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What makes something defi? Why can't we just say we're using apps, that's a lot less confusing and makes me want to punch crypto influencers less in the face.
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As I understand it, all contracts are executed on a blockchain virtual machine, so they don't require a centralized authority. So that means nobody can stop or override a contract.
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So, when you trade on an exchange, the exchange is the central broker/authority, & they can do whatever they want. But in defi, you would make a contract that says if this amount of
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some token is sent to this address, then this certain amount of some token will be sent to another address. The 2nd party can see that this contract will execute if they send their
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token/part in, so they can be sure they will get what they want. No 3rd party needed, so no other trust besides the contract that is demonstrably proven to be valid. Automatic Escrow.
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Sounds right. I work on CMDB's, we have a term called CI's. But going around everywhere off-work calling devices and logical structures CI's would still be using it as a buzzword.
replied 49d
You're definitely right that we have a jargon problem. I don't know if it piques interest or turns it away. Might depend on the person's personality.
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Please donate to my SmartBCH addy lol