# Understanding De-Fi

*De-Fi, or decentralized finance, is a movement to create and establish a new financial ecosystem that is open for everyone and does not involve or require trusting intermediaries, such as banks. De-Fi relies on NFTs, smart contracts, and blockchains. Smart contracts are the fundamental building blocks on De-Fi, whereby intelligent contracts are self-executing contracts with the terms of the contract between buyer and seller directly written into lines of code. Currently, most if not all De-Fi projects are built on the Ethereum protocol. CillionCoin is based on the Binance Smart Chain (BSC) BEP-20 protocol which extends on the ERC-20 standard. The De-Fi ecosystem improves on current banking systems and financial ecosystems to create permission-less buyer to seller and lender to borrower transactions. De-Fi is superior because the protocol is open, cheaper to transact within, built on novel foundations, and resistant to censorship.*
