Introduction
Decentralizing the global financial ecosystem was the major reason for the introduction of cryptocurrencies. The perception was that the decentralization of the financial system will create more opportunities for more people to make more money.
Cryptocurrencies otherwise called ‘’Digital Assets’’ aim to replace the traditional financial system in a way that you can now transact directly with anyone.
The DeFi Challenges
Well, there are more efforts and steps that must be deployed to actualize the totally decentralized system expected of cryptocurrencies. That can only be actualized if the powers exercised by the whales are broken down the more. Other than that, these whales tend to be the capitalists in a decentralized economy whereby they can initiate market pumping and dumping at will.
The DEGO DeFi Powerhouse
DEGO Finance is a Decentralized Finance (DeFi) powerhouse that aims to create multiple opportunities for different classes of cryptocurrency investors to make money without hassles.
Already, the dedicated DEGO Protocol is doing a swell job in the charting of multiple pathways for cryptocurrency investors to have equal opportunities.
In this article, you will learn about the different strategies that DEGO Finance is using to facilitate the utmost decentralization of finance.
CONSENSUS
As much as some crypto investors may want to deny it, the truth is that cryptocurrencies are yet to become fully independent and self-sufficient. There is always the presence of the capitalists in the form of whales who buy up more crypto assets. In such cases, they tend to gain more buying powers to sway the market in the path of the bull or the bear.
Instead, the DEGO Finance platform wants to create a different approach to it all by taking the crypto community back to the days of consensus. To that end, you can now facilitate DeFi transactions only after the relevant confirmations have been made and consensus attained.
In light of that, none of the DeFi crypto investors will be in a position to manipulate the market in terms of buying more crypto assets or dumping the same at will.
COMMUNITY-CENTRIC GOVERNANCE
In furtherance of the need for consensus to be attained before any other thing; the DEGO DeFi platform takes it further by returning powers to the community.
As the project pointed out, it can only be transparent and open for community governance if a majority of the cryptocurrency investors are allowed to be in control of the system.
Therefore, the DEGO Finance team will hand over the command rights of the network to the DEGO Decentralized Autonomous Organization (DAO) community.
Below are the different powers that would be granted to the DEGO DAO community on the successful transmission of the command rights:
The community would not allow preferential treatment because all the members are equal. To that end, none of the community members will be granted some privileges like pre-mining the DEGO crypto tokens.
The DEGO DAO community are empowered to stake the governing DEGO crypto tokens as means of initiating proposals and voting on the DEGO network.
Each member of the DEGO DAO community is allowed access to specific information, including the formulation of the DEGO protocol and the key information.
Conclusion
The DEGO Finance platform is chasing after a fully decentralized and self-sustaining cryptocurrency economy and that is tenable if more developments and strategic affiliations can be attained in the coming months.
USEFUL LINKS
Website: https://dego.finance/
Twitter: https://twitter.com/Dego_Fi
Telegram: https://t.me/dego_finance
Medium: https://medium.com/@dego_finance
Discord: https://discord.gg/xJjSJrd
Github: https://github.com/dego-labs
AUTHOR
Bitcointalk Username- Dividesug
Bitcointalk Profile- https://bitcointalk.org/index.php?action=profile;u=2767685;sa=summary
Poa: https://bitcointalk.org/index.php?topic=5272474.msg55231595#msg55231595