{"id":3850,"date":"2021-05-29T08:50:47","date_gmt":"2021-05-29T07:50:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3850"},"modified":"2023-07-08T08:20:15","modified_gmt":"2023-07-08T12:20:15","slug":"introduction-to-decentralized-finance-defi-cryptocurrencies-and-smart-contract","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/introduction-to-decentralized-finance-defi-cryptocurrencies-and-smart-contract\/","title":{"rendered":"Introduction to Decentralized Finance (DeFi) &#8211; CryptoCurrencies and Smart Contract"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"h-cryptocurrencies-are-digital-defi-virtual-assets-secured-basically-by-transparency-and-record-taking-on-the-blockchain-a-digital-ledger-which-makes-them-technically-impossible-to-counterfeit-each-cryptocurrency-is-unique\"> Cryptocurrencies are digital (DeFi), virtual assets secured basically by transparency and record taking on the BlockChain (a digital ledger), which makes them technically impossible to counterfeit. Each cryptocurrency is unique. <\/h5>\n\n\n\n<p class=\"has-text-align-left\">Primarily cryptocurrencies are <a href=\"https:\/\/coinscreed.com\/staging\/defi-crypto-protocol-developer-have-allegedly-stolen-investors-fund-worth-32m.html\" data-type=\"post\" data-id=\"3708\" class=\"rank-math-link\">developed<\/a> to securely store value but the necessity of profits has fueled developers into making extra efforts. Since an increase in market cap is vital for this to happen, each token is embedded with features to keep them relevant and attract more investors over time.<br><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/defi-1KL.jpg\" alt=\"Introduction to Decentralized Finance (DeFi) - CryptoCurrencies and Smart Contract\" class=\"wp-image-3856\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/defi-1KL.jpg 600w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/defi-1KL-300x200.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/defi-1KL-236x157.jpg 236w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>In that vein, developers have come up with a BlockChain alternative to Traditional Banking with the introduction of the <a href=\"https:\/\/www.google.com\/search?q=Introduction+to+Decentralized+Finance+(DeFi)+-+CryptoCurrencies+and+Smart+Contract&oq=Introduction+to+Decentralized+Finance+(DeFi)+-+CryptoCurrencies+and+Smart+Contract&aqs=chrome..69i57j69i60.979j0j4&sourceid=chrome&ie=UTF-8\" data-type=\"URL\" data-id=\"https:\/\/www.google.com\/search?q=Introduction+to+Decentralized+Finance+(DeFi)+-+CryptoCurrencies+and+Smart+Contract&oq=Introduction+to+Decentralized+Finance+(DeFi)+-+CryptoCurrencies+and+Smart+Contract&aqs=chrome..69i57j69i60.979j0j4&sourceid=chrome&ie=UTF-8\" class=\"rank-math-link\" target=\"_blank\" rel=\"noopener\">Decentralized Finance (DeFi) System<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>. The idea of DeFi is aimed at creating an easily accessible Financial Ecosystem whereby Users have control over their assets through dApps. <\/p>\n\n\n\n<p>Hence the dApps feature is widely supported on most crypto-based software. In DeFi, the middleman that facilitates transactions is called Smart Contract. Imagine Smart Contract as a delivery company on the blockchain.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-smart-contracts\">What are Smart Contracts?<\/h2>\n\n\n\n<p><br> Smart Contracts are cyber transaction protocols designed to facilitate transactions when certain conditions are met between two parties. Ethereum is the first developed smart contract with a market cap just below $200million. Some other popular smart contracts are;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/bscscan.com\/\" class=\"rank-math-link\" target=\"_blank\" rel=\"noopener\">Binance Smart Chain<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/polkascan.io\/\" class=\"rank-math-link\" target=\"_blank\" rel=\"noopener\">PolkaDot<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/explorer.solana.com\/\" class=\"rank-math-link\" target=\"_blank\" rel=\"noopener\">Solana<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/eosflare.io\/\" class=\"rank-math-link\" target=\"_blank\" rel=\"noopener\">EOS<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/strong> etc.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<p>   There is an incredible demand for good smart contract ecosystems, mainly due to congestion and the fact that transactions are becoming more expensive by the day.<\/p>\n\n\n\n<p><br>Each smart contract has Decentralized Exchanges (Dex) developed to enable users to apply them.<br>   In this article, we have emphasized the most applied smart contracts in 2021.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies are digital (DeFi), virtual assets secured basically by transparency and record taking on the BlockChain (a digital ledger), which makes them technically impossible to counterfeit. Each cryptocurrency is unique. Primarily cryptocurrencies are developed to securely store value but the necessity of profits has fueled developers into making extra efforts. Since an increase in market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[197,451],"class_list":["post-3850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","tag-defi","tag-smart-contract"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/DEFI.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3850"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3851"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}