One area in cryptocurrencies attracting huge attention is DeFi or decentralized finance. This refers to financial services using smart contracts, which are automated enforceable agreements that don’t need intermediaries like a bank or lawyer and use online blockchain technology instead.
Between September 2017 and the time of writing, the total value locked up in DeFi contracts has exploded from US$2.1 million to US$6.9 billion (£1.6 million to £5.3 billion). Since the beginning of August alone it has risen by US$2.9 billion.
This has driven a massive rise in the value (market capitalisation) of all the tradeable tokens that are used for DeFi smart contracts. It is now around US$15 billion, almost double the beginning of the month. Numerous tokens have risen in value by three or four times in a year — and some considerably more. For example, Synthetix Network Token has increased more than 20-fold, and Aave almost 200-fold. So if you had bought £1,000 of Aave tokens in August 2019, they would now be worth nearly £200,000.
INTRODUCTION:
Draken consensus is upgraded from Proof-of-Stake of ETH 2.0 into Proof-of-Honor (PoH), following the footsteps of other multi-billion-dollar projects such as TON by Telegram and Quorum by JP Morgan.
PoH also adopts an advanced incentive system to eliminate all cheating & slacking miners to preserve the longevity of the blockchain network, and adopts a smart free-gas policy called “GasStation” which is more advanced than Tron’s to make blockchain transactions cheaper while evenly anti-spam and incentivizing to miners. A privacy protocol on Draken called DaRK was invented as the first in the world to have scripting tools to support smart contracts and provide “privacy on demand” (instead of “privacy by default”), bringing blockchain closer to mass adoption. It combines the best of Aztec protocol , CryptoNote , BulletProof and more.
THE PROBLEM
There are many technical difficulties around blockchain core technologies, which need breakthroughs and out of the box thinking. At present, the infrastructure to support development of blockchain applications is unstable and time consuming. Thus many applications are not effective. It is imperative to make research and development on blockchain infrastructure, thus providing reliable support for various blockchain applications, as well as promoting implementation of blockchain applications in all kinds of industries in order to make blockchain technology more effective in serving mankind. The major problems related with the current blockchain and smart contracts are as follows: Too many third parties use smart contract 1.0 on the Ethereum platform to provide real services that render the reliability and performance of the user perturbed with unverified information. Smart contracts in the present form have such deficiencies as
- Security: The security measures stop at data level as they don’t ensure user safety,
making it impossible to recover lost or stolen coins and tokens even if they are located
on the chain, or to block malicious accounts. - Slow Speed: The processes related to smart contracts are complex and lead to slow
execution. - High implementation costs.
- Complex and lengthy programming/coding.
- Lack of arbitration and conflict resolution in case of dispute/problems.
- Human involvement as the code is written by people leading to mistakes like DAO
developers’s mistakes in the code caused huge losses to the users and the company.
Solution:
In defi network all problem can be solved by draken.
Draken’s Pioneering Innovations:
● ANONYMOUS-ON-DEMAND: Enter and exit the DaRK mode whenever you feel like.
● SUSTAINABLE (Anti-spam, anti-slack): Miners have economic and reputation at stake
to remain honest & preserve the longevity of the network.
● PROOF-OF-STAKE: Fast, cheap, scalable, energy efficient, environmentally friendly,
democratic.
● PORTABLE: Allow developers to port their smart contracts to other decentralized
technologies.
● CHEAP: Cheaper than current decentralized alternative with much less gas consumed.
Smart contracts are optimized for gas usage, balanced between anti-spamming and
economic feasibility.
● FAST: Can have a blocktime on the order of 5 seconds and handle up to thousands of
transactions per second.
● FINALITY: Each block sealed is irreversible — no past deed can be undone.
● SCALABLE: Fast finality matches the throughput requirements of your growing user
base.
● SECURE: Access control firewalls your applications against malicious modules.
DRAKEN DEFI ECOSYSTEM
Draken Explorer
https://Explorer.Draken.Tech
Draken Explorer is a tool for inspecting and analyzing Draken blockchain.
Validator Staking
https://Staking.Draken.Tech
Any validator can deposit/withdraw coins, join/leave as validator, claim reward, and report
faulty validators, helping investors participate in DRK mining more informedly. The list of
reported validators will be updated in real time.
DRK Decentralized Exchange Token
· Token name: Draken Dex Crosschain
· Symbol: DRD
· Total supply: 200,000,000 (two hundred million)
· Contract: explorer.draken.tech/tokens/0x366a242997c062f027e529514226c157e1e7f2d7
DRD Token represents the DRK DEX at www.draken.exchange.
DrakenX Token
· Token name: DrakenX
· Symbol: DRX
· Total supply: 100,000,000,000 (a hundred billion)
· Contract: explorer.draken.tech/tokens/0x0091781d02da4a883fa6a47a6d3c007cbfcf1107
Major advantages of PoH over other consensus mechanisms:
Thanks to DPoS, many blockchains have successfully scaled up to thousands of TPS, for examples, EOS, WAVES, Steem. Besides its remarkable advantages, DPoS faces some criticisms. The model allows a small number of rich guys to control the network. In fact, the list of Block Producers (Top21 delegates, i.e. BPs) of EOS network is almost unchanged for a long time. EOS faced a corrupt governance in “mutual voting scandal” . Despite of voting there is less diversity on the BP list and the whole network operation is in control of few richest bodies. This contradicts the decentralization philosophy of public blockchains. That’s why it’s said that DPoS a pseudo-decentralization. In addition, common voters have lack of knowledge and skill to assess BPs’ performance (or delegates). Proof of Stake bases on the idea that money holders should have the right and responsibility. The more coin they own, the more responsibility they should pay. However, this isn’t always true. There are many possible cases that BPs commit bad actions. Since all delegates are public, BPs may collude to compromise the security of the network.
DRK GAMING PLATFORM:
Gаmе іѕ оnе оf thе top uѕе cases for blосkсhаіn, making Gamers one of the tор сrурtосurrеnсу tаrgеt users, not tо mеntіоn thаt thе game іnduѕtrу іѕ huge and hаѕ nо ѕіgn оf ѕlоwіng down. DRK gаmіng рlаtfоrm рrоvіdеѕ gamers wіth a safe аnd ѕесurе place tо рlау рорulаr games wіth сrурtосurrеnсу. DRK wіll utіlіzе thе роwеr оf ѕmаrt соntrасtѕ tо реrfесt аnd еnѕurе thе rе-аlіgnmеnt оf gаmіng glоbаllу thrоugh rеlіаblе аnd rеlіаblе іndереndеnt trаnѕасtіоnѕ.
CONCLUSION
DRK is a decentralized platform for the existing financial sectors of the Draken Group’s digital banking system. The goal of DRK is to gather all the information stored in a decentralized authentic ledger and transform payment processes and financial procedures. As a result, payment would become cheaper, more convenient, and more secure with a host of automation capabilities.
It focuses on security, fast transaction efficiency and many of the latest decentralized technologies in the decentralized finance sector to create an all-in-one platform in the Draken Group system and the global financial industry.
Official Links:
Official Website: https://draken.tech/
Whitepaper: http://bit.ly/DRKpaper
Telegram: https://t.me/Drakentech
Facebook: https://www.facebook.com/DRKDEX
Twitter : https://twitter.com/DRKDeFi
Medium: https://medium.com/@DRKDeFi
My BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1866516