Dan Schatt and Domenic Carosa, of emerging community-based platform to buy and sell crypto, Earnity, have envisioned a company and an online platform that caters to crypto buyers and people who want to make the most out of decentralized finance.
Here are a few things everyone needs to know about decentralized finance.
What is Decentralized Finance?
Decentralized finance, also known as DeFi, is a financial ecosystem built on Ethereum that enables anyone to access financial services typically only available through centralized institutions.
With DeFi, you can borrow and lend money, trade crypto assets, earn interest on your digital purchases, and much more.
Why is Decentralized Finance Important?
DeFi is important because it allows people to access financial services without going through a centralized institution. This means that people can use DeFi products and services even if they don’t have access to traditional banking, such as a bank account.
What are Some of the Most Popular Decentralized Applications?
Some of the most popular decentralized applications these days include dYdX, Dharma, and MakerDAO.
What are Some of the Risks Associated With Decentralized Finance?
There are a few risks associated with DeFi. One is that it is still relatively new, and there may be some kinks that need to be worked out. Additionally, because DeFi is built on Ethereum, it is susceptible to hacks. Dan Schatt and Domenic Carosa executives of Earnity want to make sure you are using products and services from reputable providers.
How can I Get Started with Decentralized Finance?
The easiest way to get started with DeFi is to use a product or service from a reputable provider. You can choose from many providers, so do your research and find the one that’s best for you, suggests Domenic Carosa and Dan Schatt of Earnity.