Decentralized Finance, more commonly known as DeFi, is situated in the crypto market on blockchains where entrepreneurs create financial tools such as banks and interest within a decentralized environment. What this means is that Defi is not in the control of any company, much less the government.
One of the biggest reasons that DeFi is gaining popularity is due to a growing need for a more transparent and open financial system. Over the past couple of years, new forms of currency have been launched through DeFi allowing users to lend and borrow these currencies leading to yield farming which we will discuss later.
Now what are the differences between traditional banking and using Decentralized Finances? Well the three biggest differences are trust, transparency, and innovation. First of all, since blockchains are always public, it helps improve the trust that consumers have in a DeFi model while in traditional finance, governments and banks are the organizations consumers have to trust. Secondly, DeFi is open-sourced meaning that anyone with programming skills can build their own applications on the blockchain while banks are not willing to expose their inner workings to the public. Thirdly, DeFi promotes innovation while banks never allow people to do this.
At BCharity, we want to make the most out of the new DeFi. Whether it comes to our newly launched yield farms or our soon-to-come NFT Marketplace, we are taking the best of DeFi and implementing it into our platforms.
Check out our nearly launched yield farms: https://bcharityecssen.netlify.app/
Learn more about BCharity at: https://sites.google.com/view/bcharity/home
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