THE COLUMBUS PROJECT AND IT'S FEATURES

chuksmy (48)in #cbs • 2 years ago (edited)

INTRODUCTION

From centuries ago, humans had a monetary trust value which is Gold. This set a standard as a value that the former and existing value reciprocal and currency had to meet up with. It was accepted publicly as the most preferred storage for value that is why even till date, individuals buy hold in form of jeweleries, allow it appreciate and sell it at a higher price. Undoubtedly, Gold remains a standard for value. With time, trade by Barter, coins, then paper money came into existence. All financial establishment can only function effectively with a unanimous trust value model. For you to accept a thing as a means of payment, it must be trusted to be truly worth it.

Paper money also known as Fiat money/currency is not supported by Gold because President Richard of the United States abolished Gold Standard in 1971. This implies that the mechanism whereby various currencies were attached to Gold's value is not valid. Fiat currency was infact birthed by this act. Hence, the value backing Fiat currency is a Government Order; Fiat is a legal means of tender. Through this, the Government became highly influential over Fiat (money) likewise the financial sector. Centralized Finance started from this occurence. The power to make decisions, enforce charge, distribute money, cause inflation was given to a set of people 'The Government'.

Characteristics of Columbus Project
Decentralization

A decentralized establishment is one in which the decision making, authority, ability to enforce change, oppose, etc is given to people (Individuals). From this system of finance, equal rights and access to financial services is given to everyone. This is the aim of Columbus; to create an environment where Individuals who are unbanked (lack access to financial support and services), Third World Countries, Individuals of different race, class, and status will be able to make financial decisions themselves without the intervention of third parties, and more importantly engage in multiple platforms to make money.

Wallet

This is a crypto feature in Columbus network that is multi-chained that is, it allows users save crypto assets of various kinds and even make transfers to and from diverse Blockchain networks. Also, this wallet has a single mode of access into different DeFi applications and cryptocurrency supported financial services without relying on so many applications to function effectively. The Voyager decentralized exchange platform can be used by Columbus users in addition to other Decentralized Finance services.

Decentralized Application Explorer (Dapp)

An extra feature included in the wallet is the ability for users to surf (browse) through different decentralized applications and make use of their features.
With all these and more in place, users do not need to exit their wallet on Columbus to have access into another decentralized application on whatever Blockchain.

CONCLUSION

Columbus is an inspiration, a money making project that gives authority to it's users. Seeing that the inspiration for this project was gotten from the traveller Christopher Columbus, the Columbus Project will be resilient in helping it's users be financially stable.