As major Web 3 and DeFi projects have been struggling with decentralizing their projects, 1inch solves this issue by allowing users to save versions of a web app to their personal Skynet storage by supporting Homescreen.
In one of the major announcements, decentralized exchange (DEX) aggregator 1inch announced a complete integration with the Skynet network offering full support for Homescreen. With this, the 1inch DeFi network will deploy its front-end on the Skynet platform.
1inch Integration with SkyNet Network
Adding the support for Homescreen will allow users to load the saved versions of their website in order to access the 1inch protocol. Thus, there will be no central hosting provider and consequently, there will also be no single point of failure.
Recently, several DeFi and Web 3.0 projects have been struggling to properly decentralize their front-ends. This leaves a major pain point as to how users can access the decentralized protocols.
DeFi protocol 1inch is the first one to deploy to Skynet with the support for Homescreen. It is further decentralizing the front-ends by acknowledging that users need better control over how they access and interact with DeFi protocols. Speaking of this development, David Vorick, CEO of Skynet said:
“We’re very excited to be working with industry leaders such as 1inch on improving the security of the DeFi ecosystem. Together, we will be able to make sure that 1inch is second to none in providing a world-class experience for users with the least possible amount of risk.”
Decentralizing the Web 3
For Web 3.0 to be fully decentralized, we would need large decentralized storage to host the Web 3.0 apps. Over the period, DeFi teams have been facing the challenge of increasing the security of their products by decentralizing their front-ends. Taking up this industry challenge, the 1inch network seeks to solve this problem.
In the case of traditional front-ends, users have no way to know if any malicious actor might have updated the code rendered by their browser. Even after alerting the user, traditional front-ends and sites hosted on other decentralized storage platforms don’t provide an easy way for the users to access the previous versions of the website.
Homescreen seeks to solve this issue by letting users save versions of a web app to their personal Skynet storage. This allows users to upgrade and downgrade freely between different versions of a web app even when the original goes offline. Speaking of this development, Sergej Kunz, co-founder of 1inch Network noted:
“The 1inch Network has always prioritized understanding users’ needs and bringing them a better experience. Thanks to deploying builds to Skynet, 1inch users will be able to control their DeFi experience and feel secure in always having access to their DeFi protocols.”
Read more blockchain news on Coinspeaker.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
