Though the DeFi space is nascent now, it can play a game-changing role in the way conventional financial systems function. It offers individuals irrespective of their income level or geographical location access to basic financial services and applications without the interference of any intermediaries in the system. Hence, the unbanked sections of the population are the biggest beneficiaries of Decentralized Finance development. Decentralized Finance (DeFi) is being developed on platforms like Ethereum, EOS, TRON, and IOST.
Aim of Decentralized Finance Development?
- It aims to create a permissionless financial ecosystem accessible to everyone in the world based on blockchain infrastructure which operates using public distributed ledgers.
- It covers every activity of the mainstream financial system like trading, investment, borrowing, lending, wealth management, insurance, asset management, and payments.
- It is based on DApps or protocols and ensures a peer to peer financial network.