The Decentralized System of Dego Platform
Dego network is an innovative project launched in early 2020, built on the blockchain technology. This is the major element responsible for the rapid growth and progression of decentralized finance (DeFi) markets. The public completely identifies that the blockchain network is the basis for which the concept of decentralized Autonomous Organization (DAO) stands. Presently, there is a wide range of DeFi projects that are operational and they make a remarkable impact on the market, and we can collectively refer to these projects as DAOs. This decentralized system of DeFi projects eliminates a centralized system of governance and incorporates a system that makes all members of the community active on the network. There is cooperation among all members in the DAO and they operate under the set rules and guidelines encoded within the smart contracts. This joint involvement of all members ensures that they collectively decide the key financial processes such as borrowing, lending, wealth management, and other salient financial services. The smart contracts are invulnerable to external factors and interference from either the government or third parties, and members of the community cannot alter the pre-set agreement in the contract. Once sealed, the development and applications in the smart contract become irreversible and it will require a collective consensus of the community to modify the agreement.
The present DeFi market is still novel and currently, in its first stage of development, there are still enough efforts required to ensure that the projects achieve the set objectives. The applications under decentralized finance (DeFi) also remain independent. The decentralized system of the Dego network will enable members to collaborate and collectively pull ideas and resources to ensure the completion of any specific financial service. The development of the system through this technology will enable Dego network, as well as other projects in the DeFi market, to become a collective financial system that can oversee a varied number of financial operations. It will also ensure that there is an introduction to a good number of new financial services, which will run on-chain. There is also the possibility that this technology can manage other application settings beyond the boundaries of finance.
The trajectory of the DeFi market is that the limitation of the application of DeFi to financial services will no longer hold, and we can extend the technology to areas outside the financial system. Smart contracts will begin to oversee and govern most applications and processes in different systems, resource allocation, and value distribution within human society. Policies and regulations in different systems would no longer be dependent on the decision of a few people. Through the integration of DAO’s decentralized governance techniques, we are certain that we can build a human society where everyone is a participant and contributes to the growth process of the environment. This application of this decentralized system is immutable; once the community reaches an agreement on any development or application, it remains binding until completion. The guiding principle of the DeFi is the algorithm and it is important to ensure that the Dego network remains transparent, secure, and fair to all.
USEFUL LINKS
Website: https://dego.finance/home
Telegram: https://t.me/dego_finance
Twitter: https://twitter.com/dego_finance
Medium: https://medium.com/@dego_finance
Discord: https://discord.com/invite/xJjSJrd
Github: https://github.com/dego-labs
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