The ever-growing popularity of decentralized finance gives unique projects like PhoenixDAO strong growth potential. PhoenixDAO is a community-based DeFi enabling platform intending to revolutionize digital identity and authenticity.
So far, the planned Phoenix ecosystem consists of solutions in the areas of identity, payments, tokenization and dApps. Team members have already launched the staking dApp and are hard at work on preparing other products for release to create a complete DeFi enabled ecosystem.
Here’s how PhoenixDao intends to usher in a rebirth of digital identity and power the virtual economy.
The DAO platform permits self-sustaining governance by ensuring a 1 person 1 vote system for decisions that affect the entire ecosystem. Currently users will need to hold 10,000 PHNX to make a proposal and are required to stake a minimum of 1,000 PHNX to vote. However, participating by making a proposal or voting gives a 20% of return on the amount of PHNX used to vote.
The staking protocol is first in a number of PhoenixDAO dApps. The tool allows users to earn immediate interest at up to 20% APY after staking the native PHNX token. V2 of the platform plans to let users participate on the DAO through the PHNX token and will be rolling out a liquidity farming feature. Stakers can customize the amount of days and PHNX they wish to stake and receive instant rewards after the transaction processes. An early withdrawal feature lets users pay a fee in PHNX to unstake before the contract ends. Check guide to see how to use the dApp
Phoenix Identity
The Identity protocol lets users create and link virtual identities across different APIs, applications, and DeFi-based dApps. Resting at the center of the entire Phoenix ecosystem, the ERC-1484-powered framework allows for decentralized identity management on and off chain. All Phoenix identities that are created by users are immutable and tied to cryptographic keys stored on an individual’s device, with a public ID stamped on the blockchain. The ability to tie any Ethereum address to this decentralized ID or share data in a secure manner resolves many current issues with centralized ID management, like verification difficulties and the risk of identity theft or hacking.
Phoenix Authentication
Phoenix Authentication is a blockchain-based two factor authentication tool used to verify app logins and for transaction approval. Keys are only stored on the user’s device, which eliminates the potential for centralized database breaches that could expose sensitive information. Team members intend to utilize the blockchain to eliminate overreliance on third parties while still ensuring users can easily sign-in to applications. Developers can also utilize the Phoenix Authentication protocol to build two-factor authentication systems that are easily functional for a wide range of users.
Phoenix Payments
Phoenix Payments is a collective of open-source Ethereum-based smart contracts to facilitate payments without the use of a third-party. Payments are secured by the Phoenix Authentication and Identity solutions. The Payments protocol is essentially crypto-agnostic even though the PHNX token resides at the center of the system, thanks to the incorporation of other protocols and technologies. All Payments smart contracts are free for developers to use and integrate in their own projects.
