The evolution of human mind is still a thing beyond the reach of science, Many of us might have wonder about how human civilization could reach these present state that it is at currently. The most amazing thing about humans evolution is the evolution of money, from the period of trade by batter, to we have today. We can all agree that the human mind has no limit to what it can achieve.
What is decentralized finance:
The word decentralized finance is not something that we all are hearing for the first time, decentralized finance according to coindesk simply means an umbrella term for a variety of financial application in cryptocurrency which eliminate the dependency of central body like the government on transaction made. Like the elimination of middlemen. Decentralized finance is trying to advance the principle of self-sufficiency as it is aiming to create a financial system that is open to everyone.most decentralized finance are build on the etherium blockchain, which is the world second largest cryptocurency platform, which set itself apart from the Bitcoin platforms.
The etherium blockchain has ushered us into the period of tokens, these is made possible because it easier to build other types of decentralized application beyond simple transactions.
Well all these are made possible because of the etherium platform for smart contract, which can execute transaction if certain condition are met. These has building of token easy.
There are some popular types of Defi application. These are
Decentralized Exchanges, stablecoins and so on.
Recently we all must have come across some words, which includes yam farming, liquidity mining, these terms are terms used in smart contract, for example yam farming is used to entice users to their platform by giving them free tokens, these method has been successful.
Example of decentralized coins are Chainlinks, yearn.finance and so on.
As the world of money keeps evolving,it time we just join the ride, so we won't be left out of the greatest revolution in human history.