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The future of the crypto ecosystem is to be decentralized and automated to the highest levels. PhoenixDAO is one such decentralized digital identity-driven ecosystem. It is enabling both enterprises and institutions to build solutions leveraging PhoenixDAO technology and products. The Smart contracts are taking over the escrow services, leading to automation in the DeFi ecosystem.
Decentralized Autonomous Organizations(DAO) not only support retail services, finance and essentials like platform security and management. PhoenixDAO aims to power the next generation of Decentralized Applications. It is a community-led project, with the least centralization, mainly focusing on the following:
- The DAO platform
- Identity protocol
The custom-built DAO empowers the community to participate in the governance of the projects on the Dapp store. This system entails that token holders can create and vote on proposals for
dApps and products built and fueled by the PHNX tokens.
The DAO Platform
Certain aspects cannot be automated, such as making decisions based on creativity and qualitative project innovations. Human intelligence is necessary to decide effectively with proper foresight. That is how DAOs enable the community to contribute.
DAO enables innovators to acquire seed funding to develop and contribute to the ecosystem. The platform is also planned to be available as a white-labelled B2B solution. It is a governance platform where users submit proposals to request funding grants to build solutions within the ecosystem, and the DAO community will vote.
PhoenixDAO will have 5 flagship products to enable sustainability through revenue and user growth.
1. Staking DApp
Staking DApp allows users to stake their PHNX tokens. These tokens act as fuel to run the platform. It enables users to earn interest in staked PHNX (up to 20% APY). The spot staking functionality will be utilized throughout the various products while launching. They have recently announced that V.2 is close to launch which sees a new farming feature. The staking dapp can be found here: staking.phoenixdao.io
2. Events DApp
The PhoenixDAO events marketplace is a decentralized Eventbrite style dApp where you can sell or find listings for event tickets, both free and paid. The primary goal of this dApp is to make it as easy as possible to create your events or buy tickets using the NFT ticket technology in PHNX. You can choose between the event being free or paid in PHNX. Free events are useful because they can get people familiar with the dApp even if they are not familiar with PHNX. The events dapp can be found here: events.phoenixdao.io
The PhoenixDAO team is currently working with Polygon (Matic) on side-chain scaling for lower gas fees on the DApp. While the next product soon to be on their road map is the NFT marketplace, scheduled to be released in Q3-Q4 following two more products that will be decided soon.
3. Identity (2 Layer) protocol:
All the transactions happen over the Internet. There are challenges of impersonation and frauds by gaining access to the accounts of community members. But the decentralized storage of identity data prevents identity theft. The on-chain identity brings Defi solutions such as lending and borrowing to anyone and anywhere in the world.
What is PHNX Token?
PHNX tokens are instrumental in running the PhoenixDAO community. PHNX tokens are also listed on CoinMarketCap and CoinGecko with $4,948,955 and $4,512,435 market cap respectively at the time of writing. Listed around July 2020, it has quickly gained market recognition. Staking PHNX gives voting rights to the members and the ability to create proposals in the DAO.
PHNX staking also allows users to earn instant rewards and 20% APR which may vary. When staked tokens get withdrawn early, a certain percentage of the user’s funds incurs a token burn. The V2 of the dApp makes the burn consequence less harsh and adds high level flexibility for stakers. The token can also buy, sell and gift event tickets. PHNX holders may also get early access to purchasing tickets.
DApp sales on the Dapp store are supported by PHNX, with an option to trade any ERC 20 token for PHNX instantly. Also, 2% of the dApp sales contribute to the DAO smart contracts to expand the ecosystem through DApp development and future initiatives. Owners of dApps can charge users additional fees in PHNX, ETH, & DAI, and 2% of the sales of these transactions go to the DAO smart contracts.
The Future of Phoenix DAO
Phoenix DAO has also opened up to a wide range of partners in the cryptocurrency markets, including marketers to developers. After the successful launch of the PHNX token staking Dapp-Version1, beta testing of their DAO platform is underway. By Mid 2021, the team plans on scaling their enhancements on the Binance Smart chain.
By Q4 2021, the platform is expected to start operations and enable users to use the platform for real-world applications.