Blockchain and Cryptocurrency Beginner - Decentralized Finance and DeFi Wallet as One of the Products in Decentralized Finance (DeFi)

DeFi, this has remained one of the resounding terms for months now since it came into the limelight. Almost everyone in the crypto space at the moment have been talking about DeFi and how amazing it has been. It is gotten so big that a lot of the biggest projects in the crypto space at the moment operates on DeFi.

DeFi which is just the short form of Decentralized Finance is simply decentralizing the financial system. It is as simple as that. It basically means giving control to people rather than being controlled by a central entity or authority like we have in the current financial system.

Whenever the term DeFi is mentioned, it just means the decentralized version of the financial system. Almost everything that operates on the current centralized financial system is on DeFi which has shown shown to have all it takes to disrupt the current centralized financial system and bring full decentralization to the financial system and to users.

The DeFi space and has proven to work effectively and efficiently as well since it is being powered by the blockchain and inherits all the benefits of what blockchain technology and cryptocurrency have to offer. On DeFi, we have DEX for peer to peer and secure exchange of cryptocurrency assets, we have Wallets which gives users control of their keys and funds, we have features like staking, lending, borrowing, interests… these are all elements that are part of DeFi.

In this post, I will be focusing on the wallet aspect of DeFi. Since DeFi is simply the decentralized version of the centralized financial system, that runs on the blockchain, A crypto wallet is a great example of a DeFi protocol because it gives users control of their funds and keys. More like users being their own bank and having full control of their funds. The DeFi wallet I will be writing about is Myetherwallet.

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Myetherwallet - A DeFi Wallet and One of the Products in Decentralized Finance

Wallets in cryptocurrency are one of the aspects of cryptocurrency that everyone in the crypto space already know about. In fact, without a wallet, cryptocurrency cannot be stored, it is the only way to store and hold cryptocurrencies, that is why it is one of the first things people know when they come into the crypto space and own cryptocurrencies.

When we talk of wallets in cryptocurrency, there are various types of wallets; web wallets, mobile wallets, desktop wallets, hardware wallets and paper wallets… Wallets can also be categorized as software wallets, hardware wallets and paper wallets… it can also be categorized as custodial wallets and non-costodial wallets.

It is important to know that not all wallets are part of DeFi. Costodial wallets are not part of DeFi and only Non-costodial wallets are part of DeFi. Any wallet that gives you full control over your keys and funds is part of DeFi because the whole essence of DeFi is decentralization and giving users full control.

Myetherwallet is a very good example of a DeFi compactible wallet that has been around for a long time now… it is regarded by many as one of the best wallets in the DeFi space that runs on the ethereum blockchain which is considered the king of DeFi. Like a lot of other web wallets, myetherwallet is basically a web protocol gateway for interacting with the ethereum blockchain and is great for ethereum and ethereum tokens.

A lot of DeFi projects runs on the ethereum blockchain because of its decentralization, security, features and smart contracts which is one of the key elements of DeFi. The ERC-20 token is one of the main tokens of a lot of the DeFi projects, utilizing ethereum’s capabilities and features and there are not that many wallets that is compatible with ERC-20 tokens than Myetherwallet.

One of the key features and benefits of Myetherwallet is its simplicity, ease of use and compactibility with a lot of ERC-20 and ethereum based tokens. Myetherwallet has proven to be a very secure and reliable wallet in the DeFi space.