STEEM CRYPTO ACADEMY WEEK 4: HOMEWORK POST FOR @yohan2on – Introduction to Decentralized Finance (DeFi) – A new Fintech Revolution (Part 1)

Thank you @yohan2on for your week-4 lectures, it was really helpful, here is my homework task.

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Brief Explanation of some DeFi App
Maker
Maker is an Ethereum based decentralize network that allows anyone to lend or borrow Cryptocurrency without credit checks. It works by combining advanced smart contract with stablecoins that are pegged uniquely to accomplish this aim.
It is one of the first ever Decentralized Autonomous Organization (DAO) which solve the problem of volatility by making sure that DAI remain pegged with the dollar. It also provide the users with more security in terms of the project's resilience.
Compound
Compound is a Decentralized blockchain protocol which allows you to lend or borrow Cryptocurrency and also have a say in its governance with its native COMP token.
Compound works by supporting the borrowing and lending of a specific set of cryptocurrencies. Its working principle is like lending money to a bank, but with cryptocurrencies and blockchain protocol.
Synthetic
This particular Decentralized Finance app is an Ethereum based protocol for the issuance of synthetic assets. Synthetic assets are financial instruments in the form of ERC-20 smart contracts known as "synths" that track and provide the return of another asset and it does not make it mandatory for you to hold that particular asset.
How Synthetic work is that the synths uses decentralized oracles which are smart contract-based price discovery protocols to track the price of the asset represented, allowing you to hold and exchange synths as if you actually own the underlying assets.
bZx
This is a set of smart contracts built on Ethereum that allows people to lend and margin trade without having to rely on third parties. It uses a token system which is managed by smart contracts to help automate the process. It is decentralized, meaning that it is not controlled by any one company or group.
Uniswap

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This is a set of computer programs that run on the Ethereum blockchain and allows for decentralized token swaps. It works with the help of Unicorns.
Traders can exchange tokens on uniswap without having to trust anyone with their funds. Meanwhile, anyone can lend their funds to special reserves called liquidity pool, in exchange for lending money to these pools, they earn money. This is how Uniswap works.