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Decentralized Finance: What Is DeFi and Why Do We Need It?

Written By Ivan on Tech

May 11, 2020

Over the last year, the term “DeFi” has caused quite a stir in the decentralized community. Many in the community believe that DeFi, or decentralized finance, can completely turn the global economy on its head by making the finance sector transparent and more easily accessible.  The DeFi movement leverages decentralized networks to transform old financial products into trustless and transparent protocols that run without intermediaries:

  • The pitfalls of traditional finance.
  • What is DeFi, and why do we need it?
  • DeFi use-cases and applications.

DeFi has a unique opportunity to craft a unique niche for itself in the space. There are currently 1.7 billion people around the world who don’t have access to essential financial services. However, with a simple internet connection, they will be able to access smart contracts and experience immense financial growth and security with DeFi. So before we look into the nitty-gritty of this revolutionary system, let’s...

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