The Rise of DeFi

I. Introduction

The financial industry has undergone a massive transformation over the years, with technological advancements leading to the emergence of new financial products and services. Decentralized finance, or DeFi, is one such innovation that has gained significant attention in recent years. DeFi refers to a blockchain-based financial system that enables anyone to access financial services without the need for intermediaries such as banks or other financial institutions.

DeFi has the potential to revolutionize the way financial services are accessed and used. By leveraging blockchain technology, DeFi can provide financial services to people who are currently unbanked or underbanked, making it a game-changer for millions of people around the world.

In this blog post, we will explore the rise of DeFi and its potential to be a game-changer for the unbanked. We will discuss the benefits of DeFi and its impact on the traditional financial industry. So, let's dive into the world of DeFi and understand its potential to transform the financial landscape.

A. Briefly explain what DeFi is and its growing popularity in the world of cryptocurrency

Decentralized finance, or DeFi, is a financial system built on top of blockchain technology that operates without intermediaries such as banks, financial institutions, or other centralized authorities. DeFi allows users to access financial services such as lending, borrowing, trading, and investing in a decentralized manner.

DeFi is becoming increasingly popular in the world of cryptocurrency due to its many advantages. Firstly, DeFi is open to anyone with an internet connection, which means that people who are unbanked or underbanked can access financial services. Secondly, DeFi is transparent and secure, as all transactions are recorded on a public blockchain, making it difficult to manipulate or hack.

Furthermore, DeFi is programmable, which means that developers can build new financial products and services using smart contracts. This programmability enables users to create complex financial instruments and automate financial processes, which were not possible in the traditional financial system.

As a result, the DeFi market has seen significant growth in recent years, with the total value locked (TVL) in DeFi protocols reaching over $200 billion in 2021. This growth is expected to continue as more people recognize the potential of DeFi to revolutionize the financial industry.

B. Pose the question: Can DeFi be a solution to the problem of financial exclusion for the unbanked?

The rise of DeFi has led to many people asking whether it can be a solution to the problem of financial exclusion for the unbanked. Financial exclusion refers to the lack of access to formal financial services, such as bank accounts, loans, and insurance, which affects millions of people worldwide.

DeFi has the potential to be a game-changer for the unbanked by providing access to financial services without the need for intermediaries. The decentralized nature of DeFi means that anyone with an internet connection can participate in the financial system, regardless of their location or financial status.

Moreover, DeFi offers a range of financial products and services, including lending, borrowing, and trading, which can be accessed without the need for a bank account. This makes DeFi an attractive option for those who are unable to access traditional financial services due to geographic, regulatory, or economic barriers.

However, there are also some challenges that need to be addressed before DeFi can be a solution to financial exclusion. One of the main challenges is the lack of user-friendly interfaces, which can make it difficult for non-technical users to navigate DeFi protocols. Additionally, the high volatility of cryptocurrency prices can pose a risk for users who are not familiar with the market.

In conclusion, while DeFi has the potential to be a solution to financial exclusion for the unbanked, there are still some challenges that need to be addressed. However, with continued innovation and development in the DeFi space, we may see a future where anyone can access financial services in a decentralized and inclusive manner.

II. The Unbanked: Who Are They and Why Does Financial Inclusion Matter?

The term "unbanked" refers to people who do not have access to formal financial services, such as bank accounts, loans, and insurance. According to the World Bank, around 1.7 billion people worldwide are unbanked, which means they are excluded from the formal financial system.

The unbanked are often from low-income households, rural areas, or developing countries, and face significant barriers to accessing financial services. Without access to formal financial services, the unbanked have to rely on informal financial services, such as money lenders, which can be expensive and risky.

Financial inclusion is critical as it can help to reduce poverty, promote economic growth, and increase social and economic opportunities. By providing access to financial services, individuals and businesses can save money, build credit, and invest in their future.

Moreover, financial inclusion can lead to a reduction in income inequality and promote gender equality, as women are more likely to be unbanked than men. Access to financial services can enable women to start businesses, save money, and invest in their children's education, leading to a better quality of life for them and their families.

In conclusion, financial inclusion matters as it can have a significant impact on people's lives, particularly those who are unbanked. By providing access to financial services, we can promote economic growth, reduce poverty, and create opportunities for millions of people around the world.

A. Define the term "unbanked" and provide statistics on the number of unbanked individuals globally

The term "unbanked" refers to individuals who lack access to formal financial services, such as bank accounts, loans, and insurance. The unbanked are often from low-income households, rural areas, or developing countries, and face significant barriers to accessing financial services.

According to the World Bank, around 1.7 billion people worldwide are unbanked, which represents about 22% of the world's population. The majority of unbanked individuals live in developing countries in Africa, Asia, and Latin America.

In Sub-Saharan Africa, for example, 66% of the adult population is unbanked, while in South Asia, the figure is 46%. In developed countries, the number of unbanked individuals is much lower, but it still represents a significant proportion of the population. In the United States, around 7 million households are unbanked, while in the European Union, around 7% of the population is unbanked.

The lack of access to formal financial services has a significant impact on the lives of the unbanked, as they are often excluded from the benefits of the formal financial system, such as access to credit, insurance, and savings. This can lead to limited economic opportunities and hinder social and economic development.

In conclusion, the number of unbanked individuals globally is significant, with around 1.7 billion people lacking access to formal financial services. Addressing the issue of financial exclusion is crucial to promoting economic growth, reducing poverty, and creating opportunities for millions of people around the world.

B. Discuss the challenges faced by the unbanked in accessing financial services and how this can limit economic opportunities and social mobility

The unbanked face significant challenges in accessing financial services, which can limit their economic opportunities and social mobility. These challenges can vary depending on the region, but some of the common issues include:

Lack of documentation: Many unbanked individuals do not have the necessary documentation, such as ID cards, birth certificates, or proof of address, to open a bank account or access formal financial services.

Geographic barriers: In rural areas, the lack of physical infrastructure, such as bank branches and ATMs, can make it difficult for people to access financial services.

Cost: Formal financial services can be expensive, particularly for low-income households, and many unbanked individuals cannot afford the fees associated with maintaining a bank account or accessing loans.

Limited financial literacy: Many unbanked individuals lack knowledge about financial products and services and may not understand how to use them effectively.

Discrimination: Some unbanked individuals may face discrimination based on their ethnicity, gender, or socioeconomic status, which can make it even harder for them to access financial services.

The lack of access to formal financial services can limit economic opportunities and social mobility for the unbanked. Without access to credit, insurance, and savings, individuals and businesses may struggle to grow and invest in their future. This can lead to a cycle of poverty, where people are unable to break free from their financial circumstances.

Moreover, the unbanked may be more vulnerable to financial shocks, such as job loss or illness, as they do not have a safety net to fall back on. This can further limit their economic opportunities and social mobility, as they are unable to recover from financial setbacks.

In conclusion, the challenges faced by the unbanked in accessing financial services can limit their economic opportunities and social mobility. Addressing these challenges is critical to promoting financial inclusion and creating opportunities for millions of people around the world.

III. DeFi: What Is It and How Does It Work?

DeFi, short for Decentralized Finance, is a new concept in the world of cryptocurrencies that aims to provide a more inclusive and accessible financial system. Unlike traditional finance, which is centralized and controlled by banks and financial institutions, DeFi is built on blockchain technology and operates in a decentralized manner.

At its core, DeFi seeks to eliminate intermediaries and allow people to transact directly with each other. This is achieved through the use of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts allow for the automation of financial transactions, removing the need for intermediaries such as banks, brokers, or lawyers.

DeFi applications offer a range of financial services, including lending, borrowing, trading, and insurance. These services are available to anyone with an internet connection and a compatible cryptocurrency wallet. DeFi platforms use a range of cryptocurrencies, including Bitcoin, Ethereum, and others, as collateral or payment for financial transactions.

DeFi platforms are open-source, meaning that anyone can contribute to the development and improvement of the platform. This has led to a proliferation of DeFi applications, each offering unique features and services to users.

One of the key advantages of DeFi is that it is accessible to anyone, regardless of their location or financial status. DeFi platforms do not require users to go through the same vetting process as traditional financial institutions, making it easier for the unbanked to access financial services.

In summary, DeFi is a new concept in the world of cryptocurrencies that seeks to create a more inclusive and accessible financial system. By eliminating intermediaries and using smart contracts, DeFi applications provide a range of financial services to anyone with an internet connection and a compatible cryptocurrency wallet. The open-source nature of DeFi platforms has led to a proliferation of applications, each offering unique features and services to users.

A. Provide a clear explanation of what DeFi is and how it differs from traditional finance

DeFi, short for Decentralized Finance, is a new concept in the world of finance that uses blockchain technology to create a decentralized financial system. Unlike traditional finance, which is centralized and controlled by banks and other financial institutions, DeFi is built on a decentralized network of computers, known as a blockchain.

At its core, DeFi seeks to eliminate intermediaries and allow people to transact directly with each other. This is achieved through the use of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts allow for the automation of financial transactions, removing the need for intermediaries such as banks, brokers, or lawyers.

In contrast, traditional finance relies heavily on intermediaries to facilitate financial transactions. Banks act as intermediaries between borrowers and lenders, charging fees and interest rates for their services. Brokers and lawyers also play important roles in facilitating financial transactions, often charging significant fees for their services.

DeFi applications offer a range of financial services, including lending, borrowing, trading, and insurance. These services are available to anyone with an internet connection and a compatible cryptocurrency wallet. DeFi platforms use a range of cryptocurrencies, including Bitcoin, Ethereum, and others, as collateral or payment for financial transactions.

In contrast, traditional finance is limited to national currencies, such as the US dollar, euro, or yen. Transactions are often subject to geographical limitations and require intermediaries to facilitate the transaction.

One of the key advantages of DeFi is that it is accessible to anyone, regardless of their location or financial status. DeFi platforms do not require users to go through the same vetting process as traditional financial institutions, making it easier for the unbanked to access financial services.

In summary, DeFi is a new concept in the world of finance that seeks to create a more inclusive and accessible financial system. By eliminating intermediaries and using smart contracts, DeFi applications provide a range of financial services to anyone with an internet connection and a compatible cryptocurrency wallet. The decentralized nature of DeFi platforms is a fundamental difference from traditional finance, which relies heavily on intermediaries to facilitate financial transactions.

B. Describe the key features of DeFi, such as smart contracts, decentralized exchanges, and tokenization

DeFi, or Decentralized Finance, is built on a decentralized network of computers, known as a blockchain. This technology enables the creation of financial services that are not dependent on traditional financial institutions or intermediaries. Here are some of the key features of DeFi:

Smart contracts: Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts enable the automation of financial transactions, eliminating the need for intermediaries such as banks, brokers, or lawyers. This feature is at the core of DeFi and is what makes it different from traditional finance.

Decentralized exchanges: Decentralized exchanges (DEXs) are platforms that allow users to trade cryptocurrencies without the need for intermediaries. Unlike centralized exchanges, which are owned and operated by companies, DEXs are run by a decentralized network of users. This means that there is no central point of control, making it more difficult for bad actors to manipulate the market.

Tokenization: Tokenization is the process of converting assets, such as real estate, stocks, or commodities, into digital tokens that can be traded on a blockchain. Tokenization allows for fractional ownership of assets, making it easier for people to invest in assets that were previously out of reach. This feature of DeFi is particularly exciting because it has the potential to democratize access to investment opportunities.

Lending and borrowing: DeFi platforms allow users to lend and borrow cryptocurrencies without the need for intermediaries. This is made possible through the use of smart contracts, which automate the lending and borrowing process. Users can earn interest by lending out their cryptocurrencies, while borrowers can access loans without having to go through a bank or other financial institution.

Overall, the key features of DeFi, including smart contracts, decentralized exchanges, tokenization, and lending and borrowing, offer a range of financial services that are more accessible and less reliant on traditional financial institutions. These features are transforming the financial industry and have the potential to democratize access to financial services for people around the world.

IV. DeFi for the Unbanked: Potential Benefits and Challenges

Decentralized Finance (DeFi) has the potential to bring significant benefits to the unbanked population. However, there are also challenges that must be addressed to fully realize these benefits.

Potential Benefits of DeFi for the Unbanked:

Financial Inclusion: DeFi can provide financial services to people who are currently excluded from traditional banking systems. This can include individuals in remote or underserved areas, those who lack identification or formal employment, and those who are unable to meet the high fees and requirements of traditional banks.

Lower Fees: DeFi can offer lower fees compared to traditional financial institutions. This is due to the elimination of intermediaries and the automation of financial transactions through smart contracts.

Faster and More Efficient Transactions: Transactions on DeFi platforms are processed faster and more efficiently compared to traditional banking systems. This is due to the use of blockchain technology, which allows for instant verification and settlement of transactions.

Greater Control: DeFi platforms allow users to have greater control over their finances. Users can manage their assets directly without relying on a centralized authority, and can choose from a wide range of financial products and services.

Challenges of DeFi for the Unbanked:

Lack of Access to Technology: One of the main challenges of DeFi is the lack of access to technology in some areas. Many DeFi platforms require internet access and a smartphone or computer, which can be difficult for people in remote or underserved areas to access.

Limited Financial Literacy: Many people in the unbanked population may not have the financial literacy skills required to navigate the complex world of DeFi. This could result in them making poor investment decisions or falling victim to scams.

Volatility of Cryptocurrencies: DeFi platforms typically operate using cryptocurrencies, which can be volatile and subject to significant fluctuations in value. This can pose a risk to users who are not familiar with the cryptocurrency market.

Regulatory Uncertainty: DeFi operates in a regulatory grey area in many jurisdictions, which can pose a challenge for users who are unsure about the legal status of DeFi platforms and transactions.

Conclusion:

DeFi has the potential to provide significant benefits to the unbanked population, including financial inclusion, lower fees, faster and more efficient transactions, and greater control over finances. However, there are also challenges that must be addressed, including limited access to technology, limited financial literacy, volatility of cryptocurrencies, and regulatory uncertainty. To fully realize the potential of DeFi for the unbanked, it is important to address these challenges and work towards creating a more inclusive and equitable financial system.

A. Discuss the potential benefits of DeFi for the unbanked, such as access to financial services without a need for a bank account, lower transaction fees, and greater financial privacy

Decentralized Finance (DeFi) has emerged as a potential solution to the problem of financial exclusion for the unbanked. By leveraging blockchain technology and smart contracts, DeFi platforms offer a range of financial services and products without relying on traditional banking institutions. Here are some potential benefits of DeFi for the unbanked:

Access to financial services without a need for a bank account: DeFi platforms offer a wide range of financial services and products, such as savings accounts, loans, and insurance, without requiring a traditional bank account. This can be particularly beneficial for people in remote or underserved areas, where traditional banking services may be limited or unavailable.

Lower transaction fees: DeFi platforms often have lower transaction fees compared to traditional financial institutions. This is due to the elimination of intermediaries and the automation of financial transactions through smart contracts.

Greater financial privacy: DeFi platforms offer greater privacy compared to traditional banking institutions. Transactions on DeFi platforms are pseudonymous, meaning that users can transact without revealing their real-world identity. This can be particularly beneficial for individuals who wish to keep their financial activities private.

Financial innovation: DeFi platforms are often at the forefront of financial innovation. DeFi projects are constantly developing new financial products and services that can cater to the specific needs of the unbanked population. For example, microfinance projects can provide small loans to individuals who would otherwise be unable to access credit.

Open access: DeFi platforms are open to anyone with an internet connection and a smartphone or computer. This can provide greater access to financial services for people who are unable to meet the high fees and requirements of traditional banks.

However, it is important to note that there are also challenges associated with DeFi for the unbanked population. These challenges include limited access to technology, limited financial literacy, volatility of cryptocurrencies, and regulatory uncertainty. Nonetheless, DeFi has the potential to provide significant benefits to the unbanked population and create a more inclusive and equitable financial system.

B. Address the challenges that must be overcome for DeFi to truly benefit the unbanked, such as lack of internet access, technological literacy, and regulatory barriers

While DeFi has the potential to provide significant benefits to the unbanked population, there are several challenges that must be overcome for DeFi to truly benefit the unbanked. Some of these challenges include:

Lack of internet access: Access to the internet and a reliable smartphone or computer is essential for accessing DeFi platforms. Unfortunately, many individuals in underserved or remote areas do not have access to the internet. This limits their ability to participate in DeFi platforms and benefit from the services and products they offer.

Technological literacy: DeFi platforms can be complex and difficult to navigate for individuals who are not familiar with blockchain technology or smart contracts. This limits the ability of the unbanked population to participate in DeFi platforms and benefit from their services.

Regulatory barriers: DeFi is a relatively new and unregulated industry. This can create uncertainty and risk for individuals who wish to participate in DeFi platforms. Regulatory barriers and uncertainty can also limit the ability of DeFi platforms to reach the unbanked population.

Volatility of cryptocurrencies: Many DeFi platforms rely on cryptocurrencies as a means of exchange and as collateral for loans. However, cryptocurrencies can be volatile and subject to significant price fluctuations. This can create risk for individuals who wish to participate in DeFi platforms and can limit their ability to benefit from DeFi services.

To truly benefit the unbanked population, these challenges must be addressed. Initiatives such as expanding internet access, providing education and training on blockchain technology and smart contracts, and establishing clear regulatory frameworks for DeFi can help to overcome these challenges. Additionally, stablecoins and other cryptocurrencies that are designed to reduce volatility can provide greater financial stability for individuals who wish to participate in DeFi platforms. Ultimately, by addressing these challenges, DeFi has the potential to provide significant benefits to the unbanked population and create a more inclusive and equitable financial system.

V. Case Studies: DeFi Projects Making a Difference

DeFi has the potential to bring financial services to the unbanked population and provide greater financial inclusion. Several DeFi projects have already started making a difference in this regard. Here are some case studies of DeFi projects that are making a positive impact on the lives of the unbanked:

Aave: Aave is a decentralized lending platform that allows users to borrow and lend cryptocurrencies without the need for an intermediary. This can be particularly useful for individuals who are not able to access traditional banking services. Aave has partnered with organizations such as Ghanaian nonprofit Celo and Filipino remittance firm Coins.ph to bring DeFi services to underserved populations.

MakerDAO: MakerDAO is a decentralized lending platform that allows users to borrow the stablecoin Dai by locking up other cryptocurrencies as collateral. This can provide individuals with greater financial stability and access to credit. MakerDAO has partnered with several organizations to bring its services to underserved populations, including a partnership with blockchain startup Wyre to provide access to Dai in Latin America.

Grameen Foundation: The Grameen Foundation is a nonprofit organization that works to provide financial services to underserved populations. In partnership with blockchain startup ConsenSys, the Grameen Foundation has launched a pilot project in the Philippines that uses blockchain technology to provide financial services to rural farmers.

Bitso: Bitso is a Mexican cryptocurrency exchange that has partnered with the Mexican government to provide financial services to individuals who do not have access to traditional banking services. Bitso has also launched a debit card that allows users to spend their cryptocurrencies at any merchant that accepts Visa.

These case studies highlight the potential of DeFi to bring financial services to underserved populations and provide greater financial inclusion. By partnering with nonprofits and government organizations, DeFi projects can reach a wider audience and make a meaningful impact on the lives of the unbanked.

A. Highlight examples of DeFi projects that are already making a difference for the unbanked, such as micro-lending platforms, remittance services, and stablecoins

DeFi projects are already making a difference in the lives of the unbanked population. Here are some examples of DeFi projects that are providing financial services to underserved populations:

Micro-lending platforms: Micro-lending platforms such as Compound and Aave allow individuals to borrow and lend cryptocurrency without the need for an intermediary such as a bank. This can be particularly useful for individuals who are not able to access traditional banking services. These platforms use smart contracts to enforce the terms of the loan, ensuring that borrowers and lenders can transact with each other in a trustless environment.

Remittance services: DeFi remittance services such as Chainlink and Stellar allow individuals to send and receive money across borders without the need for a traditional remittance provider. These services can be particularly useful for individuals who are working in other countries and need to send money back home to their families. By using cryptocurrency, these services can provide lower transaction fees and faster processing times than traditional remittance providers.

Stablecoins: Stablecoins such as Dai and USDC are cryptocurrencies that are pegged to the value of a stable asset such as the US dollar. This provides individuals with a stable store of value that they can use for transactions and savings. Stablecoins can be particularly useful for individuals who live in countries with high levels of inflation or who do not have access to stable currencies.

These examples demonstrate the potential of DeFi to provide financial services to underserved populations. By using blockchain technology and smart contracts, DeFi projects can provide greater financial inclusion and empower individuals to take control of their financial lives. As DeFi continues to evolve, we can expect to see even more innovative solutions that address the needs of the unbanked population.

B. Discuss the impact these projects are having on financial inclusion and social mobility

DeFi projects are having a significant impact on financial inclusion and social mobility. By providing access to financial services without the need for a traditional bank account, DeFi projects are breaking down barriers that have historically prevented underserved populations from accessing the financial system.

Micro-lending platforms, for example, allow individuals to borrow and lend cryptocurrency without the need for a bank. This can be particularly impactful for individuals who live in countries with limited access to traditional banking services. By providing access to credit, these platforms can help individuals start businesses, invest in education, or improve their homes.

DeFi remittance services also have the potential to significantly improve financial inclusion. By allowing individuals to send and receive money across borders without the need for a traditional remittance provider, these services can reduce the cost and time required to transfer money. This can be especially important for individuals who live in countries with high remittance costs or who need to quickly transfer funds to support family members.

Stablecoins, which are cryptocurrencies pegged to the value of a stable asset such as the US dollar, can also have a significant impact on financial inclusion. By providing a stable store of value, stablecoins can help individuals in countries with high levels of inflation or who do not have access to stable currencies to protect their savings and engage in economic activity.

The impact of these projects extends beyond financial inclusion, as greater access to financial services can also lead to increased social mobility. By providing access to credit and other financial services, DeFi projects can help individuals build wealth, start businesses, and improve their economic prospects.

Overall, DeFi projects are helping to bridge the gap between the banked and unbanked populations, and are having a significant impact on financial inclusion and social mobility. As these projects continue to evolve and become more accessible, we can expect to see even greater improvements in the lives of underserved populations.

VI. Conclusion

DeFi has the potential to be a game-changer for the unbanked, providing access to financial services and opportunities that were previously out of reach. By leveraging blockchain technology and eliminating the need for traditional banks, DeFi projects are breaking down barriers to financial inclusion and social mobility.

While there are certainly challenges to be addressed, such as lack of internet access and regulatory barriers, the potential benefits of DeFi for the unbanked are clear. Micro-lending platforms, remittance services, stablecoins, and other DeFi projects are already making a difference, helping individuals start businesses, invest in education, and protect their savings.

As DeFi continues to grow and evolve, we can expect to see even more innovative projects that address the specific needs of underserved populations. With greater access to financial services, individuals and communities around the world will have the tools they need to build a brighter future.

Overall, DeFi represents a significant step forward in the quest for financial inclusion and social mobility, and its potential impact cannot be overstated. As more people become aware of the benefits of DeFi and more resources are dedicated to its development, we can look forward to a more equitable and accessible financial system for all.

A. Summarize the potential of DeFi to be a game-changer for the unbanked

DeFi has the potential to revolutionize financial services for the unbanked, providing access to opportunities that were previously unavailable. By leveraging blockchain technology and eliminating the need for traditional banks, DeFi projects are breaking down barriers to financial inclusion and social mobility. Although there are challenges to be addressed, such as lack of internet access and regulatory barriers, the potential benefits of DeFi for the unbanked are significant. Micro-lending platforms, remittance services, stablecoins, and other DeFi projects are already making a difference, helping individuals start businesses, invest in education, and protect their savings. As more people become aware of the benefits of DeFi and more resources are dedicated to its development, we can look forward to a more equitable and accessible financial system for all.

B. Emphasize the importance of continued innovation and collaboration between DeFi projects, governments, and NGOs to truly unlock the potential of DeFi for financial inclusion.

In order to truly unlock the potential of DeFi for financial inclusion, it's important that there is continued innovation and collaboration between DeFi projects, governments, and NGOs. The challenges faced by the unbanked are complex and multifaceted, requiring a variety of solutions that work in tandem to create a more accessible financial system. DeFi projects can provide the technological backbone for these solutions, but they need support from other stakeholders in order to truly make a difference. Governments can help by creating regulatory frameworks that foster innovation while also protecting consumers. NGOs can play a crucial role in providing resources and education to help people understand the benefits of DeFi and how to use it effectively. Ultimately, it will take a concerted effort from all parties involved to create a financial system that truly serves the needs of everyone, regardless of their background or circumstance. By working together, we can build a more inclusive and equitable financial future for all.