A Quick Look at What DeFi is and How it Operates

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DeFi is an abbreviation for decentralized finance and is pronounced ‘dee-fye’. It’s an umbrella phrase for the crypto universe’s efforts to create a new, internet-native financial system by replacing existing intermediaries and trust mechanisms with blockchains. Let’s take a step back. In the conventional financial system, intermediaries such as banks or stock exchanges are required to transmit or receive money. And, in order to feel at ease with the transaction, all parties must have faith that the intermediaries will behave properly and honestly. These intermediaries are replaced by software…

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