DEGO — New concept in Decentralised Finance:
Technology is shifting pace than human minds expect. In this competitive world, updates are omnipotent. It is not even a decade when Bitcoin and cryptocurrency were introduced but they touched new heights of reaching 9k dollars. Another big story is Ethereum. It arrived as a token and leads the race in the altcoins. In that sense, the emergence of Decentralised finance also creates wonders in the digital world. Decentralized finance is a revolution in the financial industry.
DEGO is an update to the Decentralised Finance heating up the digital and financial markets right now. It is essential to know about this new concept “DEGO”.
But first of all, let me clear you about the DEFI.
Have you thought of eliminating the middleman in your financial transactions?
Have you thought of getting loans faster than you think?
Can you get loans without revealing your credit score?
Can you participate in the financial investment without entering your KYC or border extensions?
Forget these discrepancies. Defi has resolved all those things and made things open up for you. If you are an investor or a trader and you are avid in investing in a digital platform, then Decentralised finance is for you.
Decentralized Finance is mainly focussed on making digital financial transactions faster and efficient. This can happen if you eliminate the intermediaries, right? That is what DeFi does. It encourages peer to peer transactions in an effective way leading to a faster transaction delivery system. It leads you to rely upon yourself. It connects you with your client directly and helps you to clear out financial discrepancies.
All Defi transactions happen in the trend of the Ethereum platform. It is based on the smart contract that the Defi platforms work.
DEGO, a new concept in the Decentralised finance industry aims to establish sustainability in a non-centralized financial sector.
DEGO — What is it?
Many of us have heard of LEGO toys. LEGO is a brick version of the original animated series or popular tv shows. They create a particular character in a series of bricks. That means, they need a subsystem of brick pieces to craft a whole icon of admiration. With a single brick, they cannot do traction, right?
Similar is the DEGO concept. DEGO is an acronym for “Decentralized Godt” ( Assumption). As LEGO stands for “Leg Godt” which is an amalgamation of two Danish words. That means “ Play well”. So, by familiarising with the Decentralisation technique, the technology would indicate to “decentralize it well” sort of thinking.
If you fully want to get hold all the investment opportunities without any sort of legal interruptions, DEGO is the only way. It works in a decentralized platform like the DEX, but with a variable update. The entire functioning of the DEGO can be related to LEGO.
Yes, as LEGO toy cannot be formed without any subsystem, DEGO cannot be formed without any decentralized subsystem. It is a sort of modular combination. With the proper combination, we can design a product or a system right. That is how DEGO works. DEGO integrates all the decentralized subsystems and combines them into one big system. This is the next level of decentralization. You need not go for different elements to different sources. All the elements required to move forward your financial requirements will be present in a single medium.
Every element in the DEGO platform is simple and elegant, but when combined, they can produce endless possibilities towards an efficient financial system.
How DEGO diversifies the entire DeFi ecosystem?
The diversification of elements in the DEGO platform is a bit complex.
- Each Defi system is confined as a Defi protocol and considered as a brick.
- The bricks may be anything like stable coins or decentralized exchanges or flash loans.
- The DEGO is protected by the blockchain and legally secured by the smart contracts.
- So the subsystems will not entertain any legal hassles. The smart contract will take care of it.
- A new dapp will be created to enhance the values of the Defi protocols.
- This will help to introduce a diverse level of investment portfolios. This can further improve the returns for the users in a diversified way.
- Blockchain software plays a vital role in the management of the various elements in the decentralization subsystems.
Benefits of DEGO:
It feels like a supermarket. Yes, what if what you want are present in one place, right?
Similarly, there are certain benefits when it comes to DEGO.
- Do not worry about your credit score anymore — Digitally upgraded banks do transact the loans in a short period of time. But they will check your credit score. But if you are accessed with DEGO, then there is no need for a credit score. Loans will be approved in a short period of time. Blockchain takes care of the management and repayment criteria.
- Investment and smart contracts — If you want to invest in a diversified medium, then this is the choice. With different decentralized platforms as elements and subsystems, the users will have a variable choice in investing. Also, all the diversified platforms will have their smart contracts.
- No legal hassles - With the smart contracts on the phase, the legal hassles are not present. This will further fasten up the financial platforms boosting the entire digital economy.
- Blockchain protection - With Blockchain used in variable industries, the usage of blockchain in DEGO is completely different. For instance, if DEGO is used in the banking industry, the blockchain software will be crafted in such a way that it separates the operations, financial transactions, Business development, Loan assurances, and other departments. But the outcome will be of entirety with a smooth flow. This can be possible only because of the Blockchain management in the DEGO.
- Wallet integration — Being a decentralized platform integrating multiple features the wallet would be integrated to hold and trade on digital currencies.
DEGO tokens are taking pace. At present, the availability of the tokens stood at 21,000,000. As a presale supply, the organization had decided to release 10 percent of the total supply. They have provided liquidity to certain exchanges like Uniswap up to 5.25 percent of the total supply. ( say 11 lakh tokens). They also provide Mining rewards of up to 80 percent of the total supply.
DEGO DAO contract is one of the new initiatives introduced by the DEGO governance. It is based on two aspects. One is internally created and another one is to transform the technology into the community in an effective way. Both are powered by blockchain technology.
Technology update is one such epic move. As people have not acquainted with the emergence of DEFI technology much well, the introduction of DEGO showcases the importance of the fast pace technology. Defi is used effectively in various industries with the assistance of blockchain software. Its update DEGO, will further pursue some impeccable milestone in the digital currency in the upcoming future.