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Knowing the hassle world we are living today, Defi plays an essential part of every person’s life. Imagine a global, open alternative to every financial service you use today — savings, loans, trading, insurance and more — accessible to anyone in the world with a smartphone and internet connection. Amazing right? I am pleased to contribute this other article that could provide huge variety of online services, and has made accessible to anyone in the world with a smartphone and internet connection.

Decentralized Finance could advance in eCommerce as pandemic continues. Its’ protocols are built on public blockchains like Ethereum. These blockchains, the rails to this new financial system, are run by thousands of nodes –computers running the blockchain’s software–spread out across the globe, so that it’s almost impossible to censor or stop them. Its’ platforms are built to be managed by a community of users, and not centrally controlled. Users become owners of their financial applications; they’re able to participate in major decisions, including by proposing changes themselves, and benefit from their growth and success. [1]

Based on the article I have read, Decentralized Finance seems to have ballooned from an estimated $275M of crypto collateral in 2019, to approximately $4B by the end of July, which drives more interests from many investors. The goal of DeFi is to make financial transactions more secure, more accessible, and more open and internationally universal. In other words, DeFi is a global, more accessible, open alternative to everyday mainstream financial services- savings, loans, trading, insurance and more.

Jomassahe
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Source 1: https://coinmarketcap.com/alexandria/article/what-is-decentralized-finance