Medium article written by Aaron Lyn Anderson on May 9, 2019.
DeFi, Decentralized Finance, is Blockchain’s killer application. Cryptocurrency, Smart Contracts, and Decentralized Autonomous Organizations are empowering people all over the world to work and profit from ventures in cyberspace, but DeFi is the emergent application of blockchain technology that empowers humans to actually use blockchain to survive.
The things that really matter to humans are the things they can’t survive without: food, drink, shelter, etc. Collectively these things are called essentials. In the developed world we use money as a tool to acquire essentials. Money is one of the very few tools that stops working in different geographies or when it’s over produced.
It’s clear that there is a bug in the Traditional Finance algorithm that the fiat money developers can’t or won’t patch. With DeFi, the user can choose which tools to use to acquire essentials. Cryptocurrency, stable tokens, fiat money, exchanges, bearer notes, and company shares are all tools available to a DeFi user for the purpose of acquiring essentials.
Ching! sponsored two events at the University of Memphis to introduce Memphians to practical DeFi. One was a Pop Up market where users got to experience using DeFi in real life. The other was an introduction to the technology and the teams that are creating it. Read more on Medium.