For quite some time DeFi has been on everyone’s lips and here we just wanted to give you a quick summary of why.
The core ideas behind cryptocurrency was freedom from the regulations of governmental bodies, security, universal accessibility and confidentiality.
Well, while confidentiality and security are still there, the situation with freedom from regulations has changed somewhat. Governments, seeing the potential and the power of cryptocurrency, are introducing legislation to control it. On top of that, the exchange platforms themselves have additional rules and guidelines.
That’s why DeFi is so hot now, it’s taking crypto’s promises even further. DeFi, in short, promises a global and open alternative to every financial service that is being used today. That means that savings, insurance, mortgage and so on – will be accessible to anyone in the world, provided there’s a smartphone with internet connection.
Right now these services are controlled by banks. And banks, in turn, are largely dependent on politics. Well, not with DeFi.
DeFi operates on Smart Contracts (more about it in the future), which run on the blockchain and execute automatically. Thus they require very little or even none at all of human intervention. Hello, freedom!
DeFi is accessible to anyone, and not just to use, but to create. They’re not limited by geographical borders. Regardless of where you are, you have access to the same DeFi services.
Anyone who wishes to use or even create DeFi may do so without having to first fill in lengthy forms and applications. Yes, that’s right – you can always start your own DeFi project, no one has the right to refuse.
DeFi is very flexible. You don’t like the apps that are on the market? Or maybe they lack certain characteristics you’d like to use. No problem, just create your own!
DeFi is still relatively new so don’t hesitate and start your research now to avoid missing great opportunities. We all know what’s happening now with those who didn’t believe in Bitcoin;)
We’ll be writing more about DeFi, smart contracts and DeFi project worth checking out, so stay tuned!