WHAT IS DEFI
The cornerstone of the Decentralized Finance is the Blockchain technology, because it's make the whole concept of Decentralized Ecosystem in DEFI possible.
To better understand the whole concept of Decentralized Finance, i would compare it with the Centralised finance. The Finance Ecosystem generally refers to financial industry at large.
Traditionally the entire financial industry is basically centralised, and in other words, the way the centralised finance works is the way it has been in time past, and examples of centralised finance, is banks, mortgages and etc.
Knowing that the Decentralized system is solely based on the blockchain, to better understand let's separate the "Block" from the "Chain"
Imagine a box of transactions showing payment of some people around the globe and being listed one after the other as it happens in real time, then when a maximum amount of transaction data has been reached it becomes a block of transaction or data, and afterwards the block of data is then linked to a previous block of data, so in these manner new blocks of data are being linked to the old blocks of data in a continuous manner, and the word "chain" is referred to as the link between these blocks of data.
So a blockchain I could say is a block of information connected to several blocks of data in a chain format
The centralised system is highly outdated, and manipulated, due to fraud, inefficiencies, corruption, costly fees as well as deception.
Although the DEFI stands for Decentralized finance, its all a build up of efficient low-cost, transparent, fast and trustworthy global finance ecosystem, and can be accessible just by using your smartphone as well as internet connection.
Most certainly in the coming years, the DEFI Ecosystem, will allow other financial system operate in the Blockchain technology.
Infinito Wallet
Infinito Wallet is yet another Blockchain wallet under DEFI, which allow users the chance to trade, invest, buy and sell cryptocurrencies, like Bitcoin, Ethereum, BNB, etc.
How to set up an Infinito Wallet Account
Setting up an account on Infinito Wallet is quite easy, follow the simple steps below.
Step 1
Go to your Google play store ( for Android users) or Applestore ( for iOS users), then search for infinito Wallet app then download it.
Step 2
After downloading the app, launch the app, you will then see a window that show, "Create a new wallet/ Restore an existing wallet", then click on create a new wallet.
Step 3
After click on create a new wallet, you will then see another window which gives you a box to add an account name and password, as well as your email address, fill in the box.
Step 4
The next phase is it will bring a 12 passphrase or words in an orderly manner, copy it down orderly, then input it as requested in the next window.
Note that you must keep to those 12 passphrases safe, because if you loose them you loose your account.
Having done the above steps, you're now a wallet holder, and can now carry out your operations.
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.
Review
I am very familiar with infinito and I must confess that the team behind the project are doing really well to improve on a regular note. That said, you didn't give much detail about the wallet, the team, the recent token, its dapp page and so on.
Rating 6
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Will do better next time professor, thanks
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