A Beginner's Guide to Decentralized Finance (DeFi)
It will be an understatement to say that DeFi is currently making news. You can see it everywhere. But, what exactly is DeFI? DeFi stands for Decentralized Finance. It refers to the open movement when it comes to creating permissionless and open-source financial services that are transparent, trustworthy, and reliable. In short, DeFi is the financial application ecosystem that runs on top of current blockchain networks. The users are free to operate within the ecosystem without the need to take permission from any centralized authority. This also means that the users are their own bank as they take care of their own assets and how they use it to interact with the systems available within the DeFi ecosystems, including decentralized applications(dApps). DeFi’s approach will give users the ability to have an alternative to the current financial services, including how they deal with trading, insurance, loans, and savings. Also, the barrier to use the DeFi services are non-existent a...