PRIVI Protocol - The customizable, No-code Social and Financial Network
PRESENTATION
Despite the insurgence of Coronavirus, crypto investment has flourished. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, The PRIVI Protocol, a revolutionary blockchain-based system utilizing state of-the-art technologies and intelligently blending them into a new ecosystem, in effect delivering new solutions to big problems that underlie Data Ownership and Decentralized Finance has arrived.
"To say blockchain is a fast growing technology is an understatement — it’s actually the fastest growing innovation right now. For the most part, blockchain has disrupted quite a number of sectors chiefly payments and financial institutions. Of course, the biggest draw of this technology is its ability to offer efficiency and unmatched transparency; both of which are lacking in most of our traditional systems. What’s more, being able to transact with other users in a trustless and secure manner is huge.
That said, one can only imagine how blockchain technology can revolutionize social media. Or better still, how it can transform our existing chat applications. Today, it’s no longer news that everyone has a presence on social messaging sites. And of course, we’ll definitely love to have platforms that ensure maximum safety and security without sacrificing functionality."
With that being said, The PRIVI Protocol allow users to customize a social platform with already built financial tools that ease financial activities.
What exactly is PRIVI Protocol?
As depicted above and as indicated on the official website of PRIVI Protocol, PRIVI protocol is a customized platform for decentralized finance (DEFI). It uses a state of art technology and carefully incorporate this new technology into already existing decentralized finance. It allow users to customize a social platform with already built financial tools that ease financial activities. It also create a new social hierarchy where communities can engage themselves; forming a human network and providing leverage for community members.
With PRIVI protocol, people can create their own social community and modify the community to suit their desire, on each community financial tasks are eased. Each community has it's own unique social and financial tool for use within the community. The communities also create a functioning DAO that makes decisions for the community operation.
About Data Collection, Encryption and Storage
This subsection familiarizes the instruments required with fuse the Data Collection, Encryption and Storage stages which set up the fundamental periods of the Information Protocol cycle.
This recollects nuances for:
Registration
This presents the selection cycle including the KYC recognizing confirmation, the limit of fragile KYC files in a significantly ensured about what's more, guaranteed database with excellent help and cybersecurity innovation and the limit of less sensitive enlistment information with its encryption through the PRIVI Blockchain.
Data arrangement
This makes on the different sources and systems realized to propel the extraction of customer's data and its mixed limit on the Cloud Database by techniques for the PRIVI Blockchain.
A client (tallying customers, advertisers and associations) fills the necessary enlistment information and updates the KYC records through Mobile or Web Applications constrained by PRIVI or a PRIVI Partner. This information is dispatched off the Back-end Application by methods for an ensured about API.
How It Works?
The diagram below depicts how Privi Protocol works;
DAO
PRIVI Protocol is a multifaceted platform that touches various innovative ways of operation on the Blockchain. The more I learn about the project, the more convince I become about its viability.
PRIVI protocol will bring about DAO with customizable tools for each community. Each community will be able to mint their tokens and determines what goes on in the community.
Pods creation
Users will be able to create pods by collateralizing their physical and digital assets. By so doing, the pods could be marketed to the community, various individuals, family and friends as a means to generated needed fund and the Decentralized Insurance are available to take charge of insuring the assets for security purpose.
Data Privacy
The Back-end Application restores the Public ID key to the Application. PRIVI Protocol as a progressive arrangement
The PRIVI Protocol brings best in class advances and mixes them intelligently into another ecosystem which carries new answers for the issues recently presented.
The PRIVI Protocol depends on two center blockchain-based protocols;
Data Protocol is a blockchain framework that enables clients to share and adapt from their information. Basically, the Data Protocol is a repeating framework that continues enhancing time. The Data Protocol includes 6 center repeating stages:
Information is gathered,
Encoded and
Put away,
Investigated by AI calculations for understanding age that are at that point
Offered to promoters, for them to go to use to
Target and dispatch advertisement crusades.
About The Applications
Applications built on PRIVI Protocol will integrate data control features into their Privacy Settings; this will inform users of the full list of providers, advertisers and companies that are participating in the PRIVI ecosystem and it will be available for users to enable or disable data sharing. If a user wishes not to share personal data with any company or industry, it will be so as no company has access to user's personal data without consents.
In that regard, users can decide the companies they wish to share personal data with. For instance, user can decide not to share data with any company as it could be used to influence market behavior. But in the case a user decides to share data with organization, company or industry, it gives the potential to gain from the sale of the data.
Advantages - Liquidity Providers
PRIVI Liquidity Pools tackle a few issues in the current crypto ecosystem.
The vast majority of the arrangements of liquidity in crypto accompany the limitation of having liquidity in liquidity pools made out of sets of tokens. At that point, an AMM (robotized market producer) is utilized to decide the cost of progress by taking a gander at the provisions of the two tokens in the pool.This methodology accompanies a few major issues:
Temporary Loss
High slippage on Trading
Low profundity in liquidity
Low utility of liquidity
Exchanging expenses restricted to one liquidity pool
Anyway, why have the liquidity in pools of pairs? For instance, ETH isolated into pools: ETH-BTC, ETH-UNI, ETH-USDT, etc. Does it not bode well to have a more general pool of ETH which is divided among all the trades that occur with some other token? Does it not give greater utility to the liquidity of a token, increment aggregate exchanging expenses, and give better costs to traders as a result of a lot further liquidity and less slippage?
With PRIVIs liquidity pool arrangement, investors are not, at this point restricted to:
Having just to store sets in a liquidity pool, with same extents, having hazard presented to both
Being affected by Impermanent Loss
Being restricted to get exchanging expenses from only one pool
The PRIVI liquidity solution is made out of a bunch of individual and widespread symbolic pools. Every Liquidity Provider (LP) can choose which token they need to get introduction to. What's more, profits by the exchanging charges of any exchange of the saved token with some other outer or inside token (inner eg Social tokens, FT Pod tokens, NFT Pod tokens)
Be a part of this incredible project.
Till next time…
For more information, please visit:
Website: https://priviprotocol.io/
Twitter: https://twitter.com/account/access
Instagram: https://www.instagram.com/priviprotocol/
LinkedIn: https://www.linkedin.com/company/privi-protocol
Medium: https://priviprotocol.medium.com/
Bounty0x Username: themichaelmatch
A sponsored article written for a bounty reward.
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.