Challenge #2 Diving in DEFI world @steemitblog
what is Decentralized financial (DEFI)?
I would start by drawing your attention to some few years back before the inception of crypto currency (blockchain technology) you will quite agree with me, the financial system was controled by what is called centralized financial sectors, where there would be an intermediate party such as either a bank or some government officials monitoring all basic transaction between a sender and a receiver, transactions back then was pretty slow with lots of procedures that would be required for any user to make any basic transaction, confidential documentation is necessary for a user to have an account in the centralized financial sectors which actually takes several days to be approved and verified.
A dive into decentralized finance (DEFI)
Decentralized finance simply put is the opposite of centralized finance.
With these simple term you will quite understand what defi is all about it available features are to tackle limitation encountered in the centralized system.
Such as giving a user leverage to control his financial asset without the interference of third party interestinly transaction done on decentralized network are quite anonymous in some blockchain project these control given to users have made the adoption of decentralized system to be experiencing exponential growth in these present days.
With decentralized finance system giving users globally to create and manage their account using simple step without the use of formal documentation has given users a clear understanding of what decentralized system has to offer it users.
Hope these articles will give you an in-depth understanding of what decentralized finance is all about, and give you some tips about diving into decentralized finance system.
#steemit #steemcryptochallenge #onepercent #nigeria #steemcurator01
@steemit @steemcryptochallenge @onepercent @nigeria @steemcurator01 @crypto.piotr @project.hope @steemblog
https://twitter.com/Amosjoseph01/status/1312934428038049792?s=19
#onepercent
From this DEFI we can get financial freedom very easily.
We get loans fir our needs very easily ,in very low time . As like banks loans there is no documentation needed.
This platform helping a lot for users for their needs.
Nice post from you.
Have a great day ahead.
#twopercent #india #affable
Nice feedback thanks much defi is here to make financial sectors much more secure and easy.
Hope for that.
#twopercent #india #affable
Hello @mccoy
I appreciate your explanation on DeFi. It's easy to understand for me. The advantages of a DeFi like steemit is also very interesting. I have a slight challenge though, I really get worried some times about these transaction not being controlled. I hope it's not going to be a pitfall in DeFi.
Nice post. Thank you for sharing.
#onepercent #nigeria
Thanks for stopping by appreciate your feedback I'm glad you enjoyed the post.