디파이(DeFi)와 스마트계약에 관한 연구

Abstract

DeFi stands for Decentralized Finance, and refers to decentralized financial services that utilize blockchain technology without the intervention of central institutions such as governments or banks. Unlike existing financial services, there is no need for a personal authentication process such as a certificate, and various financial services such as deposits, payments, insurance, and investments can be used as long as the Internet is connected. All transactions are not conducted through the servers of financial institutions (intermediaries), but through smart contracts on a blockchain-based decentralized exchange (DEX). The concept of DeFi refers to decentralized financial services that operate in a P2P manner without a centralized entity or intermediary by utilizing virtual assets based on smart contracts on a public blockchain network. DeFi refers to the composition principle that various financial services such as deposits, loans, and derivatives insurance are generated through DeApps, which are decentralized apps built using blockchains of major assets that enable smart contracts such as Ethereum, by utilizing the concept of decentralization. In other words, just like when using a commercial bank, you download a commercial bank app and use banking functions, you download a dApp and use a technology based on a decentralized blockchain network to introduce a financial system for virtual assets. DeFi is a new financial system that has the advantage of not requiring all the costs necessary to use it as a service that expands the basic premise of Bitcoin, digital currency. In other words, it has the advantage of significantly lower overhead costs. Unlike real-world banks, it is a financial system that does not require office costs, government or central bank supervision, or employee salaries. Looking at the case of the centralized bank currently in use, there was a problem that sending money to the United States required a complicated process, high fees, and a lot of time for transfer. Of course, there has been a recent movement by governments to control these dApps, but it is still reported that the fees are significantly lower than those of traditional centralized banks. Therefore, the DeFi financial system, which has very low fees for bank transactions and reflects the advantages of blockchain as it is, has the advantage of being able to transfer money instantly without the intervention of a specific country, so it is expected to spread widely in the future. Below, we attempt to study DeFi as an innovative contract settlement method that destroys the traditional contract concept of the past by using computer code that executes itself on the network based on the distributed ledger of blockchain smart contracts.