In 2020, we launched Egoras microfinance protocol and committed ourselves to enabling uncollateralised micro-credit to small entrepreneurs and enterprises who cannot take shelter of banks for banking. That promise eventually led us to plan for Egoras 2.0 more than a seven months ago. We’ve been heads down building the next generation of microfinance banking, and now the time has come to reveal more information about our launch!
Egoras 2.0 consists broadly of four different components:
- High-yield reward algothrim — A redesigned algothrim to reward both large holders and small holders with interest on the loans and tokens. This is achieved with the introduction of Egoras Credit (EGC) to reward the voters .
- New UI/client — We’ve modernized the loan governance experience with a brand new interface, with a top-tier performance, and fully-featured mobile support.
- Real World assets collaterals(eNFTs) — All loans will be backed up with real-world assets and this will be represented on blockchain as NFTs.
- eNFTs auction platform — Egoras 2.0 protocol auctions collaterals backing bad loans to EGR holders and the ownership is transferred immediately after the auction is over.
Egoras 2.0’S PHASED LAUNCH
When it comes to your safety and security, we don’t believe in moving fast and breaking things. We’re in this for the long term and that means creating products that can withstand real-world scenarios at every single layer. We’ve specifically designed EGORAS 2.0’s launch to enable thorough testing and de-risking of each phase before roll-out.
The Egoras 2.0 launch will consist of two phases:
- Distribution and listing of EGC: Egoras credit will be distributed to Egoras voters according to the amount of tokens used in voting in the current protocol. This will be followed by listing on MXC and other exchanges.
- Release of Egoras 2.0 lending protocol — The new lending protocol will be deployed after auditing from certik have been released .