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Characteristics of DeFi

DeFi are essentially just smart contracts-lines of code that define a set of conditions and actions. In a cryptocurrency, smart contracts are carried out on the blockchain. Currently the Ethereum blockchain is the most used to create smart contracts, in general.

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Characteristics of DeFi

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  1. What are the characteristics of DeFi

  2. Feature of DeFi Non-manipulating - It is ensured that they cannot be abused or manipulated in favour of one of the parties by being connected into a blockchain. The smart contract can only be removed if the function is activated after it has been published on the blockchain.

  3. Feature of DeFi No third parties - Its operation doesn't need dependable outside parties to confirm what is taking place. The blockchain itself, especially the validators and mining nodes, verifies the transaction. Security - A blockchain's consensus procedures and encryption give another layer of protection. The risk of tampering is eliminated since each node maintains a copy of the smart contracts (just as they do with the blockchain).

  4. Feature of DeFi Accessible - Being reachable from any location in the world is one of DeFi Development's qualities. This enables access to a more adaptable and flexible economic system for those who are not permitted or unable to use conventional financial systems. Transparency - Due to the fact that DeFi transactions are based on blockchain technology, they are all easily auditable. All of the motions are visible.

  5. Feature of DeFi Decentralization - Because they are kept on the blockchain, their operation is decentralised and not constrained by national or regional laws. Once deployed, they operate automatically and autonomously. Open Source - Since DeFi Token Development is built on open source, anybody may study it and confirm that there are no security flaws. You may also download, use, and alter this code for use in other apps.

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