Decentralized Finance
Decentralization according to the Oxford Learners Dictionary is the act or process of giving some of the power of a central government, organizations to smaller parts or organizations around the country. Bringing it to the context of our topic, Decentralized Finance also known as"DeFi" is a blockchain form of finance or banking operations that is done without a middleman. In a DeFi System, it is the transparent and easy to do transactions. Just like the lecturer complained of the hours that he spent in the bank for a particular transactions, something that should not take more than a few minutes.
This is where Decentralized Finance"DeFi" comes in. Unlike the traditional banks where you have to fill certain forms or sign some documents in Defi, users have total access and control over their assets with features that includes Peer-to-peer (P2P) and Decentralized Applications (Dapps).
Making transactions on the ecosystem reduces transfer, withdrawal and swapping of assets more easier.
DeFi Protocol
There has been many awesome projects that has been built. The DeFi ecosystem has evolved providing more Finance, games, or exchange Dapps. From DAOs, Data and Analytical platforms, Developer and Infrastructure troling, Exchanges and Liquidity, Identity and Insurance to Investments, Borrowing and lending, Prediction Market to Stable pins that offers minimal market volatility and Crypto wallet to hold your assets. These protocol allows it's users to trade without the need of a trusted intermediary to help in the everyday transactions.
Coinbase Wallet
Coinbase is a digital currency exchange which was founded in 20 June, 2012 by Brian Armstrong with headquarters located at San Francisco, California USA and is under the Wealth and Asset Management of DeFi ecosystem.
Coinbase Wallet is an online platform for buying, selling, transferring and storing digital currency. It allows it's users to access their account with everyday transactions of Cryptocurrency with their wallet keys. One unique feature if Coinbase is that it is free of charge. You can store your US Dollar and other cryptocurrencies at no cost. They only charge depending on the network fees of the transaction. They aim at creating an open financial system for the world and be a global brand for its users to be able to convert and transfer fiat currency to digital currency and vice versa.
Signing up a Coinbase Wallet Account
You can start the journey of creating your own Coinbase Wallet account by clicking on this site Coinbase Wallet You can also download the app from playstore or iOS, but I am using the web version to create my own account.
Sign-up Stage
- When you click on the link you will be taken to the sign-up interface of the wallet. There are empty boxes indicating where each of your name will be input.
- Also put in your email
- Choose, advisable, an alphanumeric password containing both Upper and Lower case alphabet, numbers and symbols.
- Then click on Create Account.
NB: A box where you will indicate if you are 18 years of age or above will be shown below before you click on Create Account.
Email Verification
- Coinbase Wallet will send a verification email to your email address. There a link will be provided to continue creating your account.
Two step verification
- Select your country
- Put in your mobile number. This helps keep your account safe as you will be sent a sign in code if you change device.
- Put in the authentication code that will be sent to your mobile number.
- Then click on submit.
Profile Set-up
- Go to setting to set up your profile
- Fill in the boxes with your date of birth, city/town, postal code and state.
- Then click on save.
NB: incase you decide to change your legal name, upload your ID documents to verify your change.
Transactions
- Click on homd/dashboard
- Click on the arrow below
- Options will be presented to choose from.
Conclusion
I know with this steps outlined that one can understand what the DeFi ecosystem is all about and can easily go about their business via the Coinbase. Thank you @SteemitcryptoAcademy for another opportunity to get involved and @gbenga for his wonderful lectures.