What is defi smart contract development technology?
DeFi smart contract development, or Decentralized Finance, is a fancy term for using digital currencies and technology to reinvent traditional financial systems. A big part of this is thanks to something called 'smart contracts.' Here's a breakdown:
(1) Blockchain Technology:
DeFi is often built on blockchain platforms like Ethereum, Binance Smart Chain, or others. These blockchains provide the underlying infrastructure for decentralized applications (DApps) and smart contracts.
(2) Smart Contracts:
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. In DeFi, smart contracts automate various financial processes, such as lending, borrowing, trading, and more. Ethereum is a popular blockchain for DeFi, largely due to its support for Turing-complete smart contracts.
(3) Decentralized Applications (DApps):
DeFi applications are often DApps built on blockchain platforms. These applications leverage smart contracts to provide financial services without relying on traditional intermediaries like banks.
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