Crypto Academy / S4W8- Homework Post for @reminiscence01".by @wiltord
Hello, fellow steemians I extend to you all warm greetings and wish to take part in the Crypto Academy / S4W8- Homework Post for @reminiscence01". so I go by answering the following questions
a) In your own words, explain DeFi products and how it is shaping the present-day finance.
b) Explain the benefits of DeFi products to crypto users.
DEFi products is an acronym used to describe decentralized financial products in simple words I would refer to it as decentralized money for easy understanding. Decentralized money definition or DeFi is a shiny new financial framework that is based on open blockchains.
The parts of decentralized money comprise conventions, advanced resources, dApps (decentralized applications), and keen agreements, which are based on Blockchain.
Since we realize what is DeFi and the point behind its beginning is cleared, how about we have a relative gander at DeFi versus Conventional Monetary framework in our Decentralized Money guide.
How Unique is DeFi From Other Financial Items? While Decentralized Money (DeFi) is just a high-level form of the money structure with a similar center working, lying in getting and giving cash
ref
Benefits of Defi products to crypto users:
for these benefits, I will do a typical demonstration by carrying out a transaction which summaries the benefits of Defi products, OK here I go am a bettor that is I gamble football at 1xbet where I do place bets on football so now what I do here is that I bet with money and this money is from my trons that I transfer from my tron wallet to my 1xbet wallet so I will explain the benefits by carrying out these transactions as demonstrated on the screen shoots
firstly I will open the Tron link app
- open 1xbet app then select trons to make a deposit
- enter the password and confirm the transaction
step 5
- open 1xbet and verify
after this transaction it can be seen advantageous as seen below:
- Bye-Bye to human error and mismanagement
We have already mentioned that financial crises occurred due to the mismanagement of central banks(CBs) and third-party intermediaries (TPIs). But thanks to smart contracts, human error on a day-to-day basis are removed from the process; unless the contracts themselves were poorly written. as the case above you are the person handling your transaction nothing like mismanagement.
- Quick and permanent access
Before DeFi, if you needed to get a loan, you would have to go to the bank and a lot of time will be wasted. With DeFi, you can get a loan with just one click, even in the middle of the night. You can access the market from anywhere and anytime as long as you have an internet connection. exemplary above the transaction was very fast within 2 to 3 minutes I sat on one spot with my phone a did the transaction
- A Healthier System
The level of physical contact needed to support decentralized financial systems (DeFi) could drop to zero, and cryptocurrency prices and companies have been going from strength to strength in the current health crisis.
as I was alone I had no contact with anybody doing the transaction
- Permissionless Operations
In the traditional financial system, you have to get permission from an intermediary to carry out almost any financial operation. no middle man at an easy cost very cheap as seen above
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Discuss any DEX project built on the following network.
* Binance Smart Chain
* Tron Blockchain
Here I will discuss JustSwap which is a DEx app built on the Tron link network
JustSwap is a decentralized trade (DEX) that works only on the Tron blockchain. It is broadly considered as probably the greatest stage of the Tron organization.
On JustSwap you can trade various types of tokens like TRX (set a default one when you open the stage) and some more. It is important that to utilize JustSwap you wanted to have a TronLink Wallet, at the end of the day the stage is simply conceivable to utilize if you associate a TronLink Wallet. All trading fees collected will directly go to liquidity providers of the protocol, rather than the protocol itself. thereby justswap also provides lending to her users by which they provide liquidity to the platform in later they gain profits.
Also, you can get less from the liquidity pool if the cost of any side goes down. Yet, you get charge rewards, so for the most part the prizes should offset the temporary misfortune, yet not generally.
In the DEX projects mentioned in question 2, give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)
how to swap any crypto coin to others using justswap
source
step one
- To access justwap we go to Tronlink mobile app available on the google play store download and open the app then click t "discover" after doing so select"justswap"
- select the token you hold and the token you want to exchange it for. After you enter the amount, JustSwap will automatically calculate the corresponding amount of the other token, then click “Swap”. am changing TRON to USDc.
- Confirm the details for your swap in the confirmation window, then click “Confirm Swap”.
- swap requires confirmation from your wallet. Please click “Accept” in the “Request Signature” pop-up window.
- pop-up box shows that your swap has been submitted.
To me DEFI products have solved monetary issues by making payment systems so fast and even going on to lending and borrowing thus these products are the future currencies invested now for a better tomorrow.
Hello @wiltord, I’m glad you participated in the 8th week of Season 4 of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
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