What is decentralized finance?

a year ago

A new Decentralized Financial system is being built on public Blockchain like Bitcoin And Ethereum. Bitcoin and Ethereum aren't just digital currencies, they are the foundational open source networks needed to decentralize economic activity.

FEATURES TO DIFFERENTIATE PUBLIC BLOCKCHAIN FROM PRIVATE NETWORKS

1. PERMISSIONLESS - Anyone in the world can connect to the network. Wealth, status or location do not prohibit access

2. DECENTRALIZATION - Records are kept simultaneously across thousands of computers instead of a central server

3. TRUSTLESS - A central party isn't required to ensure transactions are valid

4. TRANSPARENT - All transactions are publically auditable.

5. CENSORSHIP RESISTANT - A central party cannot invalidate a user's transactions, reverse changes, or shut off the network

6. PROGRAMMABLE - Developers can program business logic into low - cost and interoperable financial services

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