Zug, Switzerland, Sept. 29, 2020 (GLOBE NEWSWIRE) -- At the beginning of 2020, the world of cryptocurrencies witnessed the rise of an array of new projects aimed at revolutionizing the traditional financial products market. These new projects – collectively known as decentralized finance (DeFi) – signaled the beginning of a new era in global finance that is finally unmoored from the control of governments and big banks. For the first time, they offered individuals direct control over their invested assets, free from any intermediaries.
But even DeFi has weaknesses, depending on how it's executed. For example, there's nothing to stop developers from building platforms and financial instruments that place ultimate control over investors' money into their own hands. Worse still, a lack of understanding of the crypto space by the general public magnifies those risks because it makes it possible for investors to get in over their heads with nobody to turn to when they do. Both of those outcomes fly in the face of what DeFi is supposed to be and run counter to the promise that led to the development of cryptocurrencies in the first place.
Today, however, there's a new entrant to the DeFi space that aims to uphold the high ideals that should have been at the core of the market from the beginning. It's called the Meridian Network, which is purpose-built to become a DeFi ecosystem that's completely investor controlled. Unlike previous DeFi platforms, everything about Meridian exists to foster education and innovation, making sure that all stakeholders understand what's happening and have a say in what comes next.
Those goals are facilitated by one of Meridian's main features: a decentralized autonomous organization (DAO). According to Yomonk, one of Meridian's founders, the DAO serves multiple purposes. He says that "The vision is that the community can learn from each other and educate each other through our consensus system. People can make proposals of newly undiscovered gems and vote together whether or not to add them into the pool."
In practice, the DAO will control which dApps become a part of the Meridian network going forward. That means every investor will have a voice in the direction the platform takes and in which new projects will receive its backing. In the world of DeFi, it's fair to say that the arrangement represents a revolutionary approach to governance.
But Meridian's DAO is only the beginning of its commitment to transparency and community governance. The other major guarantor that they mean what they say is that the development of the platform is under the control of a non-profit organization called the Meridian Foundation. It takes its cues straight from the decisions reached by the DAO, eliminating any chance of external manipulation of the project.
According to Mark, Meridian's other founding member, "As the project is aiming to be 100% autonomous, the goal is for the team to gradually stop getting involved and placing control in the hands of users. As so, there is no point in seeking revenue for ourselves, as we're instead focused on creating revenue streams for our holders through our DApps." That means investors can be certain that the developers will ultimately only have as much control as their individual stakes allow – just like every other investor.
And to keep the Meridian Network secure and resilient against programming flaws and external attacks, the founders have arranged a partnership with Hacken, which is a world leader in the field of cybersecurity. The agreement calls for Hacken to provide ongoing guidance and oversight as the Meridian Network continues to grow and change. They'll also provide feedback to stakeholders about the projects they're considering via the DAO, alerting them to potential difficulties those projects might encounter that would make them unsuitable for inclusion on the platform.
So far, one dApp has already made it through the DAO process to become a part of the Meridian Network. It's called PreSaga, and it's an outcome prediction market that leverages best-in-class escrow services from TrustSwap to let users place wagers on various events ranging from sports outcomes to world events. And PreSaga's developers are already considering upgrading the system to make use of Chainlink's oracle middleware, which would provide instant compatibility with a wide range of external data APIs and increase PreSaga's available payout options in one fell swoop.
The second dApp that looks poised to become a part of the Meridian ecosystem is a staking and liquidity staking system that makes use of the Ferrum Network. It will allow holders of LOCK – Meridian's token – to stake their holdings in exchange for pre-defined returns. The dApp, which is still in development, is expected to have four staking pools. The lowest return pool will feature an 8.5% ROI while the highest will come with an eye-popping 25% ROI for between a two and four-months' commitment.
And the best part of the Meridian Network story is the fact that all of these developments represent nothing but the opening moves in a broader campaign to create a unique and superior approach to DeFi that will stand the test of time. Impressive as they are, they pale in comparison to the potential that the platform could reach once individuals start bringing new and exciting new DeFi dApps to the attention of stakeholders through the DAO. And when they do, a whole new world of DeFi development will spring to life, giving investors a bright future to look forward to in this exciting, future-focused financial market.
About Meridian Network
Meridian Network is a user-governed DeFi ecosystem built to enable financial innovation under the direct control of investors. Its developers bring expertise from several related sectors to the project, coming together to build a revolutionary decentralized market that will help to build the future of global finance in the 21st century. With PreSaga, Meridian Network is innovating in the prediction market. More information on their upcoming staking program will be released this week.
Disclaimer: All investment strategies and investments involve risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
Media Details
Company: Meridian Network
Email: info@meridian-network.co
Website: https://meridian-network.co/