An autonomous decentralized organization that manages a growing number of protocols says the original vision for DeFi is “tainted by greed, inefficiency and sheer inefficiency” – and says a radical new approach is needed for the sector to reach its full potential.
According to Jigstack, the Ethereum landscape is fragmented, with thousands of DApps offering varying degrees of quality. Millions of dollars in user money were lost, hacked, stolen or fraudulently lost in the last year – and “everything the industry has promised has not yet been done professionally.”
Jigstack founders say their project embodies “the true vision of DeFi”: decentralized funding for people and people. While many competing companies have supported the slogan of killing the back and making the financial world transparent, Jigstack claims that most people only make money without offering anything good in return.
The team claims that for DeFi to thrive, third-party banks, institutions and controllers must be outdated – just as Microsoft excelled at writing by creating a user-friendly desktop program. As a result, Jigstack’s goal is to create a “secure, reliable, user-centric and streamlined interface”, calling itself “the missing link” in this booming sector.
The power of automation
Jigstack says that DeFi needs to liberate and empower people so that they can control data and capital without restrictions. The project says that existing tools and infrastructure on the market make this almost impossible by offering a top-down approach that only suits a few.
The project believes that automation is the key to providing a hands-free, hassle-free approach – and in Jigstack, everything is run by DAO, which in turn is run by the users themselves. I have created several standalone financial applications, each designed to do a task well, and they all work under the same algorithm.
The draft explains: “We do not try to break the rules, but force them to completely rewrite them by publishing systems that are censorship-resistant and do not have a single point of error.” “Our focus is on systems that can be demonstrated as reliable, secure, cost-effective and fair. This enables a pure democratization of the economy, regulation, investment and trade. ”
Each product in the Jigstack ecosystem must follow five bids: it must be trusted, and it must be safer, faster, easier and cheaper than the status quo provides.