In the world of cryptocurrency, Defi (Definite) is a term used to describe a decentralized application or platform that delivers real-world value. These applications are built on the blockchain and offer users a more efficient, trustless experience when compared to centralized applications.
What is a Decentralized Application?
A decentralized application, or dApp, is an application that is run by a network of users instead of a single server. This decentralized network is often made up of computers that are spread across the globe. dApps are built on the blockchain and use smart contracts to automate the interactions between users.
What is a Smart Contract?
A smart contract is a computer program that helps to automate the negotiation and execution of contracts. These contracts are stored on the blockchain and are executed when specific conditions are met. Smart contracts are often used to create trustless relationships between users and can help to reduce the costs associated with traditional contracts.
What is the Blockchain?
The blockchain is a decentralized ledger that is used to store data and transactions. This ledger is maintained by a network of computers that are spread across the globe. The blockchain is used to store data about cryptocurrency transactions, but it can also be used to store data about other types of transactions.
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