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just done with my 3rd course from binance academy, it was based on decentralized and i get to know about smart contracts, dapps, bitcoin, DOA, etc. I even got an idea on how this world can follow the path to a decentralized placed.
A DAO operates on a decentralized and transparent platform, allowing for the democratic management of the organization's activities and decision-making processes. it is based on stakeholders, healthy community and trust.
the best and the worst part of smart contracts is that its based o human coding, which means it is hard to tamper but with same time it is hard to make any changes on it too.
Applications for smart contracts include supply chain management, voting systems, financial transactions, and digital identity verification. Decentralized exchanges, lending and borrowing platforms, yield farming protocols, etc.
The smart contracts are more secure and better than legal contracts, as they are decentralized so do you think people and government adapt to smart contracts completely to advance early to web 3? what are your thoughts on this?
In a smart contract, the conditions of the agreement between the buyer and seller are directly encoded into lines of code, making it a self-executing contract. They are safe, transparent, and impenetrable because the code and agreements they contain are decentralised.
The objective behind yield farming is to supply liquidity to DeFi protocols, or decentralised exchanges, in exchange for which users receive rewards in the form of new tokens or interest on existing deposits.
Users deposit their digital assets into a pool called a liquidity pool, also known as yield farming or liquidity mining, in order to generate returns in the form of rewards and fees.
liquidity pools are essential to the operation of decentralised finance (DeFi) protocols like yield farming and stablecoins because they make sure that there is sufficient liquidity to meet user needs and maintain the system's functionality.
A liquidity pool is a group of assets are typically digital currencies, that several users put into the pool in order to provide trade liquidity. A liquidity pool's main goal is to make sure users may purchase and sell digital assets promptly.
The movement known as decentralised finance (DeFi) aims to develop financial applications for blockchain networks. It provides a range of financial services, including credit and identity verification, lending and borrowing, trading and exchange, asset management, etc.
the defi is used in crypto mining, decentralized exchange and even in yield farming. yeild farming is lending your money in liquidity pool which in return gives them interest.
"decentralized finance" has no central authority which means it can be used to keep track of crpto because the transaction can be very secure in this method, even though not all crypto are based on this.
The term "decentralized finance" (abbreviated "DeFi") describes a network of financial apps built on blockchain technology. this can be very helpful and have many advantages.
just done with my second course on binance academy "Crypto Fundamentals", i have learned a lot in this course, from "what bitcoin actually is to what are crypto wallets". Thank you binance 💖
the crypto wallets are used to interact with the blocks of the blockchain, these are of two types "cold and hot". The hot wallets are easy to set up where as cold wallets saves the key offline.
do you know may 22 is the bitcoin pizza day, a guy purchased pizzas worth 10k bitcoin which was $40 at that time. thanks to binance academy for this fact.