GNOSIS Wallet and Decentralized Finance Ecosystem (DEFI)

Most of us will certainly have heard of DEFI at some point probably on the news internet or in the papers, but very few of us knows what exactly is DEFI??

WHAT IS DEFI

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DEFI stands for Decentralized Finance, and its goal is to recreate Traditional financial system in a Decentralized way, with the use of Blockchain and smart contract, for example it allows peer to peer lending and borrowing, without an intermediary with a seemingly fast, transparent, efficient and Honest manner.

Unlike Traditional finance system, the DEFI provides, sensorship resistance framework, open source, permissionless service.
Imagine lending or taking a mortgage without needing a bank, this can only take place in the DEFI Ecosystem.

In a nutshell, Decentralized Finance system is a replica of the traditional finance system, but with some twist and turns. The DEFI system has come to simplify the regular or traditional financial system, which I will call Centralised finance system, in order words the "CeFi".
The CeFi deal extensively on permission, lengthy wait time and so on, and I would rather say that in simple terms, the Decentralized Finance system is a direct opposite of the Centralised system.

The whole concept of Decentralized Finance originated from Bitcoin, unlike the Centralised finance, It was so easy to send bitcoin to any part of then gave birth to the likes of Ethereum and so the cryptocurrency journey began earnestly.

Majority of the DEFI dApps are built in the Ethereum space, because it is the most developed Ecosystem to write smart contract, and DEFI relies on Stable coin like "Dai, Tether etc.
The DEFI offers services like lending borrowing as well as Decentralized exchanges, where cryptocurrencies are traded for money or other types of cryptocurrencies.

Gnosis Safe/Wallet

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The Gnosis safe, is a blockchain based smart contact wallet that allow user to store Ethereum based token also known as ERC20 token and also allows the users the access to both save, trade and create digital assets.

Step to creating Gnosis Safe/Wallet

Step 1 Connect a Signer wallet

Before you can create a Gnosis Safe account, you must first connect a signer wallet , because Gnosis supports a vast range of signer wallets that can also be chosed to interact with the Gnosis Safe Multisig, but you must ensure to have some ETH on the wallet, because the deployment of this action will require some transaction fee.

Step 2 Select a name

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After selecting a wallet, then move onto the next process by clicking "Create New Safe", but first, choose a name for Safe Multisig, note that this name can only be stored in your computer and never shared with Gnosis.

Step 3 Choose signers

This is quite an important step because the addressee has the right to approve transaction, but you can later replace addresses.
The choose connected signer wallet of your choice is already added as a suggestion for the initial signer, and can also be changed later as well if you please.

Also bear in mind thats If you can't access enough signers in order to reach the threshold, you would not be able to recover your assets.

Step 4 Review and deploy Safe

Having carefully reviewed all parameters, then click on submit, the creation of your Gnosis Safe account and carefully follow the instructions on your screen to conclude your account creation..