Diving In Decentralized Finance With Some Research And Interest | @abdt

Assalamualaikum beautiful people, welcome to my participation in #steemcryptochallenge.

Source

Second task of #steemcryptochallenge is little harder for me, because of my less knowledge about DeFi. But when I started research on this, I was understanding it easily. I just hope I can share that piece of knowledge with you, from my research.

What is DeFi?

This word have a grand description or answer, because this is not just a single word, it is a world. If we want to define it then we can simply say that "Defi is a world in which applications by public distributed ledgers are united to give more facilities in permission less financial service." It is not too easy to understand for me, seems something new.

In simpler terms, it's financial software built on the blockchain that can be pieced together like Money Legos.
Source

Decentralized finance is pure system which is full of facilities for common person to the high level person, as well as it is same for poor and rich.

DeFi is not just based on any dApp or website, but it is based on Decentralized Applications (dApps) or protocols. It is a great attempt to decentralize core financial use. It provides us a great facility of peer to peer financial networks on dApps. This means a lot.

Total Value Locked (USD) In DeFi
_{Screenshot of defipulse.com}

I was surprised to get introduced with DAI through DeFi, I did read the fuel keeping DeFi running is DAI and ETH.

What makes me excited about DeFi?

It is contain all the benefits of DeFi, and those are not forget able. First of all it allows us to connect with third party without any issue of social status. We have our full control on our money, there is no entry of any third party user. Personal interests controlled by a transparent protocol. DeFi favors network effect, this is more safe for our balances. Cryptocurrencies is most liked in now a days, and DeFi is based on cryptocurrencies.

Example Of Best DeFi application:

Compound is the best example to explain DeFi with ease. It is easy to build a community for users, by developers on "compound". The developer can handle and control the community easily on "compound", with lot of facilities provided in "compound".

DeFi Have A Bright Future:

In most of people it have a bright and white future with some additions of security. Because some people still take look on negatives, like the money sent to anyone not wanted, can not be refund and there are some other negatives to say no to DeFi. But it have a bright future for the type of users who is really happy after using facilities provides by DeFi. And the users are increasing day by day, because the first great facility a user wants, full control on balance and this is the great facility for all types of users. That's why people are taking more interest in DeFi, and more and more DeFi applications are built every day. Also you have seen the value locked in DeFi at the time of writing of this article, which is increasing day by day. These all things are strong reasons for a bright future of Decentralized Finance.

The article contain a solid research on DeFi, and it is done completely by me. I have shared the knowledge I have discovered about DeFi, and the article took my 1 hour to be complete. I will keep my research on DeFi and I will share with you. I wish for a win with my research.
Thank you all for reading.
@abdt!
CC:
@steemitblog
@steemcurator01
@steemcurator02