WTF Is...#DeFi
π¦ Finance penetrates all areas of our lives, but traditional finance (TradiFI) often lacks transparency, accessibility and accountability.
π Decentralised Finance or simply 'DeFi' aims to solve these and other issues...but WTF exactly is DeFi? π
π¦ Finance penetrates all areas of our lives, but traditional finance (TradiFI) often lacks transparency, accessibility and accountability.
π Decentralised Finance or simply 'DeFi' aims to solve these and other issues...but WTF exactly is DeFi? π
In Traditional Finance today, people are forced to keep their money in banks and other centralized institutions, having very little control over how those assets are actually custodied and managed.
Enter #DeFi:
β’ Self-custody of your assets
β’ True digital ownership
Enter #DeFi:
β’ Self-custody of your assets
β’ True digital ownership
DeFi uses #blockchain technology to make sure there is no single party in control and no single point of failure.
Additionally, everyone with a device connected to the internet can interact with #DeFi 24/7 from any point of the world.
#DeFi banks the unbanked.
Additionally, everyone with a device connected to the internet can interact with #DeFi 24/7 from any point of the world.
#DeFi banks the unbanked.
While #Bitcoin pioneered the concept of decentralized digital money, smart contracts allowed to unlock of the full potential of blockchain.
Thanks to them, DeFi applications don't have to rely on centralized databases and servers to store and process transactions.
Thanks to them, DeFi applications don't have to rely on centralized databases and servers to store and process transactions.
It is also thanks to the blockchain technology that users can be confident in the safety of assets in their DeFi wallets.
They are protected not by some third party or unknown entity but by the strongest security guarantee possible - #cryptography and #math.
They are protected not by some third party or unknown entity but by the strongest security guarantee possible - #cryptography and #math.
Sometimes, DeFi might seem overwhelming. There are a lot of things to explore and get familiar with. But ultimately, it's a system that allows unprecedented levels of freedom and places users in control of their finances.
Let's wrap it up:
#DeFi is an emerging financial technology
#DeFi gives you control of your assets
#DeFi is fast, flexible and open to all
#DeFi promotes P-2-P Services
#DeFi provides transparency
If you've found this 𧡠insightful give it a ⻠so others can learn about #DeFi
#DeFi is an emerging financial technology
#DeFi gives you control of your assets
#DeFi is fast, flexible and open to all
#DeFi promotes P-2-P Services
#DeFi provides transparency
If you've found this 𧡠insightful give it a ⻠so others can learn about #DeFi
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