The Tech Quiz - Season 35

Hello guys,
It's a pleasure on my path to share with you all my entries in this week's contest which is titled "The Tech Quiz - Season 35" which was organized by @malikusman1. It is an interesting contest and I would love to drop my entry ASAP.

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Before we go ahead I would like to invite @josepha, @joymm, and @dave-hanny to join this contest in this community today and share their participation as well, I do hope to see and read your entries as well.

What is DEFI?

Any system that makes use of blockchain technology as well as cryptocurrency to provide services for financial institutions is called a DEFI. The word stands for Decentralised finance. These two words came from blockchain and finance.

When we talk about blockchain technology were are referring to a technology that is characterized by the immutability of data, security, transparency, etc. On the other hand, finance is the cryptocurrency because crypto is money.

Anytime anyone talks about DEFI what comes to my mind are blockchain and finance. So your finance which is in the form of cryptocurrency is secured, the record is immutable and that process is transparent for anyone to see. Also, you can have access to this technology anywhere in the world once you have an active network.

Share your favorite DEFI project.

Uniswap: One of the major DEFI projects in the world today is the uniswap project. The project has made a name for itself due to its usage by a lot of people around the world. It is a project that allows users to trade cryptocurrency and also swap cryptocurrency for other cryptocurrencies or fiat.

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Uniswap as the name suggests is an exchange platform where cryptocurrencies are been exchanged or swapped from one cryptocurrency to another or from cryptocurrency to the fiat money that we use locally in our various lands.

AAVE: Another mega DEFI project that offers loans to users of the blockchain platform and also other services like mining and many more. So if you are into Cryptocurrency and want to get a loan, you will need to make use of this protocol.

So apart from the loan that this DEFI project offers, you also have the opportunity to mine other assets as a registered user because in most cases, there are mining of projects before the launching of the projects.

What is the future of DEFI?

DEFI is the future we will all meet in no distant time because this technology has come to stay. I'm sure that soon everyone will key into blockchain and cryptocurrency because of the many advantages that it provide for us as users.

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I think in the nearest future, everyone will key into the DEFI directions for the success of their funds and other things because the project is design in such a way that no data recorded can be lost which is the immutability of the project, transparency which means it can be seen from anywhere at all and by anyone. These are good aspects of the technology that must always perve ways for everyone.