It's another blessed week of learning at crypto academy.
Greetings everyone, especially to a very reputable professor @reminise01, it is a great privilege to learn from you yet again. And in respect to the class I will be doing the given assignment in affirmation to my understanding of the teaching.

#INTRODUCTION
Yes, this is crypto academy and we learn about cryptocurrencies and informations surrounding it are been taken cognisance of.
The discussion for this week is based on DEFI which is an abbreviation for decentralized finance which encoat many projects under the public blockchain.

Source

Defi is a direct substitute for a financial system that is under control of a group of rules or order guiding it.
Decentralized system is a financial embargo that is based on blockchain that is autonomous i.e they have no need for a central control rather it functions solely on smart contracts which are written codes.
Defi have made it possible for users to communicate via peer-2-peer without the need of a third party.

HOME WORK

1. a) In your own words, explain DeFi products and how it is shaping the present-day finance.
   b) Explain the benefits of DeFi products to crypto users.
2. Discuss any DEX project built on the following network.
   Binance Smart Chain
   Tron Blockchain
3. In the DEX projects mentioned in question 2, give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)

QUESTION 1

a) In your own words, explain DeFi products and how it is shaping the present-day finance.
b) Explain the benefits of DeFi products to crypto users.

Defi an abbreviation for decentralized finance entails a system built on blockchain for the sake of autonomy and elimination of third party.
Defi unlike banks is not under control of any central government.
Defi products entails the autonomy given to investors to make decisions best to them as pertaining to cryptocurrency they want to invest in, where they want to invest in, the amount they wish to invest, without having any need of the central bank.

Defi products enable users to register on a safe platform where they can carry out any exchange of their choice anytime any day knowing fully well where their assets are going.

Defi though decentralized provides almost the same services such as lending of funds,currency conversion, collateral-borrowing interest saving as our contemporary financial institutions but their is an elimination of the third party which are present in normal financial setting.

Benefits of defi products to users

Source

Advantages of defi are so many but in the course of this assignment I will be taking a few. Viz:

• Transparency: a system is said to be transparent if users or members of the system can see clearly whatsoever is happening in the system.
  Defi provides a high level of transparency to its users in the sense that all transactions performed are displayed to its users publicly.

• Low cost: the elimination of middlemen or a third party in the smart contract of a defi system helps reduce network charges and hence accounts for increased speed of transaction and helps save time during transaction.

• ** Autonomy:** from my experience in defi I've come to the understanding that I'm my own financial institution and to that effect I don't need permission from anyone before I carry out any transaction neither do I need an approval from any third party for my transaction to be completed.

• High level of security: algorithms like proof-of-work, cryptography and its like makes it likely impossible for for record in defi network to be tampered with.

• high transaction speed: depending on the users network, transactions performed under defi system are faster as compared to the centralized system.

QUESTION 2

Discuss any DEX project built on the following network.
i. Binance Smart Chain
ii. Tron Blockchain

Dex is an abbreviation for decentralized exchange which is a type of exchange that avail users the opportunity of performing peer-2peer transaction on different cryptocurrencies.

Source
In decentralized blockchain, transactions are secured using written codes known as smart contracts. And based on the autonomy of the system there is no room for virus-written programs.

Binance smart chain this is a platform where users performs transaction on a very low cost. It also gives room for dApp creation. It makes use of bnb as its transaction fee.
Below are some unique features of binance smart chain:

• proof of stake
• Encourages staking
• Ease in dApp creation: it is easy for dApp creators to create dApps using binance smart chain and also it is cheaper.
• Autonomous blockchain : it has the ability to run on its own without the running of another network on it.

One DEX i will like to talk about under binance smart chain is pancakeswap.
Pancake swap is likened to ethereum's UNIswap but it makes use of binance smart chain unlike UNIswap that runs on ethereum network. Pancakeswap helps users to swap their tokens without the involvement of a third party.

Although pancakeswap is built under binance smart chain,it is not under the control of binance.

Tron blockchain: tron blockchain was founded in the year 2017 by tron foundation.

One feature that tron blockchain shares with other is the elimination of third parties.
Some feature of trx blockchain include:

• Energy consumption: for every successful transaction in trx blockchain, energy is been consumed by the TRX netwrok while system resources are been consumed by the smart contract.

• Bandwidth point: this is an additional gas fee that helps in the smooth running of the network. One can this by freezing his/her trx.

Under trx blockchain I will be Talking about Justswap.
Justswap provides its users with a high level of liquidity automation and also has an interconnectivity feature that is to say acceptance of exchanges on TRC20 coins

*Some attractive features of Justswap includes;

• High speed transaction
• Exchange among trc20 tokens
• Boundless liquidity

Tokens that can be swapped on justswap may include;

• USDT
• PEARL
• WBTT
• UTU
• LIVE

QUESTION 3

In the DEX projects mentioned in question 2, give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)

I will be using my tronlink wallet to perform this transaction.

my wallet before transaction

There are few steps i will be taking in order to perform a swap.
STEP 1 : i will navigate to swap as shown below.

STEP 2 : I will input the amount of token i wish to swap. So i will be using 2 trx

** STEP 3 :** the swap will need me to put in my password in confirmation of ownership.
Which i did and clicked dome after putting my password.

STEP 4: i will now navigate to home to confirm the success of the swapping.

Tadan!! Transaction successful

I will like to see my transaction history so i will go to history

from the above screenshot it is confirmed that my transaction was successful

CONCLUSION

It was really a great time from the time of learning to the time of completing this assignment, i must say i really appreciate you prof. @reminiscence01.
I successfully discussed the defi product and how it is helping the blockchain ecosystem.
Gladly i made a real swap using my Tronlink, and i discovered it was very fast and less stressful.

CC:
@reminiscence01

Note : screenshots used for the above experiment was. gotten from
Https://www.Pancakeswap.com
Https:// www.Tronscan