Although DeFi (decentralized finance) has become a staple in the financial world recently, many do not fully know what it is or understand it.
So what exactly is DeFi? Simply put, decentralized finance is a parallel financial system where virtually anybody anywhere on the planet can access decentralized applications and services. What’s more, the platform grants this access to users without the need of having to give up their personal information while retaining absolute control of their funds. Compared to the current banking system, DeFi is unarguably leagues ahead, which explains why many call it finance of the future.
With traditional finance, your funds are not entirely yours per se. Also, you cannot access financial services in this realm without fulfilling some KYC requirements.
DeFi Will Do to Finance What the Internet Did to Information
Before the advent of the internet, information resided with the elites and savvy, who controlled the flow from top-down. However, the internet broke that reality, making information readily accessible to anyone anywhere.
Today, money resides within “cages” and is controlled by the elites just like information was. However, DeFi will break this reality. This financial system is unprejudiced, free from bias, and serves all equally. That said, the biggest barrier to entry is knowledge.
However, DeFi does not require some esoteric knowledge or for you to understand complex smart contracts or cryptographic protocols to get involved with this industry.
Finally, as the decentralized finance ecosystem grows and develops, better protocols and much faster services will rule the day. That said, DeFi is one of the most largely untapped sectors with unbelievable potentials capable of building wealth and grant unfettered control of funds.
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