Decentralized financial system

Question

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Answer 1

Decentralized finance (or "DeFi") is a financial ecosystem based on blockchain technology.

It lets users buy and sell assets and financial services as a form of investment or financing without middlemen.

Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain.

Decentralized finance is a system powered by blockchain and cryptocurrency technology, forming an alternative to the traditional financial system.

It offers financial products to users without intermediaries like banks and exchanges.

Examples are Aave (AAVE) and Synthetix (SNX).

Answer 2

Since you started discussing everything about decentralized systems and also blockchain. I would like to talk about blockchain and Ethereum nodes.
Depending on the type, nodes store only part or all of the blockchain data and are divided into:
1) Full nodes. They maintain the entire network, load and validate each block with transactions based solely on the consensus algorithm, and are completely independent. Full nodes reject blocks or individual transactions that contradict the consensus. Such a node has a complete copy of the blockchain network data.
2) Lightweight Nodes. They represent a computer with special software connected to the blockchain network. Lightweight nodes do not store all blockchain data, but only block headers to authenticate the transactions they contain.
If you are so interested in the topic of nodes and blockchain, read about the eth_getblockbynumber parameter in blockchain and nodes. More knowledge - more possibilities.

Answer 3

An open source blockchain platform allows for greater transparency and collaboration in developing decentralized applications. By sharing the underlying code, developers can contribute to and improve the platform, resulting in a more robust and secure network.