WHY DEFI IS THE FUTURE.
Ever noticed the potholes in today's financial system?
The age and geographical barriers, excessive documents and personal details required, slow and high transaction fees?
Well, If you are tired of the traditional financial system just like I am, you will want to know more about Decentralized Finance.
DEFI is a short form of decentralized finance.
It is an ambitious attempt to decentralize core traditional financial use cases like trading, lending, investment, wealth management, payment and insurance on the Blockchain (Distributed ledger technology).
Financial transactions are directly between participants and not through a centralized intermediary such as the brokerages, Cryptocurrency exchanges and banks.
It utilizes smart contracts (self executing contract with the terms of the agreement between buyer and seller being directly written in lines of code) which are processed by Blockchain without a third party.
DEFI makes financial activities available to anyone with an internet connection.
It brought a lot of opportunities ranging from lending and borrowing money from others, trading cryptocurrencies, earning interest in a savings like account and many more.
The other day, I swapped my Cryptocurrency seamlessly and permissionlessly on one of the DEFI protocol I use which is UNISWAP.
DEFI is all about having a smarter and easier way to carry out financial operations.
It is not wrong to want a better financial services and getting started now is undoubtedly the right to do.
Good to have some introduction with simple words. I hope following posts will go into more details but still keep this easy to understand way to explain it.
By the way how much fees did you pay on uniswap the other day ? ;)
Posted Using LeoFinance Beta
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