Crypto Academy Week 4 Homework Post for [@yohan2on]
This is my week 4 class in #cryptoacademy, Today I am trying to understand and explain the lecture of Professor @yohan2on.
Decentralized Finance
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Defi means decentralized finance. Because it involves crypto assets, there is no need for any third party to intervene. Decentralized finance is a form in which no third-party services are used.
Such as banks,
They are not included in the transaction. This requires agreements that are executed by code.
Maker
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Maker Decentralized is a protocol created on the Ethereum Blockchain It does not require a third party to transact. Its entire system works on smart contracts and it ensures their functionality. The maker is solely responsible for this. It manages the debt consolidation of two cryptocurrencies, DAI and Mekar, and manages the cost of debt.
Compound
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The compound is a DEFI organization created on Ethereum Blockchain. It lends and borrows to its customers. It does not interfere with or requires a third party to work on smart contracts. The borrower has to pay some interest on it. This is a very simple process in which you deposit in a crypto compound platform using which you get C tokens in return. This is a very simple system.
Synthetix
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This is a decentralized protocol created over Ethereum. It gives users the option to buy and sell tokens through the (PEER 2 PEER) facility. This is a platform that allows users to trade. This platform also provides a margin trading facility. Consumers want to trade short or keep it for a long time. From which he can see the fluctuations in his senses.
SNX is a governance token that you can use as a default user static Coin.
BZX
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BZX is also a decentralized organization. This is an organization created on Ethereum that allows you to automate the financial system of borrowing, lending, and margin trading without any third party. The work is done through contracts.
Uniswap
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Uniswap is a decentralized platform created on Ethereum Blockchain that allows us to exchange ERC20 tokens. It is designed to allow users to exchange platforms free of charge.
This is a simple tool that sets the prices for DEX token trades and plays a role in keeping them equal.
Hi @amjadsharif
Thanks for attending the 4th-week Crypto course and for your effort in doing the homework task.
Feedback/suggestions/corrections
You just tried. More effort is needed. You need to improve on your explanations. Endeavour to do enough research study in order to internalize the concepts clearly so that you can be able to explain in a clear way.
You had plenty of grammatical errors. You also need to improve in that area by running your article through the Grammarly web tool.
Homework task
3
Thank you sir @yohan2on.
How can i improve my grammar?
Thank you for suggesting to me I will try next time.
Respected @steemcurator02, my post is 5 days old and yet it has not been curated. Please upvote my post otherwise it will expire soon.
https://steemit.com/hive-108451/@mawattoo8/crypto-academy-week-4-homework-post-for-yohan2on