Decentralized Applications (DApps) are computer applications that run on a blockchain network, allowing for greater security, transparency, and autonomy than traditional centralized applications. DApps can be used for a variety of purposes, from financial transactions and gaming to social media and governance, and are built using smart contracts and consensus algorithms.
DeFi refers to a system of financial applications built on a decentralized, peer-to-peer network, using smart contracts and other blockchain-based technologies to enable users to transact with one another without the need for intermediaries like banks or other financial institutions.
Smart contracts are self-executing contracts that are stored on a blockchain network. They enable the automation of agreements and the transfer of value without the need for intermediaries. The concept of smart contracts was first introduced by Nick Szabo in 1994, but it was only with the advent of blockchain technology that the implementation of smart contracts became possible.
