Like me, many of you are trying to wrap your head around the DeFi space.

So, I’m starting an educational thread to cover the basics. I’ll add to it regularly and try to keep it as simple as possible.

Feel free to reply below if there’s anything specifically baffling you.

What is DeFi?

Decentralized Finance is simply a catch-all for the universe of financial products that operate on the blockchain network, outside the control of traditional (central) intermediaries such as banks. It is global & open to anyone with internet connection.
1/4 To understand DeFi, you first need an understanding of what a blockchain is. Blockchain technology is the base on which decentralized finance operates. In simplest terms, a blockchain is a public digital ledger. Ledgers record transactions details.
2/4 Blockchains are distributed ledgers, not traditional centralized ledgers. This means that any & all changes or transactions are automatically synced & shared publicly with participants across all nodes of the network. This greatly lowers susceptibility to fraud & cyber attack
3/4 Info stored on the blockchain is, “cryptographically secured”

Fancy word, I know. It essentially means that transaction details remain secure & anonymous. Encrypted data can’t be deciphered by unauthorized readers, but the intended recipient can receive & view the info
4/4 The word crypto originated in Ancient Greece & means, “hidden secret” ..makes sense when u dive into the encryption aspect of blockchain. It’s nearly impossible for unintended parties to decipher randomly generated #’s used to share transaction details w/ the proper recipient
DeFi encompasses quite a few products that you may or may not be familiar with:

- Currencies (such as bitcoin & ether)
- NFTs (non-fungible tokens)
- Stable coins
- Utility tokens
- Protocol tokens
- Natural asset tokens

and more
Another important note:

bitcoin and ether are the two most popular cryptocurrencies.

- Bitcoin is the name of the blockchain network itself, & bitcoin (or BTC) is the currency/unit

- Ethereum is the name of the blockchain network itself, & ether (or ETH) is the currency/unit

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