Introduction & Invitation

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This is a warm welcome to you all readers on my post. My previous participation did not gone well, in the first week. But this time my try is to make this post as a winning post, with all my best as much I can.
I understand this topic and I am energetic this time that I can participate in this week challenge. Decentralized Finance and it's other relevant details will be coming up in the post below.
First of all I would like to invite @afshaan, @steemdoctor1, & @faran-nabeel to my post as well as to participate in this week's challenge by steemit crypto academy.
Correction of my mistakes and going through the answers of the challenge (the main) post.

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Explain in your own words the DeFi world Why is it important? Let's talk about it.

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Defi World

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Image Edited Using Canva

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There are two well known finances. CeFi(Centralized finance) & DeFi(Decentralized Finance). Decentralized finance is like an opportunity for users. Centralized means financial system which is in control of any authority. But we can say Decentralized Finance is opposite of centralized financial system.

What is DeFi?

To understand what decentralized finance is, we first need to understand how traditional finance works.

For example if someone has more money and he wants to earn extra money on it and so he keeps his money in the bank. And other is the one who wants to borrow money from the bank for some business etc. He borrows from the bank by pledging his property or anything. The bank that gave the money will give the money to him for business and will charge him high interest and will keep paying back the money from whom the money was taken but in small amount.

The bank plays the role of a trusted party between the two parties. And that's how centralized finance works. Now that we know how traditional finance works, it will be easier to understand decentralized finance. Where banks play the role in traditional finance, smart contracts play that role in decentralized finance.


Smart contracts that are 100% transparent are completely unlike banks. And follow simple rules. DeFi uses cryptocurrencies, such as Bitcoin, Ethereum, etc. in place of real-world assets such as gold, property.

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Why DeFi is Important

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There are a few reasons why DeFi is important. In centralized finance you can do whatever you want within a "limited area". While DeFi is the opposite. You can use it globally. KYC is mandatory in centralized finance. That is, they keep their customer data. While in DeFi it is not so mandatory.
Another thing is centralized finance, where you can't trace how and where your money was spent. All you have to do is make sense of your income. Whereas in DeFi you are aware of the full details of your money whenever you want.
DeFi is not just about lending and borrowing. It has various things and functions which are important in their place. Such as decentralized exchanges, derivatives, payments etc

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DeFi Vs Centralized Finance. Advantages and disadvantages, let's talk about them.

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Advantages of DeFi Instead of CeFi

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No third Party It's you!

The biggest advantage is that no third party has any control over what you can do, or want to do, on DeFi. And there is no intervention.


Borrow Easily
You can easily borrow money as per your requirement. This means that you do not have to face the same difficulties as when borrowing in traditional finance. That witnesses should also be required, and also keep your belongings as collateral and many more. Later they take the money back with extra. So similarly using DeFi you can borrow for any of your needs but easily, without facing the difficulties I just mentioned. Then you also have to pay extra money here at the time of return.

Easy to Access
It is quite easy to use. Compared to CeFi. You don't have to visit a broker, you don't have to stand in line somewhere and identify yourself. All you need is internet and mobile and you can access the DeFi.

Transactions Checking Authority
Here you can check your transaction. You have full control. Instead of CeFi you can locate your transactions through addresses. There are lot of Blockchains you can use mostly used Blockchain for your purpose.

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Disadvantages of DeFi

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Where we are talking about something that relates to technology. Its benefits and its uses are known, so how is it possible that it does not have some disadvantages as well? Following are some such disadvantages.

Not Easy To Use


It's kind of a technical thing. Far from the mind of the ordinary and above the ordinary. Because it has many complications. As such we have to convert our money into crypto to use it. And buying crypto is no child's play. It requires good research, good expert advice and things to know. The result is that it is almost difficult for a common man, and a common poor man, and a less understanding rich man. Because you have to be wise to use it.

Depends Only on Private Keys



One thing to access it is the private key, if we have that password then our account and money is saved. If that key moves even a little bit, we will be hanged and ruined. Because there is no other backup that can bring your money back.

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Give us your opinion about the future of DeFi.

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Future of DeFi:
I can't write much about its future but what I can say is that, there are many websites and those who want to increase their earnings are slowly turning to DeFi. And they have slowly started coming into it. Which will later have the advantage that users will also be more inclined towards DeFi. And will earn a good profit all together. It is also possible for DeFi courses to be run in countries and entire books to be printed that are incorporated into the curriculum. And it's also possible that D-Fi will gradually fade away. But the chances of the former are slightly higher.

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Have you used decentralized Exchange? Tell your experience and explain a Decentralized Exchange. Show screenshots.

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Little Bit About Decentralized Exchange

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It is a platform where users can trade cryptocurrencies using a non-custodial peer-to-peer market without the need for a third party to facilitate the transfer and custody of funds.

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SushiSwap

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As we discussed about centralized finance. So there are more than enough popular exchanges on it. Like Binance, Coin Market Cap etc. But this sushi swap is decentralized which I use sometimes. There are more besides. First of all, this exchange has all the features that you can locate all the transactions and also you can see its coding etc. Its main features are, you can earn by staking crypto, besides you can use convert tool in it. I use the convert tool the most. And let's go to the image which is the first step in which you have to link your wallet with it.

_{Screenshot of The main Page}

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Now link any of these wallets with the one you use. I use metamask wallet for linking. Different types of farming are also available here and apart from that you can also convert, migrate your crypto here.
This is the lending and borrowing section. Where you can lend your crypto assets, or borrow. But for both you have to connect your wallet first and then deposit some.
Once I deposited some crypto in my wallet, which one I have linked to SushiSwap. It will be shown. I used to convert MSU into DAI. All of steps here as follows.:

	Selecting the DAI to get.
Entering the amount.