How does Decentralized Finance (DeFi) work?
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Ad Details
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Ad ID: 33521
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Added: November 10, 2022
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Location: India
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State: UTTAR Pradesh
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City: Noida
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Views: 339
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Website: Augmented Reality
Description
Decentralized finance uses the same blockchain technology used in cryptocurrencies. Blockchain is a secure and distributed ledger or database.
A Smart Contract is an Ethereum account that can hold funds and deposit/repurchase them based on predefined criteria. A smart contract in DeFi will replace the financial institution in the transaction. No one can modify the smart contract after it is live; it will still work as programmed.
For example, a allowance distribution contract could be coded to transfer funds from account Y to account Z only if account Y has the required amount.
Read More: https://vorphy.blogspot.com/2022/11/defi-decentralized-finance-vorphy.html