The Polkadot project says it restores trust and simplifies complex token ecosystems and removes centralized distribution patterns that can render blockchain technology useless.
Polkalokr offers a multi-chain token provisioning platform that can be integrated into existing DeFi protocols, ensuring that network participants have complete control over token distribution and cabinet management.
The goal of the project is to eliminate human dependence and increase confidence in the token economy through governance as a service – while ensuring security, scalability and usability.
The developers of this initiative explained why Polkalokr was needed, saying, “The ICO mania may have returned, and while fundraising models may be slightly different today, millions of dollars are pouring into the cryptocurrency scene and DeFi, attackers, scams and finally. Unfortunately, losing user money has become as common a practice as it was in 2018. There have been almost countless incidents in recent months where millions of dollars have been lost or stolen, sometimes as the result of a single attack, either due to mismanagement of tokens or mismanagement of representatives.
The Polkalokr infrastructure is designed to protect investors from such incidents by giving projects the ability to implement a customizable warranty service that ensures complete decentralization. The project says that such an approach could significantly help reduce the risk of box office fraud, carpet drafts, and other adverse events that are commonly associated with human error.
Remove weak links
According to Team Polkalokr, the smart mechanisms implemented by some of the world’s leading DeFi protocols are being undermined by token treasures under the control of a select few team members. He explained that “the strength of a project depends on its weakest link, and it can be said that no platform or protocol can be considered unreliable if its symbolic model is central.”
The multi-chain guarantee for the platform is known as Lokr. In addition to cross-chaining support through Polkadot, it can facilitate event-driven deployment across Oracle channels. Additional insurance products are also available, and locked tokens could be profitable – a feature the team said “hasn’t been thoroughly researched in the DeFi room yet.” This flagship product is complemented by SWAPR, a peer-to-peer inter-chain exchange protocol that enables easy and instant token transfer.
More information from POLKALOKR here
With over 350 projects built on Polkadot, many development bottlenecks have been eliminated due to the lack of blockchain space on the Rust developers, and as a result, they had to resort to building bridges from the Ethereum network as a temporary measure. The current climate makes Polkalokr cross-functional on the network more important than ever. And unlike other pillar-based projects, the platform claims to stand out from the crowd in that the in-house Rust developer is a member of its experienced core team.
Moonrock Capital, LD Capital and AU21 Capital recently held a successful round of private funding on Polkalokr, and a public token sale will be launched on the Polkastarter platform on April 7.
Polkalokr says Lokr’s infrastructure provides much-needed transparent locking mechanisms in the current landscape, giving users the assurance that money will be locked in for a specified period when they buy project plaques.
In a recent blog post that outlines a vision for the future, the project added: “We believe that much of today’s programming experience depends on people’s need to trust other people. The adoption of unreliable, verifiable and transparent products will be critical if we want to see massive user acceptance. Outside the current crypto community. ”
Looking to the future, Polkalokr believes that flexible guarantee products will play an integrated role in future monetary systems – from bank loans to transactions and real estate distribution.