On this occasion I will take part in the Challenge held by the community SteemitCryptoAcademy. For more information, see here Steemit Crypto Academy Contest Season 4 Week 2 - Decentralized Finance.
DeFi or Decentralized Finance is no stranger to those who have entered the world of Cryptocurrency. DeFi is a system that aims to provide open and transparent financial services. DeFi does not depend on financial institutions such as banks, or other financial institutions. DeFi is not like a financial institution that must have a passbook managed by a centralized system, such as a central bank.
DeFi works without intermediaries like a bank, but DeFi works by using Smart Contracts. Basically DeFi is a DApps that only focuses on making traditional financial services decentralized. For the DeFi application itself, it is built on the Binance Smart Cain Blockchain or often called BNB.
Yearn Finance is a popular DeFi application today, where yearn finance was launched in early 2020. To be able to use DeFi one of them we must have an Etherum wallet and the wallet that is commonly used is MetaMask. The use of DeFi was already popular in 2017, but the development of DeFi accelerated from 2020 to 2021. As a matter of fact, until 2021 the amount of funds in smart contracts has reached 50 billion USD.
Here are the advantages of DeFi:
- DeFi makes it easy to access finance
- Does not require permits like traditional financial institutions
- Promising security guarantee
- Transparency and allows avoiding possible fraud
- DeFi is a savings app
- Open to all
While the disadvantages of DeFi include:
- Confirmation takes a long time for transactions
- Uncertainty about the advantages and disadvantages of decentralized finance
- Liquidity concerns, as the DeFi market is not as big as traditional finance
Here are the advantages of CeFi:
- Crypto can be converted easily
- Ensuring the integrity of each transaction like in the conventional capital market
- Trading between cryptocurrencies
Here are the Disadvantages of CeFi:
- The central exchange system is very easy to hack
- Larger transaction fees
- Controlled by the government
Yes I have been using Decentralized Exchange for a long time, including MetaMask, Trust Wallet, and several other applications. Decentralized Exchange (DEX) is a platform that trades cryptocurrencies directly without using intermediaries or liaisons and all of it is connected to a decentralized system.
DEX allows sellers and buyers to trade without having to have an intermediary in control. By using Blockchain technology DEX replaces the role of traditional finance. For DEX it is more difficult to hack, because all transactions are recorded on the blockchain and cannot be changed.
As far as I use decentralized Exchange, I'm satisfied, moreover DEX can work anytime with no holiday period and no maintenance period like CEX. It's different from not requiring KYC to be able to use DEX. At DEX, we prioritize peer-to-peer, where we make transactions directly without any intermediaries.
Actually DEX is almost the same as the others, it's just that DEX does not need to register and do KYC. DEX was created to remove any authority, be it monitoring and controlling the trades we make. DEX directly connects the seller with the buyer. To access crypto balances, in DEX only a Private Key wallet is needed.
As technology develops, I predict it will continue to improve over time. The reason is because crypto trading is of interest to everyone, not to mention anyone. I think DeFi is a revolution or a new breakthrough for humans. With a lower cost, DeFi is the people's choice.
The reason for the future of DeFi will be brighter, where DeFi allows easier transactions and guarantees crypto assets. It's just that DeFi developers need to improve blockchain technology continuously. DeFi doesn't just think about apps, it needs to improve the ecosystem as a whole.
It is hoped that DeFi will become a new hope for a brighter future by always prioritizing risk-free and maintained security. DeFi is expected to solve problems unlike traditional finance which often causes problems. Hopefully in the future DeFi can increase efficiency and reduce transaction costs. Because transaction fees are everyone's problem.
DeFi builds a separate financial system from the existing traditional financial system. DeFi will be a new force for other financial competitors. DeFi has the potential to improve the efficiency of CeFi. DeFi must create a financial system that is more secure and reliable than others. Hopefully DeFi will be a new breakthrough.
.png)
For that I invite other friends to be able to participate in the Challenge held by Steemit Crypto Academy Contest Season 4 Week 2 - Decentralized Finance. I invite @liasteem, @husaini, @jufrimj, @afrizalbinalka, @ayijufridar, @zainalbakri, @sofian88, @musdezal and other friends. Thank you admin and community moderators for the time and opportunity given and thank you to SC01 and SC02 for their support so far.
| Contact | Discord |
|---|
DeFi's aim of providing open, transparent with no central authority brought a great revolution to the financial space. People can transact by themselves with no intermediary, the time spent during transactions is lesser and one has full control over her account not trusting it to the central authority. All these amazing features make it stand out when compared with CeFi, truly DeFi has a great future. Thank you for sharing and good luck with the contest.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, DeFi has a bright future. because DeFi provides the best solution for us.
People today want fast and easy transactions.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The ease at which DeFi has brought financial transactions to us is beyond what any Conventional banks can offer as it allows everyone to masters of their own.
And with the removal of intermediaries, I just can not get better as it means low/no transactions fees and faster transactions as both parties involved deals directly with one another..
THANK YOU AND GOOD LUCK 👍
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
From what I learned, we get more benefits from DeFi. Unlike the case with CeFi which can still be controlled by certain institutions. While DeFi is controlled by buyers and sellers.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very true, DeFi seems to be more user friendly than any other system.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
DeFi is very different from the others. It's time we can move on to Defi. Because DeFi is more transparent.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You shared good post, in which you explained DeFi, as well as advantages and disadvantages of CeFi and DeFi. These are very clear To read, and easy to read.
You wrote about future of DeFi same as me,I mean it's short.
Wish you success.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
My current choice is only DeFi over CeFi. And DeFi cannot be controlled by the government. I'm sure DeFi will be the highlight.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It is a great publication, you clarified many doubts that I had about DeFi and I agree with you in most of the points that you point out, have a nice day
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
DeFi being the solution, I currently trust DeFi instead of CeFi. Because CeFi is still managed by other financial institutions.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Anda telah berhasil menguasai materi dengan baik,
Saya suka saat anda menjelaskan poin satu persat, sederhana tapi meyakinkan
Semoga sukses untuk kontesnya
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Terima kasih atas komentar hangatnya @liasteem.
Saya masih banyak belajar, ketika saya menulis ini saya juga belajar. Yang penting ada tekad yang kuat. Saya sadari, saya terlambat untuk belajar.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sama-sama brother,
👍👍👍
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Anda andalah yang terbaik di crypto. Karena anda sudah belajar banyak tentang crypto. Sedangkan saya masih remang-remang
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Saya memulainya dengan otodidak,
Saya juga berusaha untuk belajar dan masih belajar, apalagi didaerah kita ini tidak ada yang benar-benar belajar crypto, karena itu crypto adalah hal yang tabu ditengah masyarakat,
Saya memulai nya saat steemit cryptoacademy dan saya tidak akan pernah melupakan saat profesor berusaha memberikan kami edukasi tentang hal ini
🙂
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Biarpun anda belajar secara otodidak, anda mengetahui crypto lebih dari saya ketahui. Biasa seorang wanita malas untuk belajar tentang crypto, tapi anda tidak mempermaslahkan itu dan mau belajar.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That teuga cang panah
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ka im keudeh.
Adak ku cang panah ngon my lovely droekeuh.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes blockchain is best technology available as for security is concerned.
Yes that's made possible through distribute ledger technology which is immutable and publicly accessible.
Good luck
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I really believe that currently DeFi is very safe for a trader and DeFi can be their choice and has various advantages.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Brilliant explanation about the centralized and decentralized finance from your side. Actually, decentralized finance is much more better and preferable than the centralized one due to a number of reasons. One of them has been explained by you as below,
This is the most important thing that impress the users to engage more and more with the decentralized finance as their funds are under their own control.
Thank you very much for sharing with us and wishing you a very good luck.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
For traditional financial institutions, there are still many shortcomings and errors for traditional financial institutions often occur.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You shared meaningful post my brother keep it on, defi is a system that does not depend on any bank and its user friendly.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's right, it's time for us to switch to DeFi which has many benefits, and various conveniences that we can get.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good day friend
Yea this is right and it's because it has a center node or database where everyone data is stored and easily accessible, so therefore hackers could target the database and if they are successful the would control all activities on the platform illegally.
This is because they are all based on a Blockchain technology and a peer-to-peer network so therefore there are very much similar to each other.
Thank you very much for enlightening us.
wishing you success
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If hackers can penetrate a centralized system or server, our data will be lost and misused.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello my friend greetings.
I have gone through your work and your explanation of defi is just so great.
You have specify the advantages and disadvantages.,
You also gave your opinion on defi which I agree with you on that.
Good luck with the engagement and don't forget to check my entry as well
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
DeFi is a financial solution that has many advantages. While CeFi is still controlled by other financial institutions and frequent maintenance occurs.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Rightly said man.
Here's the link to my post as well..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for your time and I have visited your post and I enjoyed it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Buena publicación amigo las finanzas en defi auguran un buen futuro.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
DeFi tiene un mejor futuro que CeFi. En CeFi todavía hay muchas carencias
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit