DE-Fi In a nutshell

in #leofinance3 months ago

Many times we go looking for Information about something and have so many words that we end up giving up on reading.
I felt it well when I looked for DE-FI, and so I will summarize for you in order to have simplified information and that you understand, at least I hope lol

(image taken from the internet)

DeFi stands for "decentralized finance" and is a new and more secure monetary system.

Decentralized finance refers to an ecosystem composed of financial applications developed on a blockchain platform. It allows the development of advanced and more secure financial instruments executed by "smart contracts" without the need for third parties to control your finances.

What is DEFI?

DeFi is the abbreviation for "Decentralized Finance". They are essentially protocols, financial tools and decentralized applications built on blockchain. It started with the Ethereum platform because it was the first company to implement smart contracts, which make this new financial trend promising and will continue to exist and change everything in the financial paradigm. These contracts are mainly based on agreements or modular structures for the creation and issuance of digital assets. These digital assets are autonomous computer systems written in open code that can generate actions between individuals on the blockchain, resist censorship and improve security and access. financial services.

It aims to promote and strengthen the negotiation or design of contracts to provide reliability in online transactions. Its main purpose is to allow unknown persons to do business over the Internet without central authorization.


What’s your favorite defi project?

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