THE OUTSTANDING NATURE OF DEGO (DEGO FINANCE) PLATFORM

emmy92 (42)in #crypto • 4 years ago

The crypto space has grown so much in the past years with each year presenting interesting and Innovative solutions, products and services. When one looks at the stage the crypto space has reached, it can't be argued that the future is bright and filled with endless possibilities.

Nevertheless, it is worth giving prominence on how it all started, of which Bitcoin paved the way to peer-to-peer transactions, followed by Ethereum which made the use of smart contracts a possibility and the list goes on.

As earlier stated, there are many innovative solutions in the crypto space today and one of them is DeFi or also known as Decentralized Finance can be said to be in its early-stage wherein it runs on smart contracts, smart contracts running independently on the Ethereum network. Also, owing to the way smart contracts is designed it is limited to specific blockchains, that is, Ethereum blockchain has its own smart contracts same is EOS blockchain with its smart contracts, in each case, they offer unique possibilities.

However, it is worthy to know the goals and objectives of DeFi which is to enhance the profitability of investors in DeFi through the use of automated smart contracts hence maximizing yields or gains for investors and their invested funds. In addition, owing to the features which lie within DeFi it brought about a rapid innovative progression and testing of new ideas and concepts in the crypto space.

Furthermore, irrespective of the rapid progress which has been witnessed in the crypto space all thanks to DeFi, DeFi has been seen to have its underlying risks. These risks are high thus making investing to be questioned. In addition, one of the prominent risks sometimes involves the leveraging of smart contracts that have not been audited or even adequately reviewed. Therefore because of this and other reasons, DeFi is most times seen to be riskier than CeFi (Centralized Finance) or traditional investing.

Nevertheless, irrespective of what is experienced in DeFi investing, developers still believe there is more than can be achieved and one of such developers are those behind a project known as DEGO FINANCE or DEGO.

WHY DEGO STANDS OUT

DEGO was born out of the idea which is seen in the growth recorded, in decentralized finance (DeFi). This massive growth which has been argued to be accompanied by FOMO (Fear of missing out) sentiment around DeFi have attracted a lot of new crypto investors and developers to the crypto space and have stirred up the interest of traditional financial players thus making everyone to go for DeFi investing.

Having known how DEGO came to be, now lead to the question of if DEGO will be as others or be totally different.
The answer is, DEGO aims to make things different and this is presented in the following points.

DEGO platform works with a modular design, that is a design which works with the combination of various elements or features of a product to bring about a subsystem with specific functions. DEGO team brought an idea wherein these subsystems will be combined as a universal module working with other modules to create an entirely new system with multiple functions, performance and reliability.
In DEGO platform, each product is designed to be regarded as a module, thus after a combination of different modules, a new product is achieved; a typical example is LEGO bricks, which are seen as the best sample and inspiration for those modules. With LEGO every brick is plain and ordinary, however, it generates unlimited possibilities when brought together.
This LEGO is equalled to DEGO when compared in the DeFi space. Therefore, with each DeFi protocol as a brick, like in the case of DAI stable coin, Lending (in case of Aave, Compound), DEX (such as Uniswap and Balancer), Derivatives ( such as Synthetix), Insurance (such as Nexus Mutual), the DEGO team will build a new dApp to enhance the value of DeFi. The end result of this is, the team succeeds in creating a diversified investment portfolio and generation of substantial financial returns/profits/gains for its users. Thus, in all ramifications, DEGO becomes the entrance to the future of financial services better and efficient than the current DeFi system.
Wherein most blockchain platforms claim to be open source without any adequate proof to back it up, DEGO tends to stand out. In DEGO platform, everything is open source and available in Github. To make it more interesting, the team will continue to do smart contract security audit to assure their investors and users of their investments.
As earlier stated, the list of audits can be found in GitHub
As previously mentioned, DeFi came with a lot of things and one of them is Yield Farming. This has recently proved to attract a lot of interest and in the crypto space which of course lead to the introduction of a new era for DeFi through liquidity mining.
However, the problem which plagued this aspect of DeFi is that the whales (those with a large volume of Bitcoin etc) become the top winners, that is, they can easily take away nearly all liquidity rewards and irrationally, sell off their yield and crashes everything. Therefore it can be seen that other smallholders are not adequately favoured, thus owing to harsh reality in yield farming, whales are now the most common concern for DeFi farmers. Nevertheless, to solve this issue, DEGO offers a more sustainable ecosystem of DeFi, wherein its team created Liquidity Mining with algorithmic adjustment.
This mining power in DEGO is of course based on a set of deterministic algorithms for liquidity mining, which then converts the Liquidity Providers token (LP tokens) staked by users into POWER or hashrate when Bitcoin mining comes to mind; which then leads to getting earnings through them.

CONCLUSION

As already mentioned, DEGO is the LEGO in the DeFi space but however, it totally differs from MAKER DAO, COMPOUND, YFI and SUSHI, both in diversity, creativity and fairness. Thus, with all things being equal, the team believes that DEGO will be the next big thing in the blockchain space thus bringing about freedom, equality, openness and innovation.

Just like every other blockchain platform, DEGO have its own token, this token is minted by Liquidity Mining. The DEGO token is seen as the governance and equity token of the DEGO ecosystem, thus users holding DEGO tokens can participate in community activities and receive dividends continually.
Also, the DEGO contracts work with a completely fair distribution system which does not need private placements or pre-minings, thus everyone can participate in DeFi equally while being a part of DEGO ecosystem.

The DEGO Finance token has the symbol or ticker DEGO, it is an ERC 20 token based on the Ethereum blockchain having a total supply of 21,000,000.