The world of finance as we know it has not changed for a considerable stretch of time. Maybe, the way we access it has changed from simple papers to smartphones, but the entire ecosystem has remained constant. Banks have exercised power over our funds, and transactions take a long tim
The world of finance as we know it has not changed for a considerable stretch of time. Maybe, the way we access it has changed from simple papers to smartphones, but the entire ecosystem has remained constant. Banks have exercised power over our funds, and transactions take a long time to get executed, even during the era of superfast Internet.
The delay can be attributed to the intermediaries involved in executing the transactions. In other words, The responsibility of executing these transactions lies with centralized institutions like banks.
With the birth of Bitcoin, the concept of banks has been partially rendered obsolete. This currency can exist without a bank and purely as a digital entity. While this can be seen as a small flicker, efforts have been on the way to reinvent finance, and this new financial ecosystem will not have any centralization or intermediaries. This new type of finance is called decentralized finance, commonly abbreviated DeFi.
What is DeFi?
DeFi(Decentralized Finance) is an ecosystem of different applications designed to operate on the blockchain and execute almost all operations that can be considered necessary for today’s financial world. The operations include but are not limited to transactions, exchange, lending and borrowing, and even purchase of commodities.
DeFi projects are changing the way we’re interacting with digital funds. We’re taking real money and transforming them into digital assets that can be used in blockchain-powered applications. Anyway, as much as we want to think that the cryptocurrency world is one that is separated from the actual real-world, it is not. Otherwise, why are you checking the USD price of your tokens?
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