Oops!! ..paused..(smiles);I must say a big thank you to DeFi camp in
collaboration with project hope and
Hodl .
Actually
I'm a newbies on
Hive and got to
hear of DeFi
community
yesterday in our whatsapp
group chat where
the contest link
was posted .i'm just
1week old on hive
but when i heard
of the contest , I decided
to participate in
other
to know more and show interest
on every activity
done here .
I had to
look for means of
gathering
informations and knowing
what DeFi is all about . So I logged
in with the link sent
and that was
where I got DeFiprime. Com
where I got my informations .
Its indeed a
privilege knowing
DeFi and participating in this
contest;
pixabay
-WHAT IS DEFI
AND HOW IS IT DIFFERENT
FROM TRADITIONAL
FINANCE:
DeFi which is the abbreviation
for decentralised
finance is the movement
that leverages
decentralized networks to transport old
financial products
Into trustless and
transparent protocols that
run without intermediaries. DeFiprime.com
DeFi
PROJECTS:
DeFi has the
following
projects and
many more which I
will not outlist all and there are :
*Alternative savings
*Decentralized exchange
- Infrastructure and
Dev.tooling
*staking
*marketplaces
*lendind and borrowing
*Derivatives
*Insurance etc.
-DEFI EVENTS :
*DeFi conference 2020;
The rise of decentralized
finance and its
free
one -day online event
with two tracks
and
over 25 global
speakers
sharing
their knowledge about
decentralized finance (DeFi) .This will be held on 5th August 2020
And PBWSummit
which will
also hold on 09 Dec. 2020.
Paris,FR PBWSummit( Paris
Blockchain Week
summit ) and their
agenda includes :DeFi topics
and
speakers
from
parity technologies , Tezos , multicoin capital , Aave,
Aragon etc.
Seth Goldfarb on 20th
May 2020 wrote
on things to know before
investing in DeFi
and
he used a
quote
which
says ;
In order to be successful ,you
have to
do
things
nobody
else is
doing , go
places
nobody else
is
going
and say things nobody
else is saying .
Things to know before investing in DeFi:
It is good to know
that DeFi is
a place to look
For investment
opportunities
and their
investment opportunities
mirror
those in
the traditional
financial world but it is
said that ,they
come with their
own unique twist
-HOW DEFI IS DIFFERENT
FROM TRADITIONAL FINANCE : In traditional financial world ,
banks and credits
unions
typically
offer
interest
to individuals
and businesses who open savings accounts with them in exchange for allowing the bank to use their deposit to conduct other transactions .
While Decentralized finance involves the use of contracts to retain collateral from receivers and gives interest to
the lenders.
In DeFi there is no intermediaries
While in traditional finance there is , here, lending generally involves giving money to a borrower willing to repay the loan with intetest .
-The Do's and Don'ts :
Do's:
- Do your research always
*Hear what other people have to say about the project .
Don'ts :
- Don't invest more than you can afford to loose
- Don't get caught slippin' .
These are my little findings as i hope to research more about DeFi and get more knowledge about it .