Greetings to this wonderful community I hope you are well and healthy at this time of year which is so important for all of us, in this article I will talk about DEFI
What do you have in mind about DeFi?
When I think of DEFI I think of a global financial system that is resistant to censorship, a system that is more just and that provides opportunity to millions of people who do not have access to the financial system, either because of a political issue such as in Venezuela where citizens are censored by a state that forbids them to use a different currency than the one they control or in other cases where you can use the system but it is not at all friendly to the users of that centralized system.
Have you ever bought DeFi tokens?
A few weeks ago, while reading articles, I found out that this system existed and was gaining strength in the cryptomoney community, so even though I haven't been able to invest in tokens yet, I'm drawing up a savings strategy to invest in Dai tokens in the long term.
What are you excited about with DeFi?
There are many things that excite me about this new financial system, one of them is that it allows me to save in a more stable currency than the currency of my country Venezuela, the second is that I can use the interest earned to reinvest and generate the momentum of compound interest, finally is that through these tools that gives me the DEFI system can have a healthier financial planning based on a more stable currency this in turn will allow me to control the uncontrolled inflation to which my family budget is exposed.
Which project do you think is the best DeFi application?
MakerDAO is one of the most popular decentralized applications because I can use a crypto-currency as collateral and generate another currency called Dai that is on par with the dollar or what is the same to say that a Dai is equivalent to a dollar, with it I can buy products, more coins or take it to another platform where I can earn more interest
Why?
It's very simple I love it because I can use a number of coins to make more money with the same amount in short I can earn more interest for the same amount of coins I have.
What is the mechanism of DeFi or any DeFi project?
The MakerDAO platform uses something called CDP (Collateralized Debt Position) this is a cryptographic concept that I don't understand much used by MakerDAO to stabilize the price of the Dai with respect to the dollar and thus to facilitate its trade, with this CDP the users can deposit their coins as guarantee of a loan then the trader can use the created coins for any transaction.
Do you feel positive or negative about DeFi's future?
I am very excited about the future of this entire ecosystem that will allow millions to escape from the centralized system controlled by banks as well as oppressive governments that use the conventional financial system as a weapon against the citizen. I deeply believe that the future and stability of the coins is in global commerce and Defi provides a framework for that stability.
created by @trabajosdelsiglo