Hello esteemed steemians. It's great to participate in this week's assignment given by the professor @gbenga. Well the professor is good in his educative format. Below is the answer to his homework task: Write on a Decentralized Finance Ecosystem as well as a Project/Protocol in the Ecosystem.

What Is Decentralized Finance

The short form of Decentralized Finance is (DeFi). We can say that DeFi is a collective difference of projects and apps. DeFi, being the most growing aspect in cryptocurrency platform and cryptocurrency coins being able to help create a decentralized storage of value that will separate it from all fiat currency from the government and as well creates financial instruments that are Decentralized and separate from traditional institutions that are cemtralized.

Do you know that DeFi has experienced rapid fast growth since early 2020 when being compared with the economy in general and this growth has made an awareness that there's a unique interest in DeFi amongst users in the crypto community, though those outside the community might not have heard about Decentralized Finance (DeFi)

Majorly, all Decentralized Finance platforms take the structure of decentralized apps which is known as DApps. DApps are being governed through a computer code that is naturally neutral and accesses lots of smart contracts in order to replace financial transactions, enable them faster, highly efficient and often low price rate compared to its centralized counterparts.

Benefits Of Using DeFi DApps
• It's permissionless, cause it's objective has always been to change the focus of relying on third parties, companies, institutions because of either serve space of storage too much insight.

• The amountand quality of transparency provided by DeFi is the difference. It has decreased the rate of financial scams on the internet platform there making people realize the really and fake users.

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CHAINLINK

Chainlink in the crypto-market has been known very well that it got lots of attention from DeFi companies and investors. Chainlink’s technology provided a solution and boosted the market for DApps whereby connecting blockchain contracts to world data, like delivery confirmation through the oracles
of blockchain connectivity. Chainlink started with its white paper that was published by 3 persons ( Steve Ellis,Sergey Nazarov & Ari Juels) in 2017.

Chainlink is created with an on and off chain modules that inter-connects and are upgradable. Do you know that for decentralization to be successful, you must retrieve data from multiple sources then also process it with multiple nodes. Now read carefully; the oracles are managed by a network of nodes that has a good performance with a good reputation that are always monitored progressively.

Chainlink technology is managed by Sergey Nazarov as the CEO of Smart Contract Chainlink Ltd. Chainlink has a very good successful partnerships that's established and has helped the platform numerously like Oasis Network and Google.

Benefits Of Chainlink
• Chainlink oracles are used on smart contracts for different uses.
• Chainlink enables faster connection on blockchains and payment systems like : SWIFT or PayPal.

How To Request & Receive Data
• The buyer calls the seller and specifies which Oracle he wants, the job ID, steps supported by the Oracle and relate the callback function the oracle used to forward response and the payment.
• Then LINK Token forwards the details in parameters with the payment to the specified Oracle for processing.
• The Oracle takes the request to the External API through parameters set by the buyer, then gets a response.
• The Oracle communicates to the buyer with the data retrieved from the External API, using the address then reach back the function specified in the original request

Conclusion

Wow, this lectures with the assignment really gave me a hard time Professor @gbenga. Pls I would like you to help explain further on chainlink so I would read it. You really taught well but I wished I could see you face to face for more lectures.