Saksham Gupta
@0xsakshamx
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Day 3 of #MyJourneyToBlockchainDev🚀
Today, I dove into DeFi! Here’s the scoop on DeFi:
🔹 What is DeFi?
DeFi, or Decentralized Finance, is like a financial system without banks, middlemen, or paperwork.
It uses blockchain to create secure, transparent financial services for everyone — lending, borrowing, and trading, all run by code on the blockchain, not by institutions.
It’s like an open-source bank on the internet, powered by smart contracts 🤖💸
❄️ Crypto Winter Recap
Crypto faced a tough season through 2022-2023, with market crashes and projects struggling.
Known as the “Crypto Winter” it cooled down the hype, made the industry more resilient, and paved the way for stronger growth. 🌱
🌍 Global Wealth in Perspective
- Total global wealth: $469.8 trillion (2023)
- Bitcoin: 0.3% of that at $1.39 trillion 🪙
- Gold: holding strong at $18.23 trillion 🟡
- All other cryptos: valued at $2.6 trillion as of April 2024 — about 0.56% of the world's wealth 💹 0 reply
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Day 1 of #MyJourneyToBlockchainDev
Today marks the beginning of my journey into the world of blockchain development, and I couldn't be more excited! 🚀
What is Blockchain?
At its core, blockchain is a decentralized digital ledger that securely records transactions across a network of computers. Unlike traditional databases, blockchains store data in blocks that are linked together chronologically, ensuring transparency and immutability. This means once data is recorded, it cannot be altered, which significantly reduces the need for trusted third parties like auditors.
Why Blockchain?
The applications of blockchain extend far beyond cryptocurrencies. From decentralized finance (DeFi) to non-fungible tokens (NFTs) and smart contracts, this technology has the potential to revolutionize various industries. For instance, in healthcare, blockchain can securely store patient records, ensuring they are tamper-proof and easily accessible only to authorized individuals. 0 reply
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