What is DeFi? | Decentralised Finance Tutorial For Beginners | Decentralised Finance | Simplilearn
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This video by Simplilearn is based on What is DeFi? and How DeFi works? DeFi is a short form for Decentralised Finance. Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain. Don't forget to take the quiz at 04:13!
This video covers the following:
00:00 Introduction to what is DeFi?
01:14 What is DeFi?
04:13 Quiz about what is DeFi?
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What is Blockchain?
Blockchain is one of the leading technologies in the IT world. Blockchain is a revolutionary technology that has changed how transactions work. It intends to provide a safe and secure mode of transactions, by using digital cryptocurrencies, that cannot be manipulated by anyone with ulterior motives. Blockchain is a set of blocks that record information of transactions like who made the transaction to whom, the amount of trade in the form of a digital ledger that is distributed across the entire network, making it more secure and impossible to change, hack or cheat the system. Then it is verified and validated by every node in the blockchain network to proceed with the process of making the transactions.
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@SimplilearnOfficial Жыл бұрын
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@fernandovargaspineiro2135 5 ай бұрын
it uses the 3, smart contracts, dapps and consensus algorithm
@se1931 2 жыл бұрын
consensus algorithm. Thanks for explaining it so well in a short time!
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@josephegaji8510 8 ай бұрын
nice one. simply explained. me i will say DEFI uses consensus mechanism
@folasadeonifade3302 7 ай бұрын
It uses concensus algorithm. thank you it was simply explained
@victoridem393 7 ай бұрын
So interesting video.. I come to know much about defi. Thanks to Reef Chain which is an EVM compatible blockchain for DeFi, NFTs and Gaming.
@SimplilearnOfficial 2 жыл бұрын
Don't forget to take the quiz at 04:13! Comment below what you think is the right answer, to be one of the 3 lucky winners who can win Amazon vouchers worth INR 500 or $10! (Depending on your location). What are you waiting for? Winners will be announced on 28th April 2022.
@alMoonir 2 жыл бұрын
Very useful video Keep up the good work simplilearn a) Smart contract's ✨
@hazel6247 2 жыл бұрын
Please explain smart contracts
@badrulv4427 3 ай бұрын
How does the loan gets approved, who verifies the credit worthiness of the applicant
@BitcoinAndCryptoCurrency Ай бұрын
cant wait to invest. good to learn
@BitcoinAndCryptoCurrency Ай бұрын
quick and informative, loved it
@SimplilearnOfficial 10 күн бұрын
WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every day on all your favourite topics Have a good day!
@BitcoinAndCryptoCurrency 27 күн бұрын
simple and informative thank you
@SimplilearnOfficial 15 күн бұрын
WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every day on all your favourite topics Have a good day!
@kainoslyfe4260 2 жыл бұрын
Consensus algorithm 👌
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@francis9523 2 жыл бұрын
For me, DefI means that I control my private keys and that no third party controls them; examples of DefI include but are not limited to, Cronos Defi and enterprise Defi.
@SimplilearnOfficial 2 жыл бұрын
Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!
@thabangmashabela6837 2 жыл бұрын
Concensus algorithm. I love this technology
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@shameershah917 28 күн бұрын
thanks. really helpful
@SimplilearnOfficial 15 күн бұрын
WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every day on all your favourite topics Have a good day!
@kalyaneynou6516 2 жыл бұрын
Thanks for the video. My answer is smart contract.
@SimplilearnOfficial 2 жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@digitalmarketing5150 2 жыл бұрын
Smart Contract 👍
@SimplilearnOfficial 2 жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@kldfootball 2 жыл бұрын
Really nice work
@SimplilearnOfficial 2 жыл бұрын
Thank you! Cheers!
@BitcoinAndCryptoCurrency Ай бұрын
finally a solution against our current system
@stumainimk Ай бұрын
All 3 of the choices apply.
@BitcoinAndCryptoCurrency Ай бұрын
loved the video
@SimplilearnOfficial 10 күн бұрын
WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every day on all your favourite topics Have a good day!
@ragessa962 7 ай бұрын
What if Ria decides not to pay back?
@meat69bandit 6 ай бұрын
Creator of video, please answer this
@akilsrg1580 4 ай бұрын
It is a smart contract so Ria has to face consequences according to the contact👍
@pramodbohra6164 3 ай бұрын
There would be an agreement and you can also file case against him/her if there is any disagreement
@saajansreels8254 2 ай бұрын
Same on my heas
@iamwarrenwong 28 күн бұрын
@@pramodbohra6164 Who enforces these disagreements?
@vigneshm6549 2 жыл бұрын
A. Smart contracts is correct
@SimplilearnOfficial 2 жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@shailoh2632 2 жыл бұрын
Option b) Consensus algorithm
@SimplilearnOfficial 2 жыл бұрын
"Congratulations, you got the right answer and are one of our 3 lucky winners of the contest. Please reply with your email ID to this comment to receive your Amazon gift voucher. The answer to the quiz is given below: The correct answer is The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@asishshaw6257 2 жыл бұрын
It will be option b. Consensus Algorithm
@SimplilearnOfficial 2 жыл бұрын
"Congratulations, you got the right answer and are one of our 3 lucky winners of the contest. Please reply with your email ID to this comment to receive your Amazon gift voucher. The answer to the quiz is given below: The correct answer is The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@naziakhan2513 2 жыл бұрын
Consensus algorithms
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@hazel6247 2 жыл бұрын
Consensus Mechanism
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@nickpabriaga7674 7 ай бұрын
Smart contracts
@algeriano7639 2 ай бұрын
How is paying back the loan granted with Defi ?
@user-eg4km2pk2f 8 ай бұрын
what if ria decides not to pay back?
@Enzzo777 Ай бұрын
if ria decides not to pay back than the blockchain will place a generational curse all of her family members and past ancestors
@emekaudeogu 2 жыл бұрын
Consensus algorithm
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@kelechinwabunwanne Жыл бұрын
A) Smart Contracts
@germanalvarado9166 3 ай бұрын
what happends to the lenders money if she doesnt pay her loan. where is the waranty that she is not ggoing to steal it or
@Hustynno 8 ай бұрын
The Correct answer to the question is (B) Consensus Algorithm
@maryblack3028 Жыл бұрын
b) Consensus Algorithm
@vignesh9308 2 жыл бұрын
B) consensus algorithm
@SimplilearnOfficial 2 жыл бұрын
"Congratulations, you got the right answer and are one of our 3 lucky winners of the contest. Please reply with your email ID to this comment to receive your Amazon gift voucher. The answer to the quiz is given below: The correct answer is The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@vignesh9308 2 жыл бұрын
thank you ❤️. My mail id is. vickyvignesh27@hotmail.com
@ekwoksunday5047 2 жыл бұрын
Consensus Algorithm
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@BitcoinAndCryptoCurrency Ай бұрын
I started my crypto life right here
@solumtochukwuugwuja7109 Ай бұрын
Please can you lead me
@mw.1811 2 жыл бұрын
Dapps
@SimplilearnOfficial 2 жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@samkg1964 6 ай бұрын
Ethos PIG developing evolve
@SimplilearnOfficial 5 ай бұрын
Your satisfaction is our top priority, and we're thrilled to hear that you had a positive learning experience with us! If you're interested in pursuing additional learning opportunities, we encourage you to take a look at certification courses in the description box.
@GodwinLahadi 4 ай бұрын
Dapp
@samkg1964 6 ай бұрын
-270 1994
@SimplilearnOfficial 5 ай бұрын
Your satisfaction is our top priority, and we're thrilled to hear that you had a positive learning experience with us! If you're interested in pursuing additional learning opportunities, we encourage you to take a look at certification courses in the description box.
@truckntrappn9067 Ай бұрын
C - Dapps
@SimplilearnOfficial 10 күн бұрын
Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.
@ndichuandrew6245 2 жыл бұрын
None of the above
@SimplilearnOfficial 2 жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@samkg1964 6 ай бұрын
Modus code-
@StellaAscher 9 ай бұрын
The global adoption of cryptocurrency is steadily increasing.
@SimplilearnOfficial 9 ай бұрын
We're so glad that you enjoyed your time learning with us! If you're interested in continuing your education and developing new skills, take a look at our course offerings in the description box. We're confident that you'll find something that piques your interest!
@samkg1964 6 ай бұрын
?
@6kay019 Жыл бұрын
Fantastic video... how about you take a peak into $NUTS...gonna be awesome 👌 can u peak into it with a video. U just got a subscriber
@SimplilearnOfficial Жыл бұрын
We are glad that you have enjoyed your learning experience with us : )
@gamejamzyt328 Жыл бұрын
Cool video ..... I really enjoyed it and it's educative I was hoping you make a video about $NUTS Would be an awesome to see one.... hope to get a reply soon. Meanwhile am now a subscriber
@SimplilearnOfficial Жыл бұрын
We are glad that you have enjoyed your learning experience with us : )
@samkg1964 6 ай бұрын
:matter-
@StuffBudDuz 2 ай бұрын
Ditch the annoying, repetitive background "music." It's killing your vids, man.
@mobihome1599 Ай бұрын
I still dont understand due the poor explanation.
@samkg1964 6 ай бұрын
PIG
@kaushikvaghela5809 3 ай бұрын
Frod app
@samkg1964 6 ай бұрын
Test certificate UNION pig
@akshattiwari8975 2 жыл бұрын
Smart contracts
@SimplilearnOfficial 2 жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@healingsounds3715 7 ай бұрын
Consensus algorithm
@Marketing_Mavericks 2 жыл бұрын
Consensus Algorithm
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@sandracole9132 Жыл бұрын
Dapps
@SimplilearnOfficial Жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@Nnamdis4 8 ай бұрын
None of the above
@samkg1964 6 ай бұрын
?
@_kishan_savaliya 2 жыл бұрын
Consensus algorithm
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@BankoleEmmanuel 2 жыл бұрын
Consensus algorithm
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@sandracole9132 Жыл бұрын
Dapps
@SimplilearnOfficial Жыл бұрын
"""Sorry, The correct answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are."
@adedejioretan6076 3 ай бұрын
Dapps
@whateveryouwant1804 2 жыл бұрын
Consensus algorithm
@SimplilearnOfficial 2 жыл бұрын
"""Hello! You're absolutely right!. The answer is B) Consensus Algorithm Explanation: The Consensus Algorithm is used in decentralised finance to abolish centralised finance models by allowing anyone to use financial services regardless of who they are or where they are.."
@samkg1964 6 ай бұрын
?
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