What is decentralized finance?

Decentralized finance, or DeFi, is the ecosystem of financial applications being built with blockchain technology. The term DeFi, short for decentralized finance, was born in an August 2018 Telegram chat between Ethereum developers and entrepreneurs including Inje Yeo of Set Protocol, Blake Henderson of 0x and Brendan Forster of Dharma.

What is decentralized control in Bitcoin?

Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money or centralized banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.

What are decentralized crypto exchanges?

Decentralized crypto exchanges (DEXs) are blockchain -based apps that coordinate large-scale trading of crypto assets between many users. They do that entirely through automated algorithms, instead of the conventional approach of acting as financial intermediary between buyers and sellers.

What is decentralized storage?

Decentralized storage is a type of storage solution that is based on a blockchain-based decentralized network, rather than relying on a single centralized entity. Data is saved on various nodes in a decentralized network rather than on a single server under the control of a single authority.