Crypto Academy Week 4 Homework For @yohan2on || 5th March 2021 || Done by @preshdan

Hi fellow steemians, I hope we are catching up with the weekly given lectures. Frankly speaking, these lectures are a kinda educating and exposing and am pleased with it. Kudos to you @yohan2on for week4 lectures on Decentralized Finance (DeFi).

Homework topic: Briefly explain each of the following DeFi DApps;

• Maker
• Compound
• Synthetix
• bZx
• Uniswap

It is crucial to first apprehend what DeFi means before talking about DeFi DApps. DeFi is the acronym for Decentralized Finance. It has to do with a money based systems that runs on public blockchain. As the case may be, this system is rid of third party agents that deprive those to whom they render assistance in transactions. The desire for Decentralized Finance (DeFi) arose resulting from unavailable and inaccessible financial services that that posed non-ending ruin and loss of properties and objects of value from centralised structure.

DeFi, offers even chance for advancement and means of approaching all financial services that comes through it without detachment or threats resulting from the system or process of government. That is to say that it is corrective of the faults inflicted by the centralized structure. DeFi enables participants within the blockchain, without interruption, to lend and borrow.

The DeFi DApps

• MAKER

The "Maker" is a type of cryptocurrency which is consecutive on the Ethereum blockchain uniquely patterned to significantly reduce the erratic value of it's own currency. Maker is a digital token created on the Ethereum blockchain with the function of enliven digital properties or valuable objects which would make the value or rate of its autochthonous digital coin stable to stop it from experiencing value declination. DeFi Maker also allows users to pledgy Debt Position for a loan using the Ethereum as guarantees to generate DAI.

• COMPOUND

Compound is a well patterned and assigned protocol on Ethereum for crypto users which allows for borrowing and lending of cryptocurrencies and, the lenders, still merit interest on their valuable possessions. Compound gives returns to anyone who provides valuable possessions or properties to the compound liquidity pool depending on the value of the invested or given assets.

• SYNTHETIC

This is another protocol that gives out coherent assets on the Ethereum blockchain. Synthetic not only give access to investors also exposes them to tremendous asset. It also construed with the collection of different assets with the same value as another asset thereby making the blockchain a little more pliable.

• bZx

bZx is an Ethereum based lending Decentralized Finance (DeFi) protocol that empowers lending and borrowing for profit yielding trade within the blockchain. The accomplishment of this process does not in any way demand services of an intermediate. This profit yielding trade demands the vigorous actions persons with great knowledge and skill who adequately apprehend what it means to borrow to trade.

• UNISWAP

This is yet another decentralized exchange structure on the Ethereum blockchain that functions on a solitary authority which gives access to anyone who have the Ethereum wallet to comfortably and without interruption barter their cryptocurrencies regardless of the governing part.

CONCLUSION

The role of DeFi DApps in the financial sector can neither be overemphasized nor underestimated as it has made assets useful and accessible more. On the other hand, it has eliminated the middleman who gave high charges, significantly reduced transaction fee and possibly making certain merchandise relatively cheaper. Above all, it made loan easily accessible and availability of cash over short term obtainable as well given ability to service short-term debt without going through the hurdles.

Thanks to you @yohan2on, this is my homework.

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@Steemitblog
@Steemcurator01
@Steemcurator02