STEEMIT CRYPTO ACCADEMY: HOME WORK POST FOR @reminiscence01 ON DEFI PRODUCTS: BY @GI-DE-ON

It's yet another week at the crypto Academy. All thanks to God for bringing us this far. All thanks to prof. @reminiscence01 for such a wonderful class. This is post is been made about the homework task.

As usual, the class is based on cryptocurrency and this week's discussion is simply based on what is known as DEFI. This is simply an abbreviation that stands forDecentralized Finance` which serves as an umbrella that embodies numerous projects under the public blockchain.

It would be wise and more explanatory for me to first draft out the meaning of Decentralized Finance (DeFi) to help pour in more light to the understanding of the topic.

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Hence, Denctralized Finance: The Defi finance is simply a direct replacement for a financial system that is tightly controlled, and also held together by a group of laws/rules that guide that. In a more broad sense, the Decentralized system which is popularly referred to as the Defi is, therefore, a financial system that is based on a blockchain that does not rely on any form of exchanges or brokers there simply function based on the written codes which are the smart contracts.

The Defi market is always an open-source to its users with no authority restrictions (centralized authorities who can restrict/block payments or transactions or deny the user access to operations.

Furthermore, the Defi is simply a system by which the smart contract (written codes) on the blockchain simply makes it possible for traders/investors to simply interact through peer-2-peer without eh interaction of any middle man.

The financial institution/tools that are developed with the aim to cub third-party participation on any transaction on the blockchain is what is known as Defi-product. This is simply a method put in place to enable traders/investors the leverages and flexibility needed in accessing all financial services providing and providing them with the maximum amount of security needed to get done any transaction.

Hence, Decentralized Finance helps shape present-day finance by helping to eliminate all forms of human errors and also bringing in a good management tactic through the invention of the smart contract. Also, it has given users of crypto unlimited, quick, and permanent access to the market system as long as a user is been connected to the internet.

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• TRANSPARENCY: When a system is said to be decentralized, it hence comes with a very important feature which is the high level of transparency it users get. A blockchain is said to be transparent when the ledger containing all the information of transactions that are performed/done is been displayed publicly available for its users.

• PERMISIONLESS OPERATIONS: Familiarity with a decentralized system, you will discover that you are your own bank. You need no permission from any authority or anyone before you can make transactions. From the topic Decentralized Finance one will already know what it is talking about. One of the major benefits of Decentralized Finance is the ability to control your finances without any third-party involvement. No permission is hence needed to perform some tasks/transactions on the blockchain.

• IMMUTABILITY: With the help of cryptography and another algorithm that are available in the system like Proof-of-work (PoF), it, therefore, gives the Defi an edge over records manipulation and other virus written programs. This simply balls down to a high amount of security.

• LOW COST: This simply becomes a benefit because of the elimination of the middlemen in performing a transaction. This simply helps to increase the speed of a transaction and so saves time during the transaction. all this is made possible through the presence of the smart contract in the blockchain.

• With the presence of the Smart contract, all possible human errors have been eliminated on our daily transactions and hence with a well-written program, management of the system will be all good.

The Abbreviation DEX simply stands for Decentralized Exchange, which is simply a type of cryptocurrency exchange that allows, users, the leverage to perform direct peer-to-peer transactions of various cryptocurrencies.

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In the transaction performed through a decentralized blockchain, the elimination of various third parties which were to oversee the transactions and security of a transaction are henced been substituted by written codes (smart contracts) or distributed ledger.

Based on the decentralized nature of the system, it provides a strong security system that makes it very impossible to theft or other virus-written programs.

BINANCE SMART CHAIN: The finance smart chain is simply a platform that allows users the leverage to run transactional at a very low cost and gives them the opportunity to create various dApps.

There are features that make the BSC unique and very helpful for its users. Some of these features/attributes include;

• Independent Blockchain; The finance blockchain is referred to as a stand-alone blockchain. Even though both the Binance chain and the finance smart chain works in parallel, the finance smart chains can still function without the running of the Binance Chain.
• Ethereum-Compatible; With the smart contract in use this makes it possible for developers to build dApps.
• Supports Staking and Community-Based Governance
• Proof-of-Staked-Authority, etc.

I will like to talk about the PANCAKESWAP under the Binance smart chain: This is simply a decentralized exchange that has the similarities of the Etherium UNIswap but what makes them differ is that the pancake sawp runs on a Binance smart chain. Hence, the Dex project helps it users swap tokens without middle men or third parties.

Hnce, Pancakeswap is simply a denctralized exchange that allows trades/investors swap, trade their tokens or cryptocurrencies without the presence of a third party. One might think since Binance is a centtralized platform it hence controls pancake swap. Dont get confuse the Binance system does not control pancake swap despite it been built under the Binance smart contract.

TRON BLOCKCHAIN:Is simply a centralized crypto platform that has its own cryptocurrency called TRX which was founded in the year 2017 by an organization called the Tron Foundation.

The Tron blockchain uses features of the blockchain which is the peer-to-peer network that helps eliminate the participation of the middle man in any transactions which gives content creators/developers the leverage to directly market their products.

In performing transactions on the TRX blockchain, you will come across things like:

• BP which simply stands for Bandwidth Points this is a form of extra gas which keeps the network running smoothly. This can be obtained by freezing the TRX token in your Tron wallet.

• Energy consumption occurs when a transaction is been done. The smart contract consumes system resources while the TRX consumes energy.

There are various DEX projects on the Tron blockchain I will be talking about JUSTSWAP: is simply a decentralized exchange that runs on the TRON blockchain. It is widely known and used because of its liquidity automation, its interconnectivity (i.e, the acceptance of exchange on the TRC20 coins/tokens.

PRONS OF JUSTSWAP:

• unlimited liquidity
• High-speed transactions
• Open-source software
• Exchange among trc20 tokens

CRYPTOCURRENCIES IN JUSTSWAP
conversion in just swap supports conversion between the TRX and TRC20 tokens are simply supported.

• USDT
• USDJ
• HT
• PEARL
• LIVE
• UTU
• WBTT

In reference to question 2 above, I will be using justswap to perform my transaction as instructed in the question.