DeFi, public good and public tests.
In the last few years DeFi became one of the most promising parts of the cryptouniverse. The initial idea of bitcoin was to democratize the financial sphere by allowing money printing with no centralized entities such as central banks. DeFi is a natural next step. It allows not only printing money with no central banks but also lending, borrowing and all other traditional financial operations without centralized middlemen.
That’s a big achievement. Muhammad Yunus even got the Nobel Peace Prize for developing system of providing banking services to the rural poor of Bangladesh. Money is needed for every project. Therefore the possibility of peer-to-peer lending and borrowing automatically gives more opportunities to many new initiatives all around the world.
DeFi is a major step forward for Web 3.0 highlighting the positive outcomes of the decentralization. However the process of building the network that allows its users to participate in governing of the platforms shouldn’t be limited only to money per se. The principles that proved to work with DeFi are bound to be extended to the other areas of human’s life. Governing of the platform by its users is as natural as governing of the country by its citizens. The rise of NFTs proves this point as NFTs allow selling art directly from the creator to the buyer.
Some might even say that extending the principles of Decentralized Finance to other areas of life is a bit hampered by current focus on finance and money. While it’s undeniably good that people can now borrow from their fellows and earn some interest from lending directly to each other, money is nothing more than a means to exchange goods.
Bitcoin was invented as a way to decentralize money. That explains why crypto is so focused on finance. Furthermore, such mechanics as staking, which are also primarily driven by profit, benefit development of the various networks. Consequently, we as a community should not lament the degens, whose only target is to get rich, but we should rather thank them. Regardless of what you think about “i’m gonna catch 100x” guys they are a big part of cryptoworld and help mass adoption.
Blockchain can store any data and will be definitely used for storing data, because the advantages of trustless distributed ledger are too obvious. Massive adoption of DeFi has shown that blockchain is exceptionally well suited for trading and finance applications. The same mechanisms are now being applied to other areas, such as selling art with NFTs, tracking shipments, and identity protection.
The mechanics of fundraising have a lot in common with trading. The main difference is that instead of paying for goods to be consumed directly by the buyer, the buyer pays for the promise to implement a project for the benefit of a third party in need. We think that extending such DeFi’s principles as farming, voting and staking to the area of fundraising will be beneficial for both.
The timing of onboarding the traders is crucial. We don’t want to build just another centralized Kickstarter, but we also don’t want all the top projects to be about new tokens or dogs (though we love both tokens and dogs). So as we described in the previous post we’re going to start with a platform for convenient fundraising in crypto with the manually whitelisted campaigns. The private tests of this MVP are done, we welcome you to try the functionality of the platform that is currently deployed in BSC testnet at HEO Finance. Please, see instructions how to test the platform, and be aware you need both test BUSD to donate and test BNB to pay transaction fee. We also welcome you to take a look at the code for the platform at GitHub. Though we hope to answer all the possible channels of communication, please, report bugs and needed fixes at email@example.com. The active testers and code auditors will be rewarded with HEO tokens on the second stage of the platform’s life.
We’re starting public tests and public audit of the MVP of the first stage and currently preparing a list of organisations to be whitelisted to create fundraising campaigns at the first stage of the platform’s life in the mainnets. As mass adoption is one of the goals of the HEO project, in the next few days we’re going to publish the instructions needed to use the platform after the tests are over (including the basic ones like “How to create a MetaMask wallet”). After the public tests are done we’ll deploy HEO to the BSC mainnet and to the other chains. The preliminary date of the deployment to the BSC mainnet and to the other chains is August 16. At the second stage which will start with the TGE the functionality of creating campaigns will become available to all owners of HEO tokens. Stay in touch and come help each other.