Egodao is an innovative decentralized protocol has been established to facilitate structured credit transactions for smart properties, specifically focusing on assets such as automobiles. Smart properties, characterised by blockchain-controlled ownership through smart contracts, enhance trade by mitigating trust issues significantly. This breakthrough diminishes instances of fraud, minimizes mediation fees, and opens avenues for transactions that would otherwise remain unrealised. Notably, this protocol enables individuals to lend money securely over the internet, with smart properties serving as collateral. This, in turn, fosters increased low interest credit for manufacturing smart properties, ultimately driving down credit costs. While smart properties are traditionally perceived as illiquid due to challenges in rapid buying and selling, compounded by the need for intermediaries, the integration of blockchain technology allows for the tokenisation and decentralised trading of properties. This innovation holds the potential to revolutionise the speed, efficiency, and transparency of property transactions on decentralised exchanges.
EgoDao Token Economy
The EgoDAO Protocol operates in conjunction with four distinct types of tokens:
* EUSD: This stable cryptocurrency functions as a viable medium for both holding and spending, comparable to traditional stable fiat currencies such as the United States Dollar.
* EGC: Serving as the utility token for the EgoDAO protocol, EGC plays a pivotal role in facilitating the stability of EUSD.
- Smart Property Tokens & Collateral Tokens: These tokens represent various assets securely held within smart contracts, acting as a backing mechanism for the value of EUSD. This approach mirrors historical practices, such as when the US government anchored the value of the US dollar with gold. The protocol is meticulously designed to maintain collateral tokens equivalent to or exceeding 100% of the value of all EgorasUSD tokens. Notably, many collateral tokens will represent tokenized real-world assets, including but not limited to automobiles. The initial portfolio will exhibit simplicity and is poised to diversify gradually over time, embracing an expanding array of tokenized asset classes.
“EgoDao recognizes and incentivizes EGC token holders who actively participate in governing the Egodao credit system and claiming the accrued interest on each disbursed credit. Rewards are distributed in eUSD and can be seamlessly converted to any supported cryptocurrencies available on the stability pool.
Here’s how it works:
- Visit Egodao.org and connect your BSC-compatible wallet, such as Metamask.
- Click on “Stake” to begin the process.
- Specify the amount you wish to stake and click on “Governance” to start reviewing credit requests.
- Claim your daily rewards through the “Staking” platform.
- Convert the earned eUSD rewards into USDT or BNB, leveraging the flexibility provided by the stability pool.
This streamlined process ensures that active participants in the governance of the Egodao credit system are duly rewarded in a stable and versatile cryptocurrency, enhancing the overall user experience.”