How does Decentralized Finance (DeFi) work?

How does Decentralized Finance (DeFi) work?

10 November 2022
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Id: 19144
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Description:

Decentralized finance uses the same blockchain technology used in cryptocurrencies. Blockchain is a secure and distributed ledger or database.

A Smart Contract is an Ethereum account that can hold funds and deposit/repurchase them based on predefined criteria. A smart contract in DeFi will replace the financial institution in the transaction. No one can modify the smart contract after it is live; it will still work as programmed.

For example, a allowance distribution contract could be coded to transfer funds from account Y to account Z only if account Y has the required amount.

Read More:  https://vorphy.blogspot.com/2022/11/defi-decentralized-finance-vorphy.html

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