United States, February 7, 2023 / AlexaBlockchain/ – The DeFi space is filled with composable DApps. It’s been a long way from custodial digital money (e.g. Paypal) to decentralized cryptocurrencies and programmable wallets driven by immutable algorithms. However, a human still remains the missing element of the decentralized ecosystem. The challenges of running DAOs based on voting tokens are being widely recognized. The contagion of plutocracy affects more and more projects. The risks of centralization and censorship are becoming apparent. Many projects that promised decentralization during the ICO boom failed.
Idena’s unique identity protocol combined with existing crypto-primitives opens up possibilities for a new kind of human-centric DAOs and decentralized societies.
A decentralized society is the next big thing in crypto. However it can be efficient only with the coordination of its participants. To understand what it takes, imagine a level of coordination of a jazz band performing a complex masterpiece. Common goals, common protocols and internal economy transform disparate societies into decentralized institutions providing services for other users.
We are thrilled to introduce Idena smart contracts and provide you with the tools for programmable coordination of decentralized society. Smart contracts combined with the unique identity primitive enable decentralized social media, prediction markets, reputation systems, projects funding, common goods development, individual loans and many more.
What you can do with Idena smart contracts:
- Develop Turing complete DApps natively integrated with Idena identities
- Build human-centric Decentralized Autonomous Organizations (DAOs)
- Issue your own token and allow users staking it in a DAO linked with their unique identities
- Coordinate token-holders using quadratic tokenomics and one-person-one-vote governance
- Use Idena Oracles as a decentralized gateway to real world data
- Build scalable and accessible DApps thanks to the asynchronous architecture of smart contracts, instant finality of transactions, low fees and accessible mining of Idena coins.
The Idena mainnet node version 1.0.0 will be released on February 17th.
What is Idena?
Idena is the first blockchain that utilizes a unique consensus mechanism called Proof-Of-Person, which prioritizes people over tokens. Unlike other systems that rely on money-based governance, Idena operates on the principle of “one person, one vote,” ensuring that power is distributed equally among all participants. This prevents a small group from gaining too much control.
Idena offers a puppet-resistant crypto-identity primitive, which is used for democratic voting, Quadratic Funding, fair airdrops and decentralized governance.
Idena is accessible to anyone. It does not require any personal information and allows participants to join the network without any investments. Users play an active role in mutual verification by challenging each other with AI-resistant FLIP-tests. This process is done in a synchronous ceremony, which ensures that individuals cannot spoof multiple accounts.
The network is protected from Sybil attacks through regular validations and Quadratic Staking. Quadratic Staking is a mechanism that prevents large stake holders from dominating the network and encourages small individuals to secure their identities with stakes ensuring democratic staking rewards distribution.
Join and become a validator of IDENA
https://www.idena.io/
Contact email
info@idena.io
Source: IDENA
