Decentralised Finance Ecosystem And Major Protocols in The Ecosystem

In like manner which the existence of internet changed the global information sector, the Blockchain technology has brought about the rise of a financial global infrastructure, that will change the business world forever.

What is DEFI

Decentralised Finance also known as DeFi, is a digital financial concept in the Blockchain ecosystem with use of smart contracts unlike the traditional financial concept.

For instance, some days ago I was at a traditional bank to receive funds, but was delayed for several hours, due to some protocols meant to be observed as well as KYC.
I was later attended to but missed out on another appointment which caused me a whole lot.

DEFI Ecosystem (Decentralised Exchange and market place)

A Decentralised finance ecosystem do not require such sort of delays due to the Blockchain technology, and transaction are being made to anywhere in the world in a matter of seconds.

Decentralised Exchange is one that gives users in the platform the privilege to swap tokens with other assets without any interference of a custodian or an intermediary which is most unlikely with the Traditional finance platforms.

The advent of Blockchain technology and Smart contracts, has basically provided a financial institution concept with the absence of intermediaries, and making even complex transaction between parties that do not trust each other seamlessly easy, and these transactions goes beyond just mere end to end cryto-currency transactions.

Ecosystem in layman's terms is a platform or biological community with end to end interaction of organisms.

Now, talking about decentralized exchange, I'd describe it as a marketplace for cryptocurrency exchange, which gives room for a peer to peer trading platform without the absence of an intermediary operating in a decentralized manner.

Binance DEX

Binance DEX is a decentralized exchange, is created on a Tendermint core consisting of a really powerful Blockchain engine consisting network of nodes, where private keys are held and managed in your own wallet, providing a range of securites, ease of access and total freedom in controlling your assets.

Binance DEX is fully integrated in the Ledger Nano S as well as the Trust wallet. And Binance DEX is the future of greater ease with money.

How to Create A Binance DEX wallet Account

1. Go to Binance website

in order to begin the process of creating a wallet account, first, go to your web browser and type www.binance.org/en/

On the homepage, click on the "create wallet" button, then simply follow the steps.

2. Tutorial

Take a glance through various information containing various formats that can be used to access Binance chain wallet the click "next" to conclude.

3. Strong Password

You would have to provide a really strong password you can use to access your wallet at any time you please, but the password must contain a minimum of 8 characters which include uppercase letters, numbers and symbols.

Afterwards click on "download keystore button" and endeavour to save on a safe location, eg. USB device. etc.

4. Write out Mnemonics phrase

Endeavour to write the Mnemonics phrase in a safe place, if you create an account with a mobile device, make sure never to screenshot on you phone, but to write down, bearing in mind if you loose this Mnemonics you loose your account and funds in it for life.

5. Create wallet

Next step here, is arranging accordingly the words in the Mnemonics as you've properly saved it into the box you'd be given, after concluding this procedure, your wallet will be opened successfully.

6 Unlock your Wallet

Having concluded the first 5 steps, now you're ready to open your wallet using your keystore file and password, and having done this, you will be redirected to the exchange page where you will see trading pairs and etc.

Cheers.

Image credits

limechain

coingape

atomic wallet