DEFI In Simple Words

The crypto market is so big now that it is beyond your imagination. This world is a well whose depth is endless.

DEFI is currently the most talked-about issue in the crypto market. DEFI is complete from decentralized finance; you can guess the type from the name. Put, finance or financial activities do not require any banking or exchange or any other broker; only blockchain's smart contract is performed. Simply, some of the codings can be done in the form of transactions or their surrounding activities. For example, if you send a large sum of money to someone, how do you send it now?

If you want to do this, you have to send it to an account, which will monitor the company's management. In DEFI, there is a unique hash ID from which you can see the details of the transaction's data.

Several crypto firms have been working on it for a long time, but its popularity had multiplied since the beginning of Pandemic last year. DEFI applications, abbreviated as DAPPS, are cryptocurrencies based on DEFI, which is truly admirable. E.g.

1. Mainly, the owner will be able to control his crypto

2. Works speedy and open-source coding (if you know the hash number, anyone can see the data)

3. Not centralized; you don't need permission or legalization from someone like banking transactions.

DEFI projects have opened up all the beards that people may not have thought of before. Enayet said about Sir's NFT; this works based on NFT and DEFI protocol. It felt that in the future, people would no longer have to rush to the bank for a loan, or lending money can be done in an easier and faster way.

Special Note: It's a small summary of the DEFI ecosystem; it's hard to cover all the system and information, so we'll come later to discuss more DEFI ecosystem.

Posted Using LeoFinance ^Beta