Blocrypto

Je unatamani kujua mfumo wapesa usiohitaji mtu kati katika muamala, (peer-peer)? Je umechoka kuenda benki na kuambiwa muamala unakamilika kesho yake? Je umewahi kujiuliza kwa nini pesa zako zinatunzwa benki? Je unafahamu kwa nini matumizi mara mbilimbli( double spending) hutokea? Je unafahamu athari za double spending? Je unafahamu mfumo wa kifedha usiokuwa chini ya mamlaka yoyote? Na je unafahamu kuwa mfumo mpya umeondoa mamlaka ya kati na kuleta fursa lukuki?

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How did DeFi get its start?

☝️Humans bartered initially for goods and services. But, as humans evolved, economies evolved: We invented currency to make it easier to exchange goods and services.

☝️ Subsequently, coins helped usher in innovations and created better levels of economies. However, progress comes at a cost.

☝️Historically, central authorities have issued currencies that underpin our economies, which eventually gave them more power as more people began to trust them.

☝️However, trust has been broken from time to time, which makes people question the centralized authorities' ability to manage said money.

Why was DeFi developed?

☝️ DeFi was developed based on the idea of creating a financial system that is open to everyone and minimizes the need to trust and rely on a central authority.

It’s argued that DeFi started in 2009 with the launch of Bitcoin, which was the first p2p digital money built on top of the blockchain network.

Through Bitcoin, the idea of ushering transformation in to the traditional financial world using blockchains became an essential next step in the decentralization of legacy financial systems.

The launch of Ethereum and, more specifically, smart contracts, in 2015 made it all possible. The Ethereum network is a 2nd generation blockchain that first maximized the potential of this technology within the financial industry. It encouraged businesses and enterprises to build and deploy projects that formed the ecosystem of DeFi.

DeFi brought a plethora of opportunities to bring about a transparent and robust financial system that no single entity controls. But the turning point for financial applications started in 2017, with projects facilitating more functionalities in addition to just money transfer.

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What is decentralized finance (DeFi)?

Short term for decentralized finance, DeFi is an umbrella term for a variety of applications and projects in the public blockchain space geared toward disrupting the traditional finance world. Inspired by blockchain technology, DeFi is referred to as financial applications built on blockchain technologies.
Cryptocurrencies have exploded into a trillion-dollar industry today, sparking a wave of worldwide financial disruption.
At the heart of cryptocurrencies is a remarkable history of innovation that goes back to the 1980s, with advancements in cryptography. Since then, a series of events have shaped crypto space; the first cryptocurrency, Bitcoin, being the most prominent. Despite its spectacular growth in the past 12 years, financial services have very slowly appeared for Bitcoin — mostly due to its inherent lack of stability and adoption.
Things change quickly in the crypto space, and decentralized finance (DeFi) is a current trend — it's an exciting space to be, undoubtedly. If you're still unaware, let’s dig a little deeper into DeFi and learn more about it.

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