I hope everyone is well. Alhamdulillah I am also very well. Today I will discuss with you a beautiful topic.
My topic of discussion today is Decentralized Finance (DeFi), a popular topic in the Web 3.0 world. Many of us may have understood the name and some may not have understood. So today I will explain decentralized finance to everyone in a simple way, inshallah.
To know about decentralized finance, first we need to know what is centralized and decentralized. First let's know what is centralized and decentralized?
Centralized
Centralized means proprietary. A website is centralized if it has a specific owner. The owner of that website can control his website in different ways if he wants. For example, Facebook owner Mark Zuckerberg. Mark Zuckerberg is controlling Facebook as he wants. In simple words, having all the data of a website in one place or with one person is called centralized.
Decentralized
Decentralized Which has no real owner. In simple words, the data of a website scattered everywhere based on the blockchain is called decentralized. No one can claim this website as their own or destroy it.
Above we know what is centralized and decentralized. Now we know what Decentralized Finance (DeFi) is?
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Decentralized here means deregulated i.e. the system is not controlled by anyone or any person or organization. And Finance is economy and business. From Decentralized Finance (DeFi) we understand that the economy and business trade is not controlled by any individual or any organization.
Decentralized Finance (DeFi) was preceded by two projects. One name is ICO and second one is IEO. ICO gained a lot of popularity from 2016 to 2017. Then from 2018 to 2020 IEO gained a lot of popularity. And now in the Web 3.0 world, Decentralized Finance (DeFi) is going to gain popularity.
I think in the future the banking system will rise from the earth and everyone will come to the Decentralized Finance (DeFi) world. Because the banking system is a control over an individual or an institution. He can scam whenever he wants and continues to scam. We have already seen many banks in the world go bankrupt. No one wants their capital to disappear like this. And Decentralized Finance (DeFi) has no specific owner so there is no opportunity to scam.
Today I finished here. Everyone stay well stay healthy and take care of yourselves. Allah Hafez.
I am Md. Ebrahim Islam Nahid. Everyone calls me Nahid. I am Bangladeshi. I am an Electrical Engineer. I love reading books, writing and creating new things. I try to express myself and evaluate the opinions of others.
https://twitter.com/ebrahim20213/status/1654893500134207488?t=lpaJsgAmZNKcfnQ5LZzZkg&s=19
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Was looking for a decent article regarding decentralized finance. And then I stumbled upon yours. Really great writing.
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thank you . Very nice comment.
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Awesome writing which is educating..
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thank you . Love to you.
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