DeFi on Ethereum Explained – Decentralized Finance (Ultimate Beginner’s Guide)

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This is a beginner's guide to DeFi, or decentralized finance, products and services built on the Ethereum ecosystem.

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CONTENTS

00:00 – Presentation
01:42 – What is DeFi?
03:47 – DeFi Foundation – Blockchain
10:40 a.m. – DeFi ecosystem – Ethereum
4:10 p.m. – The DeFi financial stack
24:03 – DeFi Architecture – Legos Money

VIDEO SUMMARY

DeFi is the fashionable shortened version of the term “decentralized finance”.

Thus, the word “finance” in these concepts simply refers to the financial sector as a whole, while “decentralized” and “centralized” describe the nature of its foundation and functioning.

Currently, the entire traditional financial sector is “centralized”.

So, although DeFi means “decentralized finance,” the word DeFi is used colloquially to describe the movement or crusade toward a global financial ecosystem that is inexpensive, fast, efficient, reliable, and completely transparent.

The new financial era will take place in the very place where numbers, mathematics, physics and computing originate: the eternal fabric of the universe.

In the coming years, DeFi will enable the entire financial foundation to operate solely from mathematical and computational principles using so-called blockchain technology.

Blockchain technology is the cornerstone of decentralized finance, as it is what makes the decentralization aspect of DeFi possible.

The idea and desire for a crusade towards decentralized finance, or DeFi, emerged in November 2018.

There are 5 components in the DeFi stack: Stablecoins, Exchanges, Money Markets, Synthetics and Insurance.

The simplest way to describe and understand the architecture of DeFi, or the relationship between all of these components and decentralized finance applications on Ethereum, is to compare them to Legos.

One of the fundamental principles of the DeFi ecosystem is to achieve interoperability.

This way, each new project does not just exist as an individual product or service, but rather serves as a new piece of Lego, or building block developers can leverage it for other projects.

So instead of choosing from a pile of random Legos to start putting something together, they can actually take an existing Lego structure to use it in a new direction.

You can see how the Lego-like architecture of DeFi enables the efficient and unlimited creation and expansion of a whole new global financial universe.

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