DEFI: All you need to know
DeFi stands for Decentralized Finance. This is a term used to address financial applications built on the Blockchain.
In other words, DeFi is the “way” to bring traditional financial products to the decentralized “land”, on which, the need for third parties is eliminated (or minimized), transparency and safety are highly appreciated, and costs are reduced.
Currently, Ethereum is the platform with the most active DeFi applications. However, this is not the only Blockchain selected by applications; besides, there is also the Blockchain of IOST, EOS, TRON.
Main features of DeFi
Easy access: DeFi is an open system so anyone with a device connected to the Internet has easy access.
Interactability: Building the main bloc makes the interaction between blocks simpler. Then, a scalable ecosystem is created and becomes diverse over time.
Privacy: For CeFi, the provision of personal data is one of the required “steps”; however, DeFi is completely different. DeFi apps will be restricted to third parties (banks or organizations) so that users truly trust as they are the supervisor of their own assets.
Transparency: Data of activities on the market will be displayed on an equal basis for all participants.
Core benefits of DeFi
Real hierarchy: being exempt from censorship; allowing all social classes of life to participate, and having trusted third parties
Low cost, fast transactions, and non-fraudulent contracts: Using blockchain as the foundation
Users have full control over their assets without third parties: DeFi allows users to own private keys
Increased transparency: minimizing risks which originate from personal gain or misinformation
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