THE BEGINNERS GUIDE TO DeFi (Decentralized Finance) AND BIZONEX

In this article

Introduction
What is DeFi?
DeFi Functions
DeFi Projects
Conclusion


Introduction?

BIZONEX is an exchange where users can trade cryptocurrencies. They support many of the most commonly traded cryptocurrencies and will list DeFi tokens such as BAT/REP/ZRX/M
BIZONEX provides a crypto wallet for its traders, where they can store their electronic funds. BIZONEX has its own token currency, BIZONEX TOKEN

What is DeFi?

Decentralized Finance (or simply DeFi or also called open finance) refers to an ecosystem of financial applications that are built on top of blockchain networks. Financial services like borrowing, lending, and trading built using decentralized infrastructure, such as public blockchains and smart contracts are used to describe DeFi.

More specifically, the term Decentralized Finance may refer to a movement that aims to create an open-source, permissionless, and transparent financial service ecosystem that is available to everyone and operates without any central authority. The users would maintain full control over their assets and interact with this ecosystem through peer-to-peer (P2P), decentralized applications (dapps).

Currently, the three largest functions of DeFi are:
DeFi applications do not need any intermediaries or arbitrators. The code specifies the resolution of every possible dispute, and the users maintain control over their funds at all times. This reduces the costs associated with providing and using these products and allows for a more frictionless financial system.
Permissionless (anyone can participate): DeFi enables people who otherwise don’t have access to financial services to take part in the global economy.
Enabling advanced financial instruments such as DEX, tokenization platforms, derivatives and predictions markets. The DeFi movement is shifting traditional financial products to the open source and decentralized world, which removes the need for intermediaries, reduces overall costs, and greatly improves security.




Famous Decentralized Finance Projects:

MakerDAO: Decentralized reserve bank and stablecoin
Compound: Borrow and lend
Uniswap: Token exchange
Augur: Market prediction platform
PoolTogether: Zero loss savings platform

Bizonex provides you with the platform for crypto-trading (Defi tokens and tokenized goods), digital assets implemented in real-world businesses.

What are the differentiating factors between DeFi systems and their traditional banking?

The first piece of imbalance between DeFi systems and traditional financial products is that the former establishes codes and protocols for the automation of processes and the elimination of human error through the use of smart contracts.

Also, DeFi systems are open-source applications based on public blockchains. Hence, users are given a lot more freedom to customize the system as they deem fit, and the services are not geo-selective. It is possible to combine two or more DeFi products and create a new one.
Bizonex allows the exchange of popular cryptocurrencies and tokens as well as tokenized assets tied to services of global businesses (such as tokenized loyalty programs).

With Bizonex hardware wallet, integrated with Bizonex operations with all popular cryptocurrencies and tokens through the PC web interface and from the device itself, supports seed phrases and tamper-proof hardware protection is guaranteed

Conclusion

Decentralized Finance is focused on building financial services separate from the traditional financial and political system.
BIZONEX allow for a more open financial system and could potentially prevent precedents of censorship and discrimination all over the world.
BIZONEX unique functionalities have seen it emerge as an important pillar of the crypto economy. This development proves that BIZONEX, blockchain and crypto are finally finding efficient ways to remodel conventional financial systems.

Blockchain is making waves.

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