Homework Task 4: Introduction to Decentralized finance (DeFi) - A new Fintech Revolution (Part 1) | by @yohan2on

in SteemitCryptoAcademy3 years ago (edited)

Hello after doing research of two days I've got this article ready will I hope it will help you guys I know it's a bit long but now I can't delete anything from it I just saw there that it's bit long after finishing it so next time I will try to make a small definition in small explanation but I thought that everybody is explaining too short and I should try to explain it in a little bit detail  friend has right I have a little bit issues with a few tokens   that I don't have much information about them like I don't have much information about them So I spent two days on this and I hope that you guys will learn something from this thank you so much now  let's get into it




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Maker



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what is maker maker or mkr  is a governance utility in  recapitalization token  created by maker dao its primary purpose  is to underpin  maker dao's stable coin the dai  token and  enable governance  for the dai credit system the holders of  mkr become stakeholders  and therefore decision makers in the  broader maker  ecosystem distinct from fiat  collateralized stable coins that are  pegged to a currency like the us dollar  maker dow uses maker to balance dai   as prices fluctuate to accomplish this  maker tokens are created and destroyed  in response to dai  price fluctuations


Compound



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what is compound is a decentralized finance or defi   protocol  it is built on a system of accessible  smart contracts  built on the ethereum blockchain  compound allows lenders to provide  loans and borrowers to take them out  by locking their respective crypto  assets in the protocol  its native token comp enables users to  earn interest  transfer and trade their money comp  tokens are created each time a user  deposits their crypto assets into  compounds protocol  those users automatically receive the  comp equivalent  of the deposited currency as collateral  when making a  anyone can create comp using an ethereum  wallet  and any of the crypto assets that  compound accepts 




Synthetix



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well iam writing this it might be little long but its important for you to understand what it readily is that's why i am trying to give you basics and the whole story from the start now  what is the synthetics network built on  ethereum the synthetics network is a  token trading platform  established in 2017 the network has  plans to bring the same sort of  commodities  currencies stock trading and other  assets ruled by traditional financial  centers in hong kong  wall street and london into the  decentralized economic world of  cryptocurrencies  users of synthetics are able to use  erc20 tokens to bet on stocks  crypto assets currencies precious metals  and other financial assets the price of  real-world assets 


Uniswap



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this one is unique so pay focus about this one and you will learn many new things now   Uniswap was created as a trustless, decentralized financial exchange or DEX, which allows anyone  to take part in the financial transactions of Ethereum-based tokens, without a central  body or middle man.  It’s committed to giving users permissionless access to financial services with security  and immutability, and without the fear of discrimination or counterparty risk.  Staying true to the ideals of decentralization set out by Ethereum  Since it’s built on the Ethereum blockchain, using smart contracts, Uniswap replaces traditional  centralized market tools like exchange listings and limit-order books with automated and permissionless  liquidity pools



bZx



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decentralized margin Commerce and is  the  designed into any exchange the b0x  network builds on the rear of 0xs  advancements by introducing the power to  conduct margin commerce and margin  lending on a decentralized exchange  margin commerce is that the appliance of  borrowing from a broker within the sort  of short loans to buy stock margin  accounts modify a lot of Commerce  selections popular a lot of advanced  traders however they're out there with a  lot of risks within the current  cryptocurrency landscape margin commerce  is simply very doable on centralized  exchanges due to the shortage of  liquidity available on decentralized  platforms













Special regards;
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Cc: @steemcurator02
Cc: @steemitblog
Cc: @yohan2on




REGARDS


@akashhassan





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Hi @akashhassan

Thanks for attending my week 4 crypto course and for doing the homework task.

I have discovered that you got some content about Uniswap from the following site;
https://techplanet.today/post/what-is-uniswap

You also directly copied and pasted content about synthetix from the following site
https://getblockcard.com/currencies/havven

"and you did not reference any of that"

why did you directly repeat what I wrote in my article without referencing it?

Decentralized finance basically means the financial sector without the financial intermediaries call them “the 3rd parties” which include banks, brokerages, stock exchanges, etc. The Underlying power behind DeFi is blockchain Technology. Surely Blockchain technology is on the quest to decentralize everything that can be decentralized on this planet.

You are supposed to do your own research, explain creatively in your own understanding.

Plagiarism is Not Tolerated on Steemit

Hi @akashhassan

Thanks for attending my 4th-week crypto course and for your effort in doing the given homework task.

Corrections

Kindly breakdown your article into smaller readable paragraphs to make it easier for me to read.

hey sir thanks for reviewing y post i have done as you said i changed the paragraphs in to small parts now its easily readable

will you please reiew it again thanks

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