Steemit Crypto Academy Season 4 Week 8 - Beginner's Course | DeFi Products - Crypto Academy / S4W8- Homework Post for @reminiscence01"

Hello guys, welcome to this week's edition of the steemit crypto academy course by professor @reminiscence01.
Without delaying, let me move to tackle the given tasks.

QUESTION 1

In your own words, explain DeFi products and how it is shaping present-day finance. (b)Explain the benefits of DeFi products to crypto users.

Defi products are decentralized financial products that allow cryptocurrency users access to many financial services similar to the ones we get in our traditional financial system or centralized exchanges without the involvement of an intermediary.

These are products, applications, or platforms built of various blockchains to provide a more secure and private means of acquiring financial services.

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DeFi productshave been shaping present-day finance in various ways.
According to the world bank, over a 1.7billion adults are without bank accounts and this problem I believe is contributed by the fact of some complex verifications are required by our traditional banks before being granted access to financial services. But with the creation of DeFi projects, most of this problem of verification has been solved for the fact that one need not be permitted by anyone or any authority before having access to financial services.

The very fact that our traditional financial system is centralized is also a big issue as there are a series of charges attached to every transaction which goes to this third party as payment for safely delivering our transaction. But with DeFi products, all those third-party charges aren't included as all transactions are executed by lifeless smart contracts which perform the activities of a third party.

On the side of efficiency, DeFi products have made present-day finance more efficient and reliable for the fact that borrowing, leading, or even sending funds are all based on peer to peer without no intermediary. Therefore there won't be an issue of delay due to third-party confirmations.

QUESTION 1B

Explain the benefits of DeFi products to crypto users

DeFi products has a lot of benefits to crypto users which includes:

• DECENTRALIZATION
• OPEN TO ALL
• TRANSPARENCY

DECENTRALIZATION

*DeFi products are decentralized platforms that offer financial services similar to that of our traditional financial marketplace (banks). The fact that these platforms are decentralized makes them private and nullifies the activities of a third party which would have increased cost and delay in transactions. DeFi products being decentralized have reduced cost and delay in transactions which have always been a major concern when it comes to transactions using our traditional financial market.

OPEN TO ALL

DeFi products are also open to all unlike our traditional financial system or centralized exchanges which demands a series of verifications before granting a user access to financial services. All of need to have is a smartphone and an internet connection in other to access the various financial services offered by Defi products.

TRANSPARENCY

Defi products are also very transparent as all transactions are recorded on the blockchain and can be explored by anyone using the block explorer of the blockchain. With this, there won't be anything like "I have already sent the money" when it is obvious that it has not been sent.

QUESTION 2

Discuss any DEX project built on the following network.

Binance Smart Chain &Tron Blockchain

BINANCE SMARTCHAIN

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I will be talking about Pancake swap
Pancake swap is a decentralized exchange platform built on the BSC blockchain.
It boundlessly allows users to swap Bep-20 tokens very efficiently and at very low fees due to the absence of a third party.
The activities of the third party on the pancake swap exchange platform are replaced by smart contracts which process transactions using the aid of the blockchain on which it is based.

The pancake swap has a native token known as a cake which is used as a reward for liquidity providers on the exchange platform.

Holders of this token also enjoy a lot of other benefits which include:

• Yield farming.

This is a type of reward earned by staking your cake token on any of the numerous staking yield farms.

• IFOs

This is the ability limited to cake holders. This ability allows them to be able to swap their cake tokens for unlisted projects before making the project open for public access.

Lottery v2

This allows cake holders the ability to purchase cake lottery tickets as low as $5 and that in turn stand a chance to win more cakes.

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TRON BLOCKCHAIN

Similar to Pancake swap, Just swap is a decentralized exchange platform that allows an efficient swapping of Trc20 tokens.
It is a decentralized platform in which all transactions are carried out by smart contracts which therefore nullifies the activities of a third party.

Also similar to pancakes was, Justswap allows its users means of earning passive income for serving as liquidity providers.

Some other features of justswap include:

• Convenience

This is achieved on the basis that Trc20 tokens are swiftly swapped on justswap without having to make a user wait for matching orders.

• Provision of unlimited liquidity

The very fact that swapping Trc20 tokens on justswap is swift, makes it very attractive for traders who then perform a lot of transactions using it. The numerous use of justswap thus makes it a good liquidity provider.

• Permissionless

Justswap allows everyone equal access to its services by not demanding any form of verification. All you need to have at least is internet enabled smartphone in other to access the services of the platform.

QUESTION 3

In the DEX projects mentioned in question 3, give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)

SWAPPING ON JUSTSWAP

STEP 1
_{Enter your TronLink pro wallet and click on Justswap}

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STEP 2
_{Input the Trc20 token you would like to swap and the token or coin you would want to swap to}

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STEP 4
_{Confirm if every details are as intended. Including the amount of token you want to swap. Then click on confirm swap}

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STEP 5
_{After confirming the transaction, this will show up which means that you have successfully confirmed the transaction of a certain amount of Trc20 in exchange for another}

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STEP 6
_{EVIDENCE OF TRANSACTION ON TRONSCAN}

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CONCLUSION

DeFi products have made the world of finance a place for all by cutting out boundaries created by centralized authorities in accessing financial services with regards to centralized finance. DeFi products being those exchanges/platforms which allow easy access to various financial services without the involvement of a third party has made financial activities less expensive, faster, and more secure. I'm grateful for this lecture by professor @reminiscence for the fact that it has increased my knowledge of the world of Decentralized finance.