Earnity: What is DeFi? And How to Get Started - Somewhere To

Earnity: What is DeFi? And How to Get Started

To put it simply, DeFi is to finance as cryptocurrency is to money. Bring decentralization and digitized trust to finances. A more complex explanation would be that DeFi is a set of services, protocols, and technologies that offer various ways to manage your cryptocurrency funds.

So what do I need to get started?

Earnity founders Dan Schatt and Domenic Carosa want you to know that you won’t need much if you would like to get started with cryptocurrency. First, you will need some cryptocurrency and a crypto wallet. You can get started with Earnity, a Decentralized Finance (DeFi) firm developed to enable users to collect, share, earn, and securely keep several tokens and various portfolios within a community-focused environment.

Where can I get a wallet?

There are multiple types of Wallets in cryptocurrency, and we will talk about them in the next few episodes. The thing to remember now is that you should always use open source and unsecured wallets. Earnity founders, Dan Schatt and Domenic Carosa, remind us that when discussing crypto, the term “open source and unsecured” means that you keep your funds (private keys with access to funds in the ledger) under your ownership and control. It’s like keeping money in your pocket instead of in a bank or other account. Later we will discuss ways to decide which type of wallet will work best for your crypto needs.

So what should my first transaction be?

There are many options when deciding how to get your feet wet with crypto. For instance, if you have a cryptocurrency, like Ethereum, and want to exchange it for something else, like a stable currency called DAI, the most common way is through an Exchange. While this is a popular choice, the most obvious downside to using Exchanges for your crypto transactions is that they are often quite expensive. Try a Swap! With swaps, you can exchange one token for another with minimal cost, and everything is done in your pocket (wallet).