in 2009 Satoshi Nakamoto created the bitcoin, lots of people still didn't understand the whole concept
behind its creation and the positive change it will bring to the financial industry, then in 2015, Vitalik Buterin created the Ethereum which now drew lots of interest around the world as well as lots of programmers who were interested in creating their own cryptocurrencies, and this was possible due to the high level programming language the Ethereum possesses
The ERC-20 standard pissed by the Ethereum became a go to smart contract for programmers to build on .
WHAT DEFI MEANS
DEFI is a short form for Decentralized Finance, and the Ecosystem comprises of various financial application based on the blockchain.
And this Ecosystem do not require the service or interference of the traditional intermediaries such banks etc.
Banks accountant, as well as the government have managed to takeover the traditional finance system, making it referred to as Centralised finance system, which has given rise to numerous frauds, untransparency, unreliability and so on.
Both the Centralised system as well as the Decentralized Finance system both offer services like saving, trading loans etc, the Decentralized system is much more transparent, realiable fast, and you have a better chance in gaining so much profit in time rather than with the centralised system.
In several occasions have I made some transaction on the centralised system, it's either the transaction was delayed or cancelled, and in some cases where there's an emergency, and there's a delay with moving funds, it most times swing me quickly to be frustrated, but so is never the case with the Decentralized Finance Ecosystem, transaction and services here are prompt and amazing, it will be a very tough nut to crack for one to think Decentralized Finance Ecosystem won't take over the world of finance.
The DEFI also comprises of the services offered by the centralised system but making use of smart contracts to carry out these operations. the major part of the DEFI Ecosystem is built heavily on the Ethereum simply because, the Ethereum possess a very high level programming language which serves a building block, thereby allowing programmers the ability to expand the space beyond imagination.
There are some services rendered in the DEFI Ecosystem, which includes, lending, Decentralized exchanges.
And the whole concept of the whole DEFI Ecosystem is coming up with a better financial system much better than the traditional system, that's is transparent, permission-less, honest, and very fast.
And the DEFI system has been a success so far, and I'm sure not long from now, will take over the financial world at large.
MEW Wallet
MEW is a short form of MyEther wallet, which is one of Ethereum most trusted wallet in which, lots of transactions are carried out, examples are, buy, sell, swap and trade tokens or cryptocurrencies.
Setting up a new wallet
In order to posses a MEW wallet, first
1.
Download the app from either Google Playstore, if you're an Android users or Applestore if you're an IOS user.
2
After downloading the app, open it, click on wallet creation.
3
You would be given an opportunity to save your keystore file, ensure to do so
4
You will also be given your private key, save it somewhere you can easily retrieve it from each time you need to access your account. Do no screenshot it, write it down instead, and ensure to back it up somewhere safe as said earlier.
5
Unlock your wallet, and you're ready to use it. enjoy.
Thanks for being a part of my class and for participating in this week's assignment. I hope you learned from the class as the aim of the school is to teach and allow people to learn alongside
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