Decentralized Finance and A Project in its Ecosystem (Burner Wallet)

The Digital Economy and Decentralized Finance, has stirred up so much curiosity, interests and questions.

Now to better understand what the whole concept of Decentralized Finance system is we let's go back a bit in time before the birth of Bitcoin.
Money was solely controlled by the government, and the banks, and due to them having this power to rule the circulation of money, a lot of them abused it. They could print as much money as they please, which I turn disvalue such currency.

And since the Government control the bank, they can use our money at will without out consent, they impose charges at their will, and if you happen to fall short of their grace, your account could be frozen, if you also want to send money from one country to another it takes time and high transaction charges.

The birth of bitcoin which surfaced in 2009 was formed to Decentralize money, in other words, you do not need an identity card to own a bitcoin or to even send a bitcoin to anywhere in the world and with a low transaction fee, but sending or receiving money from the bank need special information, of which without them your request will not be granted.

Centralised finance system eg. bank always have a presence of an intermediary, an office, someone or a group of people who oversees it's affairs.
But the Decentralized finance is a system with permission or any form of intermediaries to take charge of the affairs in the ecosystem.

WHAT IS DEFI

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Taking existing financial products and pouring them into the blockchain, which includes loans, savings, price speculation s, currency exchange and many more. and a few examples of DEFI currencies included Bitcoin, Ethereum, Tron, EOS, etc.

Offering the exact same services as the traditional or Centralised finance system, but making it more easy to access, thereby offering speed, transparency, and stress less transaction and services, without the fear of Embezzlement, hacks, unreasonable charges and so on.

The Decentralised Finance system has come to make finance system much more easy for users than the centralised finance Ecosystem.
it's impossible to have tested the Decentralized Finance system and find it difficult to know the major difference

DEFI Ecosystem

The DEFI Ecosystem has a lot to do with cryptography as well as smart contracts which is powered by Ethereum due to its availability of a large programming language, in other words the DEFI Ecosystem is heavily built on the Ethereum platform, and due to its large programming language, there are so many programmers daily developing new features and tokens thereby maximizing the Ethereum space.

Payment, stable coin, derivatives and fund raising are not left out from the DEFI build up.
The Smart contracts in existence in the DEFI, serves as the intermediaries with any form of cumbersome permissions, you'd experience with your regular banks.

The DEFI Ecosystem is sure to bring a true revolution in the finance world at large.

Burner Wallet

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Burner Wallet is an example of A DEFI Ecosystem wallet, you can use to make cryptocurrencies transaction, and I will be giving step by step guide on creating a Burner Wallet.

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Step 1

Go to the web address https://burnerfactory.com/, and If you don't have an account, then you can sign up by using your Github account , which consists of account username/password.

Step 2.

Sign in with Github, then click on Get Started.

Step 3

Start creating a new wallet process by entering a name for your wallet, bear in mind that this name will be displayed in the wallet header, then click "Next".

Step 4

Having entered a name for your wallet, choose your assets and tokens, you can then create a new token or use existing assets, then click "Next".

Step 5

Select an existing assets from the initial list which includes ETH, Dai and xDai, note that, you can either remove or add these from a list of other available tokens.

Step 6

Select Carbon from the Add Plugin modal, then enter a subdomain for your wallet., and this is the address in which users will have access to the wallet, afterwards Click Set Subdomain once your name is set.