Dublin, Ireland – Financial derivatives are an essential component of the global financial sector since they serve as hedging tools and can be used to enhance economic development. However, the current traditional derivative system is old, complicated, and susceptible to regulatory scrutiny.
Blockchain and other distributed ledger technologies can be used to revive the derivatives industry by enabling transparency and creating a trustworthy ecosystem that is void of identity verification.
Of course, there are already a couple of decentralized derivatives platforms in the DeFi space, with each of them adopting a unique approach. Right now it’s not possible to determine which of the platforms will make it into the long term because a good number of DeFi applications usually end up as get-rich-quick schemes.
That being said, a renowned blockchain and cryptocurrency expert, Tatiana Maksimenko has noted that, of the many decentralized options platforms that she has come across, DYMMAX is the most promising of all. Tatiana has been in the cryptocurrency space for a long time and has had first-hand experience with many DeFi applications as many of them pass through her. After taking a closer look at the DYMMAX Project, she knew at once that they would be able to deliver a long term viable product.
The DYMMAX governance token and the management of decentralized organizations.
Traditional organizations are usually set up in a top-bottom fashion with various layers of coordination and a bureaucratic system of management. All important decisions are taken at the top while people at the bottom barely have anything to say even with decisions that greatly affect them.
With decentralized organizations, however, there is complete transparency and fairness as it involves the whole community. Plus, interaction with each other within the organization is based on a self-enforcing consensus mechanism. Meanwhile, coordination within the decentralized setup is facilitated by governance tokens.
In the case of the DYMMAX ecosystem, for example, anyone that wishes to take part in decision making within the network needs to get hold of the native tokens of the protocol (DMX).
Just like other decentralized systems, the primary way of making decisions is by initiating a proposal. The proposals are then voted for by all participants of the network and if a majority of the community agrees with the said proposal, it is scheduled for implementation.
Furthermore, members of the DYMMAX system are driven by incentives tied to the network’s tokens. Participants don’t have to know nor trust each other and usually come from different jurisdictions across the world. Like with other decentralized systems, rewards are put in place to encourage everyone to contribute to a common goal, thus ensuring continuous growth and success of the network.
Even though the DYMMAX network is permissionless and decentralized, it can still make use of a legal system if the need arises. But such usage only comes as a secondary protective mechanism after smart contracts.
Also, the absence of centralized authorities in the DYMMAX network makes it work like an operating system for money without the usual bank managers.
Closing thoughts
Despite the existence of numerous decentralized options platforms in the DeFi space, expert opinion suggests that DYMMAX is the most promising of them all. This is because it has adopted a time-tested (scientific) mechanism that can address issues that other options platforms failed to solve.
Finally, the DYMMAX governance token – DMX – would be very effective in the management of its decentralized network. Anyone who holds the token has the opportunity to shape the future of the protocol by proposing or voting on new features.
Media contact
Company: DYMMAX LP
Contac: DMITRY
E-mail: [email protected]
Website: https://dymmax.com/
(Syndicated press content is neither written, edited or endorsed by ED Times)
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