TLDR
Decentralized finance (DeFi) can be defined as an ecosystem of protocols, applications, investors and traders that use smart contracts to perform financial transactions in an open, permissionless and transparent way. The main quality of DeFi is, as the name suggests,” decentralization” There is no intermediary company standing between transactions to collect user data or to profit from transaction fees. DeFi uses cryptocurrencies instead of state-issued fiat money. This makes DeFi more flexible and interoperable compared to FinTech solutions.via the TL;DR App
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Written by futuristiclawyer | Legal background, interested in business and tech. www.futuristiclawyer.com
