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this site was design to help people that like the concept of DeFi but can’t seem to make any money with it. What is Defi? (Decentralized finance) Decentralized finance eliminates intermediaries by allowing people, merchants, and businesses to conduct financial transactions through emerging technology. In September 2020, Bloomberg said that DeFi made up two-thirds of the cryptocurrency market in terms of price changes and that DeFi collateral levels had reached $9 billion. Ethereum saw a rise in developers during 2020 due to the increased interest in DeFi. DeFi revolves around decentralized applications, also known as DApps, that perform financial functions on distributed ledgers called blockchains, a technology that was made popular by Bitcoin and has since been adapted more broadly. Rather than transactions being made through a centralized intermediary such as a cryptocurrency exchange or a traditional securities exchange, transactions are directly made between participants, mediated by smart contract programs. These smart contracts, or DeFi protocols, typically run using open-source software that is built and maintained by a community of developers. A blockchain is a distributed and secured database or ledger. Applications called dApps are used to handle transactions and run the blockchain. DApps are typically accessed through a browser extension or application. For example, MetaMask allows users to directly interact with Ethereum through a digital wallet.
Smart Contracts
A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and NFT applications.
How Smart Contracts Work
Smart contracts work by following simple statements that are written into code on a blockchain. A network of computers executes the actions when predetermined condition have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notification, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.
Benefits of Smart Contracts
Speed, Efficiency and Accuracy once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there's no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.
Trust and Transparency
Because there's no third party involved, and because encrypted records of transactions are shared across participants, there's no need to question whether information has been altered for personal benefit.
Security
Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.
Smart Contracts
A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and NFT applications.
How Smart Contracts Work
Smart contracts work by following simple statements that are written into code on a blockchain. A network of computers executes the actions when predetermined condition have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notification, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.
Benefits of Smart Contracts
Speed, Efficiency and Accuracy once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there's no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.
Trust and Transparency
Because there's no third party involved, and because encrypted records of transactions are shared across participants, there's no need to question whether information has been altered for personal benefit.
Security
Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.
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