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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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]

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]

Very useful video Keep up the good work simplilearn a) Smart contract's ✨

[@hazel6247]

Please explain smart contracts

[@se1931]

consensus algorithm. Thanks for explaining it so well in a short time!

[@SimplilearnOfficial]

"""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.."

[@fernandovargaspineiro2135]

it uses the 3, smart contracts, dapps and consensus algorithm

[@josephegaji8510]

nice one. simply explained. me i will say DEFI uses consensus mechanism

[@victoridem393]

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.

[@folasadeonifade3302]

It uses concensus algorithm. thank you it was simply explained

[@BitcoinAndCryptoCurrency]

cant wait to invest. good to learn

[@BitcoinAndCryptoCurrency]

quick and informative, loved it

[@SimplilearnOfficial]

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]

Thanks for the video. My answer is smart contract.

[@SimplilearnOfficial]

"""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."

[@BitcoinAndCryptoCurrency]

simple and informative thank you

[@SimplilearnOfficial]

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!

[@francis9523]

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]

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

[@kainoslyfe4260]

Consensus algorithm 👌

[@SimplilearnOfficial]

"""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]

thanks. really helpful

[@SimplilearnOfficial]

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!

[@thabangmashabela6837]

Concensus algorithm. I love this technology

[@SimplilearnOfficial]

"""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.."

[@kldfootball]

Really nice work

[@SimplilearnOfficial]

Thank you! Cheers!

[@digitalmarketing5150]

Smart Contract 👍

[@SimplilearnOfficial]

"""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."

[@BitcoinAndCryptoCurrency]

loved the video

[@SimplilearnOfficial]

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!

[@stumainimk]

All 3 of the choices apply.

[@algeriano7639]

How is paying back the loan granted with Defi ?

[@BitcoinAndCryptoCurrency]

finally a solution against our current system

[@badrulv4427]

How does the loan gets approved, who verifies the credit worthiness of the applicant

[@DingDingPanic]

This is just another financial tool for middle-men to get a small slice of a financial transaction. Borrowers and lenders won't do anything differently. Blockchain simply records financial transactions in a way that is transparent and irrefutable. They try to make these services sound like they can do magic like increasing a borrowers credit limit or worthiness, but of course it does not and cannot do that.

[@asishshaw6257]

It will be option b. Consensus Algorithm

[@SimplilearnOfficial]

"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."

[@vigneshm6549]

A. Smart contracts is correct

[@SimplilearnOfficial]

"""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."

[@naziakhan2513]

Consensus algorithms

[@SimplilearnOfficial]

"""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.."

[@shailoh2632]

Option b) Consensus algorithm

[@SimplilearnOfficial]

"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."

[@hazel6247]

Consensus Mechanism

[@SimplilearnOfficial]

"""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.."

[@germanalvarado9166]

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

[@joshkc]

Smart contract

[@emekaudeogu]

Consensus algorithm

[@SimplilearnOfficial]

"""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.."

[@akshattiwari8975]

Smart contracts

[@SimplilearnOfficial]

"""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."

[@kelechinwabunwanne]

A) Smart Contracts

[@user-eg4km2pk2f]

what if ria decides not to pay back?

[@Enzzo777]

if ria decides not to pay back than the blockchain will place a generational curse all of her family members and past ancestors

[@maryblack3028]

b) Consensus Algorithm

[@Marketing_Mavericks]

Consensus Algorithm

[@SimplilearnOfficial]

"""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.."

[@vignesh9308]

B) consensus algorithm

[@SimplilearnOfficial]

"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]

thank you ❤️. My mail id is. [e-mail]

[@BitcoinAndCryptoCurrency]

I started my crypto life right here

[@solumtochukwuugwuja7109]

Please can you lead me

[@sandracole9132]

Dapps

[@SimplilearnOfficial]

"""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]

Modus code-

[@samkg1964]

Ethos PIG developing evolve

[@SimplilearnOfficial]

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.

[@ragessa962]

What if Ria decides not to pay back?

[@meat69bandit]

Creator of video, please answer this

[@akilsrg1580]

It is a smart contract so Ria has to face consequences according to the contact👍

[@pramodbohra6164]

There would be an agreement and you can also file case against him/her if there is any disagreement

[@Lovelysajan123]

Same on my heas

[@AccordingtoWarren]

@@pramodbohra6164 Who enforces these disagreements?

[@Hustynno]

The Correct answer to the question is (B) Consensus Algorithm

[@GodwinLahadi]

Dapp

[@samkg1964]

?

[@6kay019]

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]

We are glad that you have enjoyed your learning experience with us : )

[@samkg1964]

-270 1994

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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]

C - Dapps

[@SimplilearnOfficial]

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]

None of the above

[@samkg1964]

:matter-

[@StellaAscher]

The global adoption of cryptocurrency is steadily increasing.

[@SimplilearnOfficial]

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!

[@gamejamzyt328]

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]

We are glad that you have enjoyed your learning experience with us : )

[@StuffBudDuz]

Ditch the annoying, repetitive background "music." It's killing your vids, man.

[@kaushikvaghela5809]

Frod app

[@mobihome1599]

I still dont understand due the poor explanation.

[@samkg1964]

PIG

[@samkg1964]

Test certificate UNION pig

[@_kishan_savaliya]

Consensus algorithm

[@SimplilearnOfficial]

"""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]

Smart contracts

[@ekwoksunday5047]

Consensus Algorithm

[@SimplilearnOfficial]

"""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.."

[@mw.1811]

Dapps

[@SimplilearnOfficial]

"""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]

?

[@ndichuandrew6245]

None of the above

[@SimplilearnOfficial]

"""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."

[@BankoleEmmanuel]

Consensus algorithm

[@SimplilearnOfficial]

"""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.."

[@healingsounds3715]

Consensus algorithm

[@sandracole9132]

Dapps

[@SimplilearnOfficial]

"""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]

Dapps

[@whateveryouwant1804]

Consensus algorithm

[@SimplilearnOfficial]

"""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]

?