockchain is a digital ledger or a system that tracks digital information using ultimate security. Neither you nor anyone can hack, change or cheat on such a system that stores all transactional details of your digital assets such as Cryptos, NFTs, etc., within a well-established network of thousands of computers connected worldwide.NFTs are based on blockchain technology to verify the authenticity and ownership of each digital asset. And blockchain makes it easy to have the right to ownership of an NFT, fixed in a blockchain and making it highly secure.

What is lockchain?

NFTs relevancy comes from the fact that they allow you to tokenize digital assets – from artwork to real estate, i.e., make money out of anything that can be transformed into an NFT and start trading to make a ton of money just like that! However, it’s difficult as being said.You can use NFTs to –<ul><li>Boost earnings of digital content creators and artists all over the globe.</li><li>Have digital assets and start trading to get a handful of experience. </li><li>Enhance gaming experience on desktops and mobile phones using in-game avatars or assets.</li><li>Improvise your brand’s awareness among target groups. </li></ul>

Why Are NFTs Even Relevant?

Minting an NFT refers to turning a digital file or asset into an NFT (i.e., making a digital file unique using available means and tools) on the Ethereum or similar blockchain. This NFT is stored on a decentralized database, making it possible to edit, modify, or delete. Yes! You can do it.As mentioned before, people mostly use Ethereum to trade NFTs in the online space.Whatever you do with the blockchain from minting to trading NFTs will cost you a gas fee! This fee can vary depending on your needs. Now , let's go step by step in the journey of NFT😁

Miniting NFT

Thorough research would give you a better understanding of available marketplaces online and allow you to find a valid one to sell your NFT.List of Top NFT marketplaces:-OpenSea Rarible FoundationNifty Gateway* Rarible and OpenSea use the “lazy minting” system, i.e., creating NFTs on such marketplaces without even losing your penny!

Step-1: Perform thorough research and select an NFT marketplace

A crypto wallet is like a bank account that helps you store your NFTs and crypto assets that you create or buy. Besides holding your private keys, a crypto wallet keeps your crypto assets safe and accessible. Such wallets can be both physical and digital.Here are some most popular crypto wallets:MetaMask Coinbase Wallet Math Wallet ﻿﻿

Step-2: Setting up a wallet for crypto

Once you are over with the second step, it’s time to connect your crypto wallet to the desired marketplace.For instance, if you’re selling or would want to sell your NFT on OpenSea, kindly visit their website and click “create.” It will redirect you to a new tab containing a list of all popular crypto wallets compatible with OpenSea. Once you have figured it all out, choose the crypto wallet you wish to connect with your OpenSea account. And that’s it! Your crypto wallet gets plugged into the OpenSea marketplace for NFT trading.

Step-3: Connecting the crypto wallet to a marketplace

Finally, let’s get to the core part — creating your NFT. If done cleverly, it can change your life overnight.So, to create an NFT on OpenSea, you can<a href="https://support.opensea.io/hc/en-us/articles/360063498333-How-do-I-sell-an-NFT-">follow the following steps </a>–Open any web browser and search for the website; OpenSea.Then, go to → “My Collections” mentioned in the top right corner of your profile → Click on “Create a Collection.”Now, fill in all the required details and upload the file you want to sell as an NFT. Here, you can select the file format, name your file, mention external links to your social media, and add a description.

Step-4: Creating your NFT

Once you have created your first ever NFT for trade, then comes the next part, where you need to decide the price of your NFT so that you can sell it.There are three basic strategies to set a price tag for your NFT:Fixing the Price: Here, you give a fixed price for your NFT and put it out there for its sale.Timed Auction: You can put up your NFT for auction. And the best part is — you’re allowed to decide the duration of your auction.Bidding: Once you put up your NFT at the online marketplace, it will be open for people to start bidding on your NFT to buy it.

Step-5: Taking on to decide pricing strategy 

You know what minting is — turning your idea (digital art, etc.) into a digital asset called an NFT so that you can associate a price tag to it and sell it. And for this, initiate a digital wallet it will charge a gas fee to initialize your account. So if you’re a novice user, you will need to pay for minting your NFT, else no need!

Step-6: Minting your NFT

Once you’ve finished working on your pricing strategy for your NFT, then go ahead and list your NFT for sale on OpenSea by clicking the button “Complete Listing.”You can only list your NFT after signing a few transactions using your crypto wallet. Once it’s over, you will see a screen announcing your NFT is now listed for sale 🎉

Step-7: Listing your NFT  

In experts’ views all around the globe, listing an NFT on OpenSea can cost you USD 200 — USD 450 if you’re a first-timer. It may seem high since this includes the gas fee you pay to record your NFT on a blockchain. This fee may vary from time to time .Along with that, the NFTs’ sales are skyrocketing. Sales are up from around USD 41 million in 2018 to a jaw-dropping USD 44 billion and more in 2021. As an entrepreneur, it would be best to invest in NFTs as a creator or a service provider in this industry

Cost And Returns Of  NFT 

You have probably heard of Mike Winkelmann, a.k.a. Beeble, an American digital artist who sold his NFT piece (a collage of digital images) and made USD 69 million at an auction. And there is similar…

Creating Your First NFT: A Beginner’s Guide to Minting NFTs

Don’t work for money, make money work for you

Money Management 

Poor work for money, the money work for rich

If your financial intelligence is low, money will run all over you. It will be smarter than you. If money is smarter than you, you will work for it all your life

Poor dad tells his son :
Study hard and get a good job at a big company. 
Rich dad tells his son : 
Study Hard and get a good company to buy.

Most people fail to realize that in life, it’s not how much money you make, it’s how much money you keep

Money without financial intelligence is money soon gone.

The lack of money is the root of all evil

A person can be highly educated, professionally successful, and financially illiterate.

If you want to go somewhere, it is best to find someone who has already been there.

Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.

So many people say, ‘Oh, I’m not interested in money.’ Yet they’ll work at a job for eight hours a day.

The primary difference between a rich person and poor person is how they manage fear

Although we have been successful in our careers, they have not turned out quite as we expected. We both have changed positions several times-for all the right reasons-but there are no pension plans vesting on our behalf. Our retirement funds are growing only through our individual contributions. Michael and I have a wonderful marriage with three great children. As I write this, two are in college and one is just beginning high school. We have spent a fortune making sure our children have received the best education available. One day in 1996, one of my children came home disillusioned with school. He was bored and tired of studying. “Why should I put time into studying subjects I will never use in real life?” he protested. Without thinking, I responded, “Because if you don't get good grades, you won't get into college.” “Regardless of whether I go to college,” he replied, “I'm going to be rich.”

books

Books

Kiyosaki is best known for his book Rich Dad, Poor Dad, the #1 New York Times bestseller. Kiyosaki followed with Rich Dad's CASHFLOW Quadrant and Rich Dad's Guide to Investing.

Robert T. Kiyosaki

Rich Dad, Poor Dad

One of the most significant effects of DeFi is that users now have more control over their assets. However, many of the most popular DeFi initiatives provide tools for users to manage their assets, such as purchasing, selling, and transferring digital assets. As a result, consumers can earn interest in their digital assets. DeFi allows consumers to keep their sensitive data private. asset management is considered one of the most useful decentralized finance applications for users.

1. Asset Management

Know-Your-Customer (KYC) protocols are extensively emphasized in traditional banking systems. KYC rules are the company's most important compliance instrument for implementing anti-money laundering (AML) and counter-terrorist financing (CFT) measures. KYC rules frequently conflict with DeFi's privacy efforts. DeFi addresses this problem using a more recent notion known as the Know-Your-Transaction (KYT) method. This method implies that the decentralized infrastructure would be more concerned with transaction behaviors and digital addresses than with the users' identities.

2. Compliance and KYT

In DeFi, DAOs are the centralized financial institutions' counterparts, making them one of the pillars of decentralized finance use cases. Centralized financial entities play a significant role in the traditional system.These organizations function as administrative bodies that oversee basic financial operations like fundraising, asset management, and governance implementation. On the other hand, DAOs are decentralized by nature and do not follow the boundaries set by central governments or agencies.

3. Decentralized Autonomous Organizations(DAOs) 

DeFi projects like DeFi Pulse and CoDeFi Data are delivering a lot of value in terms of analytics and risk management. Subsequently, businesses have become more agile as a result of these competitive advantages.

4. Data Analytics

Tokenized derivatives may be created using smart contracts, which has become one of the most interesting DeFi use cases.

5. Derivatives

Composability is one of the key design principles of DeFi protocols, which means that different components of a system can readily connect and communicate with one another. Here, many people compare DeFi development to building with legos, earning the moniker "money legos" in the process.Also, Ethereum developers and product teams can now build and launch <a href="https://bit.ly/3Kv09WS">DeFi protocols </a>with the full-stack tooling and security integrations they require, thanks to Truffle's smart contract libraries, Infura's API suite, and Diligence's security tools.

6. Infrastructure tooling

In recent times, blockchain-based digital identities are gaining more traction. However, pairing them with the DeFi protocols would give them easy access to the global economic system. Moreover, the new type of digitized identity would help the underprivileged access DeFi apps from anywhere on the internet. Also, it could be one of the potential use cases.

7. Digital identity

Insurance is a major financial industry that has proven to be one of the most prominent DeFi use cases.However, a variety of novel insurance options have emerged to assist customers in obtaining coverage and protecting their assets. Moreover, with the successful implementation of smart contracts, all the issues with the current system can be solved.

8. Insurance

As the traditional banking systems are getting out of the competition due to DeFi, the emergence of a lending and borrowing use case proves to be vital.However, the DeFi ecosystem is appropriate for peer-to-peer borrowing and lending. Several DeFi projects concentrating on this use case have already entered the market. Likewise, Compound and Pool together have autonomous interest-based protocols for borrowing and lending assets.

9. P2P lending and borrowing

Users can vote and exchange value on the outcome of events in blockchain-based prediction markets, which harness the crowd's wisdom.However, market prices serve as crowdsourced indicators of an event's likelihood. Augur, a popular DeFi betting platform, offers prediction markets for election results, sporting events, economic events, and other topics.

10. Prediction Market

The Ethereum blockchain ecosystem gave the world new technological capabilities, including digital assets, smart contracts, and decentralized applications (DApps).All of these tools have become essential components of decentralized finance initiatives as they addressed the primary problems in the previous system, DeFi projects quickly became mainstream successes. You can make an entry into the DeFi system with the help of top-tier DeFi development companies.

Conclusion

Traditional finance has found its hideout as DeFi has started to take control. However, the future

Top 10 Decentralized Finance (DeFi) Use Cases

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