Understanding the DeFi Environment - Facing the Robinia Project (Part Two)
Hello community, today I will share a post a little different than usual, as part of the promotion that we are doing from Project Hope to Project Robinia, I started with a series of publications in which I intend to share formative information that allows users in general to understand what is Decentralized Finance (DeFi), and also can start the way in this wonderful, new and profitable financial environment.
As I explained previously in the first Part of this series of posts, in order to enter the Pool or Farm within any DeFi environment (using PancakeSwap as an example, and contemplating that RobiniaSwap will be similar), it is necessary that we learn to use Metamask Wallet, which first emerged basically to be used in the Ethereum network, but later was added the possibility of adding other networks and allow us to save our funds in it, regardless of the network.
The Binance Smart Chain network has been working for about a year, and has been very well received by many projects, because it works very well, it allows to create different projects and the commissions are very low, compared to what it costs in the Ethereum network. For example, we can pay 0.2$ in BSC for a transaction, when in the Ether network it can be up to 100$ or more...
For this reason I made a very simple video, in which is clearly the process to download the Metamask Wallet as an extension on your PC, as well as how to add the BSC network and how to add tokens in it. Below is the video:
To download the Metamask Wallet, click here:
https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn/related
To find the data and to be able to add the Binance Smart Chain network, here:
https://academy.binance.com/es/articles/connecting-metamask-to-binance-smart-chain
To search for contracts and general information on any currency:
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Greetings friend @josevas217, excellent ex'licaqtion on how to download and install metamask, plus how we can add the Binance Smart Chain network, I hope you continue to share relevant information about DiFi in your next article.
That is the idea @carlir, to be able to guide in this aspect. Of course, I will continue to share content about it.
What a great "tutorial" @josevas217.
with some delay on my part I am paying attention to this information that you share with us in your different publications about this project.
See you
The idea is that in a few days, when this series is finished, anyone can start DeFi. I hope that
greetings friend @josevas217, the truth I have almost a week using that wallet for the game NFT plant vs Undead, but if I'm honest I do not understand very well how things work, I know it is redeemable with the currency of Binance, greetings
You have to be open-minded, and you learn these things little by little. Don't worry.
Greetings friend.. Reading your second post on robinia swap actually shade more light to my ignorance concerning the project. I think the post is innovative..
It's a process, but I think it's worth it, the truth is that you can take advantage of DeFi.
Hi @josevas217
I could never understand why transactions in the Ether network are that expensive. Any idea?
Hi @crypto.piotr
For some reason the operating costs charged by Ethereum miners is previously set up to charge a lot, it's been that way since it came into existence. Apparently this is part of what they are going to change the new Ethereum, because it is TOO EXPENSIVE. I stay away from that blockchain basically for that reason.
@crypto.piotr,
Ethereum Blockchain is Proof of work Blockchain while BSC is proof of stake. Only few validators controlled by BTC validate transactions in BSC but in Ethereum a transaction is mined like its in Bitcoin Blockchain... a Block will fill up with transactions that need to be verified by miners who validate it using computing power by solving complex mathematical equations.
That's why... very low throughput in Ethereum TPS... might change with transition to ETH2 where proof of stake methodology to validate transactions happen...
Also in Ethereum ... nodes takes all past transaction data so its heavy, transactions don't happen parallel kind, with shading it will...anyway.
Point of issue for people with BSC is its centralised with few validators controlling the network, and all of them under the control of Binance...anyway!!
I love Ethereum for its a legend in introducing smart contracts but had blow fuse many times because of transaction fees... I use Polygon and did some DEFI there for a start, not explored much of BSC yet.
I just had a chance to read your reply @mintymile
Thanks for being so responsive and for taking the time to write your response. Knowing that you read comments makes me want to check out your publications and share my thoughts :)
Have a great weekend ahead of you,
Piotr