DECENTRALIZED FINANCE ECOSYSTEM (DEFI)

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In fact I was really excited when this topic was given as a Task by @gbenga.
I recently made a business transaction with a client having got some goods, but the transaction was delayed for over 8 hours until the payment was successful, whereas two days ago I made a Blockchain transaction, which was successful in seconds.

What is DEFI

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A Decentralised Finance ecosystem also known as "DEFI" is a finance system that's totally based on the Blockchain and totally different from the regular financial institution like banks, mortgages and etc.

DEFI Ecosystem

Regular financial institutions like banks and the others, could sometimes take hours and in some cases days to process some transactions due to certain level of permission and so, but the DEFI Ecosystem do not require third parties, intermediaries or special permissions to process transactions, the Blockchain has really come to turn things around and mostly in the world of finance.

Another amazing features of the DEFI is that it gives the users access to freely interact with the Blockchain ecosystem, and on top of that maintain full control over their assets.
But in order to access the DEFI service at all time and be on top of your game, the internet is always required.

Trust Wallet

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A Blockchain mobile wallet that provides full security systems, that makes it quite easy to save your cryto-curreny in, and it's for Ethereum ERC223/ERC20.

Creating a new wallet account

Creating a new wallet account, is not cumbersome, but first you need to download the trust wallet app, either through Google Playstore or Applestore, depending on your kind of mobile device.

Launch the App

Having downloaded the app, next thing is you launch the app, which in turns displays the option to "create a new wallet" , then click on this option.

Agree to terms and conditions

The next window, as showed in the image below, has a box you would have to check or click on in order to accept the terms and conditions.

Back up Your wallet/Recovery Passphrase

This is the most crucial part on your owning an account, because you will be given 12 words/passphrase, which is a key in order to have access to your token or wallet.

meanwhile you will see a window first which says "back up your wallet now", and this serves as a reminder before the next window with the Passphrases.

Note that it must be written serially exactly the way you were given, never screenshot, just write it and save it in an important place no one can access, because if someone has those keywords, you could loose your tokens.

Having done this, you're now a bonafide owner of a Blockchain wallet.

conclusion

The DEFI ecosystem is sure to b ING a total revolution in the world of finance, and it's high time everyone join the DEFI world.

One must also put into cogniciance that's there are lots of scammers in the cryto-curreny world as well, and we need to be careful at all time with our assets to avoid any form of regrets.

image screenshot on trust wallet were taken with my phone.

Thanks