{"id":163745,"date":"2021-01-26T21:14:29","date_gmt":"2021-01-26T18:14:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/injecting-apple-like-quality-control-into-defi-is-what-we-need\/"},"modified":"2021-01-26T21:14:29","modified_gmt":"2021-01-26T18:14:29","slug":"injecting-apple-like-quality-control-into-defi-is-what-we-need","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/injecting-apple-like-quality-control-into-defi-is-what-we-need\/","title":{"rendered":"# Injecting Apple-like \u2018quality-control\u2019 into DeFi is what we need"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23d31162136\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23d31162136\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/injecting-apple-like-quality-control-into-defi-is-what-we-need\/#Guarding_user_privacy\" >Guarding user privacy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/injecting-apple-like-quality-control-into-defi-is-what-we-need\/#Personal_loans\" >Personal loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/injecting-apple-like-quality-control-into-defi-is-what-we-need\/#Yield_farming_needs_to_be_scaled_fast\" >Yield farming needs to be scaled fast<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Injecting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le-like \u2018quality-control\u2019 into DeFi is what we need  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvOGE5NzAzNWUtZjMyNC00NzdmLWI3ZmUtYjljZjVmMjA3NjI1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>If you\u2019re an Apple App Store user, then you\u2019re probably aware of the recent legal drama surrounding the updates to the App Store guidelines. It\u2019s a reasonably open secret that the App Store is designed to be at its core, more difficult for app developers to deploy their apps on than competitors&#8217; offerings, pushing for a \u201cquality over quantity\u201d environment to protect its user base.<\/p>\n<p>With this push by Apple, we have just witnessed with the hammer coming down on the conservative <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> app Parler following in the footsteps of Twitter and Facebook permanently banning former-U.S. President Donald Trump from its platforms. Apple and Google decided to remove the alt-right social media platform from its App Store and Marketplace. Both platforms \u201csaid the app didn\u2019t do enough to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/parler-john-matze-responded-angrily-jack-dorsey-apple-ban-2021-1\">moderate<\/a> incendiary talk.\u201d This move comes after the horrific Jan. 6 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2021\/01\/06\/us\/washington-dc-protests\">raid<\/a> on the U.S. Capitol by pro-Trump mobs and concerns that Trump has used platforms like Twitter, Facebook and Parler to incite violence.<\/p>\n<p>But discussions surrounding Apple\u2019s App Store guidelines revolve around two types of mobile apps \u2014 those that collect user data and those that offer personal loans, which have preyed upon many consumers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Guarding_user_privacy\"><\/span>Guarding user privacy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Back in December, Apple <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.jdsupra.com\/legalnews\/apple-implements-new-privacy-guidelines-96583\/\">implemented<\/a> its long-anticipated privacy practice guidelines for app developers featured on its App Store platform. These new guidelines are Apple\u2019s attempts at complying with the newly enacted privacy laws, including California\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/oag.ca.gov\/privacy\/ccpa\">Consumer Privacy Act<\/a>, New York\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nysenate.gov\/legislation\/bills\/2019\/s5575\">SHIELD Act<\/a> and Europe\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/gdpr-info.eu\/\">General Data Privacy Protection Regulation<\/a>.<\/p>\n<p>Under the new guidelines, any app developer featured on Apple\u2019s App Store must now clearly display on its product page: \u201c(1) the kind of data that the developer [&#8230;] or any of its third-party partners is collecting, and (2) what the developer or its partners plan to do with the accumulated data.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Personal_loans\"><\/span>Personal loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Apple and lawmakers have identified a major problem in the ecosystem, where apps have abused consumers through predatory practices. In the latest update to its guidelines, Apple has added revised rules for all personal and loan applications. Specifically, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/developer.apple.com\/app-store\/review\/guidelines\/#other-business-model-issues\">Section 3.2<\/a> states that \u201capps offering personal loans must clearly and conspicuously disclose all loan terms.\u201d This includes apps being restricted to charging no more than \u201ca maximum APR higher than 36%, including costs and fees, and may not require repayment in full in 60 days or less.\u201d<\/p>\n<p>These changes are yet another demonstration of how Apple cares about protecting its users from predatory lenders after a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of public debates spurred developer restrictions in the best interest of protecting U.S. citizens. <\/p>\n<p>Back in September, Apple <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/qz.com\/1913479\/apple-is-tougher-on-predatory-lenders-than-the-us-government\/\">announced<\/a> that it had \u201cvoluntarily adopted the policy and would block lenders offering higher rates from accessing Apple\u2019s hundreds of millions of users.\u201d As Apple spokesperson Fred Sainz said:<\/p>\n<blockquote><p>\u201cThe unfortunate reality is that Americans, and all too often low-income and minority Americans, are falling victim to predatory loan practices, and we wanted to do our part to prevent this opportunistic behavior. By implementing the widely adopted standard set by the MLA [<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/militarybenefits.info\/military-lending-act\/\">Military Lending Act<\/a>], we can ensure we are protecting not just our service members from predatory loan terms, but our entire App Store user base all over the world.\u201d<\/p><\/blockquote>\n<p>Last year, lawmakers introduced a bill that would take the 36% cap to all borrowers nationwide, ultimately removing the 400%+ annual interest rates that essentially anyone can offer. In other words, if your app allows for personal loans to be made through a phone, the lender cannot offer users an APR beyond 36%, otherwise, it\u2019s considered to be predatory.<\/p>\n<p>Simultaneously, Senator Sherrod Brown asked Apple to apply the 36% limit to any mobile apps that offered personal loans on its devices:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Last year, I asked <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Apple?ref_src=twsrc%5Etfw\">@Apple<\/a> to ban predatory payday lending apps. <\/p>\n<p>Now, even Apple is taking a stronger stance against abusive payday lenders than Trump&#8217;s @CFPBDirector Kraninger &#8211; whose JOB is to protect consumers.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xVq0CYq8v4\">https:\/\/t.co\/xVq0CYq8v4<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/6VYh7zhLAS\">pic.twitter.com\/6VYh7zhLAS<\/a><\/p>\n<p>\u2014 Sherrod Brown (@SenSherrodBrown) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenSherrodBrown\/status\/1313166032853520384?ref_src=twsrc%5Etfw\">October 5, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Apple\u2019s hunger for \u201cquality over quantity\u201d when it comes to bringing developers to its App Store is something that should be applauded \u2014 and adopted in cryptocurrency. Financial inclusion means providing individuals with more access to these types of resources without restricting decision making to any one entity or institution.<\/p>\n<p>Satoshi Nakamoto\u2019s original idea of participating in a decentralized system that provides financial inclusion and equality to all has expanded into some pretty cool projects. But it has also made the rich richer. This is why Ethereum\u2019s time seems to be running short and why DeFi is on the rise.<\/p>\n<p>Digital currency is here to stay, and its survival is dependent upon our passion for participating in an ecosystem that allows for us to maintain control over our money but also help influence how that ecosystem grows to better protect us while encouraging transactions of all kinds.<\/p>\n<p>Why do we need to implement an \u201cApple-like\u201d App Store for the future of DeFi, bridging the gap between Ethereum and DeFi? Let\u2019s look at the current industry drawbacks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Yield_farming_needs_to_be_scaled_fast\"><\/span>Yield farming needs to be scaled fast<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yield farming allows farmers to leverage smart contracts and protocols to get maximum returns on their tokens as they move their assets around using different strategies that involve offering liquidity and lending. However, while it has evolved into a mainstream DeFi practice, it certainly still presents the potential for smart contract bugs, sudden liquidation, or the obvious \u2014 token devaluation.<\/p>\n<p>Since yield farming relies on the open-source nature of decentralized finance, the possibilities of vulnerability are endless. Compare it to the 400% APR history that the federal government mandates, except for one thing: Apple is already ahead of the curve. It sees what states are doing, implementing the 36% APR, and it is being proactive, rather than reactive.<\/p>\n<p>Quality over quantity. Apple builds for the long-run. It doesn\u2019t wait for law enforcement to come in; it makes those decisions ahead of time, regulating its ecosystem before lawmakers have the ability to weigh in.<\/p>\n<p>By taking Apple\u2019s approach, it\u2019s proof that \u201cquality over quantity\u201d works. What the industry can look forward to is the slow build as the DeFi ecosystem continues to grow and flourish, while Ethereum DeFi enthusiasts understand the hard reality check ahead.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Andrew Rossow<\/strong> is a millennial attorney, law professor, entrepreneur, writer and speaker on privacy, cybersecurity, AI, AR\/VR, blockchain and digital currencies. He has written for many outlets and contributed to cybersecurity and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> publications. Utilizing his millennial background to its fullest potential, Rossow provides a well-rounded perspective on social media crime, technology and privacy implications.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/injecting-apple-like-quality-control-into-defi-is-what-we-need\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Injecting Apple-like \u2018quality-control\u2019 into DeFi is what we need &#8221; If you\u2019re an Apple App Store user, then you\u2019re probably aware of the recent legal drama surrounding the updates to the App Store guidelines. It\u2019s a reasonably open secret that the App Store is designed to be at its core, more difficult for app&#8230;<\/p>\n","protected":false},"author":1,"featured_media":163746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvOGE5NzAzNWUtZjMyNC00NzdmLWI3ZmUtYjljZjVmMjA3NjI1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[15047,90974,75571,74894,74863,74868,5029,117,71511,70934,4965,67874],"class_list":["post-163745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-privacy","tag-app-store","tag-applications","tag-blockchain","tag-cryptocurrencies","tag-defi","tag-apple","tag-business","tag-government","tag-regulation","tag-technology","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=163745"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/163746"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=163745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=163745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=163745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}