Hi everyone, crypto people!
ChainDot is the new web3 top-notch product bringing a complete DeFi ecosystem gathering together, under a single project, all the most exciting and useful features of smart contracts, Dapps and blockchains.
In this brief article we’ll give a general overview of how ChainDot Finance ecosystem will be structured and which are the main tokens involved in ChainDot tokenomics.
ChainDot Finance is composed by the following core products:
- ChainDot ($CHOT): This is the ERC20 token used for ChainDot ecosystem governance. Users who hold $CHOT can participate in community voting to build and shape the future development path of ChainDot Decentralized Finance ecosystem. $CHOT token holders can influence decisions concerning the project such as proposing or deciding on new feature proposals and even changing the governance system itself. More info about $CHOT here (link coming soon).
- ChainAnon ($CHON): By default, your entire Ethereum transaction history and balances are public. All transactions can be seen on block explorers like Etherscan, and anyone who knows that you own a particular address can easily view your payments, trace the source of your funds, calculate your holdings, and analyse your on-chain activity. ChainAnon improves transaction privacy by breaking the on-chain link between recipient and destination addresses. It uses a smart contract that accepts ETH deposits that can be withdrawn by a different address. Whenever ETH is withdrawn by the new address, there is no way to link the withdrawal to the deposit, ensuring complete privacy. In this way, ChainAnon acts as a proxy to ensure that the transaction is 100% anonymous with zkSnarks proofs. Using ChainAnon you earn $CHON which are rewarded the more time users keep their coins in the mixing pool, thus increasing also your privacy level. $CHON will be released after $CHOT goes live on ETH mainnet.
- ChainFeed ($CHED): ChainFeed is the decentralized feed provider product for the ChainDot Finance ecosystem. “Oracle” is a term in cryptocurrency that is not new, but has become more and more relevant as the decentralized finance (DeFi) space has begun to grow more rapidly. To the uninitiated, an oracle may make you think of a prophet or messenger from mystical times — but in the crypto space, oracle takes on a more down-to-earth role as the messenger between real-world data and blockchains. In cryptocurrency, to be more specific, an oracle provides real-world off-chain data and submits this information to a blockchain to be used by smart contracts. Typically, this is a data feed provided by a third party service. Decentralized oracles are slow and expensive, but manipulating them is expensive as well, and they have a higher degree of liveness guarantee. It is tough to decentralize the process by which off-chain data gets used on-chain, which is why it is often part of a “gradual decentralization” plan. The ability to begin as only partly decentralized — with plans for full decentralization to follow — enables a broader marketplace of ideas to be tested. In fact, there are many DeFi protocols out there that simply can not use a decentralized oracle without greatly reducing the user experience of their product — so they’d rather wait and progress towards decentralization over time.
In the following weeks & months we’ll disclose more info about all the ChainDot Finance ecosystem products with detailed articles and insight news.
Every token will be distributed with presale, airdrop and community tasks giveaways.
Stay tuned to know more and get ready to join the future of finance!
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Email us for any question at: email@example.com
CEO of ChainDot Finance.