INTRODUCTION
KRAGX is a decentralised finance project built on Etherum blockchain with unique features that will provide solutions to the present challenges facing the present financial system.
KRAG means power in Africa, while X means Exchange. Thus, KRAGX intends to return financial power to the end users by introducing a platform that will give an unrestricted access to financial services through its platform.
It is inclusive of everyone, both the poor and rich and also has a technique of rewarding its participants through cashback. KRAGX has decentralised financial applications that offer unique finacial services.
These new financial products invented by KRAGX Defi will provide solutions to the issues involved in the present financial system which include:
Human Mistake
The present financial system is centralized and controlled by a central body which is run by human beings that are subjected to making mistakes. These human mistakes affect the system.
Corruption
In the present financial system, everyone is working to satisfy their personal interest, with little or no regard to the improvement of the interest of the general republic.
Miscalculation of Market Risk
Financial experts may give wrong information on financial instruments based on wrong calculations. This will result in loss of assets and investment.
Expensive Middlemen
Transactions in centralized financial systems require the use of middlemen who verify and perform some task to validate transactions. These middlemen are paid heavily.
Loan
The process of getting a loan is tasking and tedious and in most cases, the asset used as collateral is lost when there is a default in payment.
How KRAGX will solve these issues
KRAGX will provide solutions to these issues through the use of Smart contracts on Defi blockchain.
Smart Contracts
Smart contracts are digital contracts executed by computer applications. It is self-executing contracts that are initiated when all conditions are met. Smart contracts are programmed in computer systems and with 99% accurate performance and also it doesn't need intermediary. There is reduced possibility of corruption or human error.
KRAGX will use smart contracts on its Def as well as other Defiplatformsi to improve the entire financial system through the following features:
Tokenization of Assets
In a decentralised financial system, assets are digitalized in the form of tokens. Anybody who has access to a computer device with an internet connection can take part in this process. It is secured and easy, also the value of the tokens increase with the volume of transactions in the Defi. These tokens can be sold, staked to earn interest, used as collateral for borrowing and exchanged for other tokens.
Easy Transactions
Smart contracts are done on blockchain technology which eliminate all middlemen and reducing the costs for transactions and enhancing easy transactions.
Easy and Open Lending
The process of lending and borrowing in Defi platforms are easy with smart contracts. The process is automated and executed once the terms and conditions are met.
BENEFITS OF Defi SYSTEM
The decentralised financial system has the following benefits to its users:
Transparency
User Custody and asset control
Free and unrestricted access
Well programmed
Dynamism in development
KRAGX TOKEN
KRAGX Defi has a crypto token that is used in transactions in the platform. It is an Etherum ERC-20 token. It gives its holders access to staking, lending and borrowing, participating in the Liquidity pool and platform governance. Its features are:
Fast Transactions
Quicker payment settlement
Holders access to future Defi services
Available to private investors
Ability to be exchanged with other tokens
It can be bought in smaller units.
The management will supply 1,500,000 KRX tokens to be distributed to the participants of the project in the following:
Public sales-45%
Pre-ICO-5%
Airdrop and bounty-1%
Management team-5%
Partners-5%
Reserve-39%
USEFUL LINKS
Website: https://kragx.io/
Whitepaper: https://kragx.io/whitepaper.pdf
YouTube: https://www.youtube.com/channel/UCQXzubCYqUb6dNMp3NEoW9w
Telegram: https://t.me/kragx_chat
Twitter: https://twitter.com/kragxk
Instagram: https://www.instagram.com/kragx_/
Reddit: https://www.reddit.com/user/Kragx_
AUTHOR'S DETAILS
Bitcointalk Username: Helpcruel
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768343
Proof of Authentication: https://bitcointalk.org/index.php?topic=5313790.msg56531862#msg56531862
Eth Address: 0x449449B9801b46e4FA5222f5964589632a67d90