The Tech Quiz - Season 35

Hello everyone,
It's your favorite Steemian @rakiya from Naigeria and I'm delighted to join in this contest organized by @malikusman1 in this noble community today. It's a wonderful contest and I love to share my participation in it.

Source

What is DEFI?

DEFI stands for decentralised finance. It is a technology that is used by some financial institutions which include the use of blockchain and cryptocurrency to perform transaction with the absent of an intermediary interfacing the affair of the transaction.

Unlike the the centralised where you have intermediate which cannas well interfer with the transaction going on within customers, the DEFI is a stand alone technology which eliminates all these issues making it stand alone to operate with their customers.

DEFI application are decentralised which means no third party involvement, it is also permissionless which means it can be access anywhere by anyone who has an internet service also it is an open source project which means communities can modify to their own test.

Share your favourite DEFI project.

Compound (CMP): This is a decentralised lending platform that enable users to lend or borrow cryptocurrency when registered with them and when you have a collateral that Worth's the amount of cryptocurrency you wish to borrow.

Source

Curve Finance (CRV): The decentralised platform that helps to provide traders or investors with liquidity and and trading strategies. Here you are educated on how to trade the financial market and you are also backed with enough liquidity to trade as much as possible.

Yearn.finance (YFI): Here this decentralised finance helps traders and investors to optimise the rate they are trading so as not to get them selves liquidated at any point and time.

What is the future of DEFI?

Seening how the DEFI projects are making ways in every sector and because of the lack of regulatory challenge, people get advantages of making quick money and keep trading and no much of tax imposing helping them to maximise the output they get.

Source

Since that is the case, I'm very sure that very soon most people will move to decentralised finance knowing that there are not toxic rules and regulations which is use in that field and also it is very beautiful because you can access this technology anywhere and it is very transparent such that you don't need to be scared of fraud as it is very protected.

I think the world will turn to DEFI technology in no distance time as it is the most trending and used as well in various part of the world today. If you haven't started on DEFI, you are missing a lot.

I want to invite @vickyson, @echuku, and @josepha to join the contest also.