The crypto space has welcomed several decentralized platforms in recent years. The primary aim of these projects is to offer services capable of boosting their network’s acceptance. Notably, distribution and adoption are the most important principles in the cryptocurrency space. A system is never truly effective until it finds a balance between the efficient operations of its system, and the needs of investors. Various systems of distribution/consensus have been adopted in the crypto industry. PoW and PoS are the most common systems of distribution in the crypto space. These two methods have proven effective in driving up platform adoption and maintaining sustainability. Prophecy is a cryptocurrency that operates through a decentralized mechanism of governance. Hence, the system relies on the activities of its involved participants to increase adoption and distribution. The prophecy project has developed a new method different from PoW and PoS for distribution called Redemption.
The concept of Redemption
Many crypto investors find the interface and operations of exchange platforms cumbersome. Redemption has a one-click interface for operations in PRY token. Through the redemption system, the prophecy project users will be able to accumulate the PRY token through a hybrid swap feature. Also, the redemption interface contains information that guides investors about the instantaneous conditions of the PRY token.
The redemption interface will include an inquiry feature that prompts users to answer a poll about the prophecy project. The poll contains questions that focus on the short- and long-term direction of the network’s operations. The results will play a crucial role in establishing a social consensus on the network. Additionally, the redemption interface will seamlessly serve the exchange purpose for users. Redemption center will track the price of PRY tokens and then allow users to purchase tokens at prices below the conventional market price. Through this channel, the fees charged on every transaction on exchanges are avoided by users.
Prophecy project’s redemption center is a one-stop interface for all crypto dealings on the platform. Through the redemption interface, tokens are acquired. These acquired PRY tokens can be automatically staked by investors on the interface. That said, users can earn passive rewards on their newly acquired tokens, without the need for special trading skills. The auto stake feature enables new users to benefit greatly from the fascinating features of the system. This has also proven effective in increasing network participation and loyalty.
Furthermore, all transactions initiated and completed through the platform redemption interface will see 80% of the total transaction amount allocated to the system’s liquidity pool. This scheme is designed to balance the network’s liquidity on the decentralized exchange.
Conclusion
Prophecy project has designed a break from the norm distribution mechanism in Redemption center. A closer look at the capabilities of the feature shows the stability it brings into the crypto platform. By eliminating the cumbersome outlook of conventional exchanges, the redemption center will drive up platform adoption by crypto newbies and other digital asset holders.
Furthermore, stability is key to any crypto project; accounting for the allocation of funds into the liquidity pool. Hence, Redemption center has all it takes to keep a platform efficient like the conventional PoW and PoS model. More so, it is designed with some unique features like lower exchange prices, depicting its user-centric structure.
Projects Links
Website: https://prophecyproject.io/
Whitepaper: https://prophecyproject.io/files/prophecy-pry-wp-v0.1.pdf
Telegram: https://t.me/prophecyproject
Twitter: https://twitter.com/Buy_Prophecy
Github: https://github.com/prophetproject1/prophet-token
Medium: https://prophet-token.medium.com/
Writers Links
Bitcointalk Username: Chidoskim
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2652432
Eth Address: 0x4F70c5e328B15825Fa456a4F32fEeF315ba88FDf