Crypto Academy Week 7 - Homework Post for @Gbenga

Hello every one welcome to another homework task post for @gbenga one crypto professor, this is week 7 now which is one month and 3 weeks and i have learnt a lot by participating in this tasks and i hope you have too.

This week our professor @gbenga wrote about Defi and Yield Farming if you want to read our professor article click this link any way let's dive into this week task.

In the homework task our professor stated that we have to write about Decentralized Finance ecosystem as well as a Project or Protocol in the Ecosystem so join me as I write about it starting with what is Decentralized Finance ecosystem.

Decentralized Finance Ecosystem

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All right, so the basic concepts of decentralized finance is to create all of these composable basic finance primitives that are implemented as smart contracts with some degree of decentralization. And one of the things we're going to be talking about today is what exactly does it mean to say some degree of decentralization? There is a balance to strike in how decentralized a platform is between fully decentralized, where no one has any control. And if something goes wrong, all of the funds go poof. As we saw with the Dow to somewhat decentralized with some governance overrides may be an escape hatch for when problems happen to shut down the smart contract and refund funds. And of course, not so decentralized when when there are effectively management keys that allow all of the functions of the smart contract to be overridden by a small number of parties. And there's all of the range in between. So that's the decentralized and DeFI. Of course, the five part means that this is primarily focused on financial products and that means lending, investing, borrowing, of course, saving, implementing various forms of currency tokens, non-functional tokens, various forms of asset backed tokens and things like that, crowd funding and crowd raising or fundraising mechanisms such as what they called token bonded curve's. Yes, that's the fancy term used in the Ethereum space. And for the most part, we're talking about DeFI as a function that has come out of the development of Ethereum.

But of course, Stiffy isn't restricted to Ethereum. Quite the opposite defines an entire industry. And the best way I'd like to describe defiance by contrast to CEfi. CEFI, of course, is centralized finance. That's when somebody else takes your money, abuses it to implement political favors in their benefits, and then charges you for the privilege of them holding your money. And perhaps if you're lucky, they give it back to you. Perhaps not, while enriching themselves unfairly in a parasitical co-dependent relationship with government. That's Cefi. So DEFI really can't fail unless it becomes Cefi because Cefi is already an incredibly damaging parasitic system that plagues our planet. So DEFI is an approach that is primarily focused on decentralizing the power dynamic. That's the real key here. Who has power over money and by decentralizing power of money, what opportunities does that give people to have better relationships with their money and not be exploited as well as how does that increase access to financial services by this intermediating all the gatekeepers that prevent and limit access to financial services, effectively banking the unbanked.

A Protocol in the Ecosystem

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Ankr is building a cloud computing platform that will utilize idle computing resources at edge devices and data centers. So a distributed computing platform where consumers will be able to access cloud resources far more affordably and enterprises will be able to monetize this computing power. They want to be a decentralized version of the large cloud computing services, such as Amazon's a Microsoft, Speziale or Google's cloud. However, there are also a number of other competitors to ankr in the block chain space. So what makes it so unique? In order to answer that, we have to take a closer look into the technology. What makes the network unique is one of the first to use trusted hardware to ensure security at enterprise levels that using Intel SGX as the main technology component, which allows for the execution of applications within the hardware itself.

This technology is more secure against certain hardware and software attacks since it processes certain executions inside the hardware. Of course, this could limit the number of users that are able to run a verification node on the network. This hardware ain't cheap, however. The ankr team is of the view that this will increase the security on the network as the monetary commitment could be a disincentive for malicious actors. So we'll have to see how this plays out. When it comes to the block chain itself, they use a proof of useful work consensus mechanism, essentially validating those will take part in block propagation on the network. The team hopes that by using these special nodes, quality of the network can be maintained and bad actors can be removed and will also utilize a reputation based system when it comes to choosing these validated nodes and in order to facilitate off chain data processing. There is a native Oracle system that transfers between the chain smart contracts and off chain data. Oh, don't worry if any of this is confusing to you. We've linked our complete review of the project below, if you'd like to look into it more. Now, in order to power the anchor network, the anchor utility token is used anchor will be used to pay for computing power to those who are provided.

Now, here is the slightly confusing part. There are actually three token types. Firstly, you have the 20 Berendt, which was issued on the Ethereum block chain, as well as a better version, which was issued on the finance chain. Then as of July twenty nineteen, you have the native Tolkan that was issued on the main launch. This is the token that is used to participate on the anchor network. All of these token types alive, although only the 20 and bet two tokens are traded on the open market. The team hopes that this could increase liquidity, although it does muddy the waters somewhat anyways and held an IPO back in September of twenty eighteen and they were able to raise about eighteen point seven million dollars in both private and accounts. This was in exchange for thirty five percent of the 10 billion tokens. Supply anchor tokens were sold at about zero point six cents in the public portion and zero point three cents in the private portion. So so far, a decent return on investment. So who is the driving force behind the project? The anchor team is made up of 60 members, many of whom are graduates of the University of California. They have a strong background in engineering and technical disciplines, and some have limited marketing experience, with a few who have successfully created and sold other businesses before joining.

This team has been quite busy working on the protocol, something that you can confirm by jumping into their GitHub repositories. There are also several partners and advisors who have provided commercial and entrepreneurial expertise to the project. Now let's take a look at the markets, shall we say, is currently listed on a number of different exchanges. This is probably as a result of having those two different Tolkan types being actively traded. The largest volume is currently taking place on finance. And there are healthy turnover levels on these order books, which bodes well for the liquidity of the token. So easy execution in terms of wallet support, that really depends on the type of token that you hold. 20 tokens can be stored in any wallet that supports Ethereum, whereas Becta can be stored in those that support B and B tokens. If you want to take part in the anchor network, then you will have to convert your 20 or bet to tokens into their native token. Currently, the only place that you can store this is in their proprietary wallet, which is available on windows. So what do I really think of the network? Well, distributed cloud computing is no doubt an interesting use case for block chain technology.

There is a large bank of idle resources that is just sitting unused at data centers and homes all around the world, I think is also a pretty unique project in the sense that they have also focused on a hardware solution to power the network, something that other block chain computing platforms have not. There is also a pretty strong team behind the project and they have been actively working on the protocol. Now, having said all of this, that are still a number of challenges that lie ahead, the project is still only in the initial stages and there are a number of other cloud computing block trends that are further ahead. These include the likes of AI and et cetera. Also, although that hardware solution is unique, it does exclude a large population of people from operating as a node on the network and hence could hamper decentralization. It'll be interesting to see how things pan out once they have fully released their protocol.

Conclusion
Defi it is obvious that the future will be better because defi will change the money has been managed over the past which has been terrible.

Best regards

Cc: @steemcurator01
Cc: @steemcurator02