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Evolution of decentralized finance (DeFi) and its impact on traditional banking from "summary" of Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske,Jack Tatar
Decentralized finance (DeFi) represents a growing movement within the cryptocurrency space that aims to create an alternative financial system that is open, transparent, and accessible to everyone. DeFi projects leverage blockchain technology to build financial applications that operate without the need for traditional intermediaries such as banks or brokers. These projects aim to provide users with greater control over their assets and financial transactions, as well as access to a wider range of financial services. One of the key features of DeFi is the concept of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts enable DeFi applications to automate processes such as lending, borrowing, and trading, reducing the need for human intervention and lowering the costs associated with traditional financial services. This automation also helps to eliminate the potential for human error or fraud, making DeFi applications more secure and reliable than their centralized counterparts. The growth of D...
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