What is 'DeFi' and How is it Different From Traditional Finance?
Not a buzzword: DeFi is an ecosystem of financial applications
Understanding DeFi
Source - The Quint
If you’ve ever spent some time doing research online on cryptocurrency, there’s a very high chance you’ve stumbled on the term ‘DeFi’. Don’t let the jargon scare you - DeFi simply stands for ‘Decentralized Finance’. Why decentralized? Because traditional finance is highly centralized, while DeFi, which is something that’s on the blockchain, doesn’t have any particular regulating authority - and hence the name.
In the video above we break down the jargon and and in very simple terms explain what DeFi means, especially in relation to the traditional financial system that we are used to.
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