Jade Protocol: An Introduction
Learn the Basics of Jade Protocol
I recently finished a lengthy “deep dive” into the SmartCoin ecosystem: SmarterCoin, Fair Launch Foundation (FLF), and the FLF’s first project — Jade Protocol.
If you’re interested, it’s worth a read. But if you simply want to get up to speed — this is the guide for you.
Just the basics, with a little section of resources at the end, for you to learn more.
You’re in a hurry, so let’s get to it.
Jade Protocol is an Olympus DAO ($OHM) fork that resides on the Binance Smart Chain or BSC.
If you’ve been in the DeFi scene for the past few months, you’re well aware that there are a million and one $OHM forks currently.
What sets $JADE apart from other $OHM forks?
Utility.
There are a few other forks with utility. Some are promising to be “gaming tokens”, others promise to explore the metaverse.
Jade Protocol is gearing up to disrupt the entire crypto industry.
How?
Simple. Create the world’s first Decentralized Venture Capital fund. The fund would essentially be a launchpad.
What many in the community are calling the “Y Combinator of Crypto”.
If you’re not aware of what Y Combinator does, check them out here.
Essentially, they invest in early stage startups, providing capital and guidance, while making sure the projects continue to succeed past the initial growing stages.
Here are just a sampling of some of the projects launched on Y Combinator.
The Y Combinator team then earns dividends based on the success of these companies. The team is a very small number of people. Imagine if this model could be democratized for a large number of investors?
This is exactly what Jade Protocol aims to do. Read the quick blurb below from the Jade Protocol docs.
That’s right. Not only do they have a solid team. They have a former Y-Combinator employee!
Venture Capitalists plague the current landscape of crypto by investing early in projects at hugely discounted rates. Once the token launches, they dump their “pre-presale” tokens on the open market at a huge profit.
This is obviously not healthy for most projects (the huge selloff creates downward price pressure) and causes a lot of FUD around the very projects they gave seed money to.
Jade Protocol aims to replace this model with a decentralized one.
Give investing power to the people.
Excited yet? Keep reading for a few more unique things that $JADE does.
Jade Protocol is using a new mechanism: wallet reputation.
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As far as I know, no project has used on-chain data to analyze and “rank” investors, giving them something akin to a credit score.
The system is currently under development, but certain elements have already been utilized in the SmartCoin ecosystem, giving us a glimpse into how the system might work for $JADE.
If Jade Protocol can leverage a wallet reputation system based on on-chain data, the possibilities are exciting.
Incentives for loyal investors could include better bonding percentage rates, early access to new projects, private access to Discord channels, airdropped “raffle prizes” and more.
This is a unique system, and Jade Protocol has first-mover advantage. We could very well see a lot of projects start to adopt this, or something like this in the future, as a way to give rewards to loyal investors.
Another exciting detail that sets Jade Protocol apart from other $OHM forks is its ambitious goal to be cross-chain.
There are many projects attempting to become cross-chain in crypto right now, and I personally believe that this is the future.
If there are any Olympus Dao forks that are cross-chain, they are very few in total.
If a crypto wants to survive in this increasingly multi-chain landscape, they need to have some mechanism for interoperability.
Jade Protocol is setting out to be multi-chain, with its first cross-chain endeavor being on Avalanche.
Avalanche (in my opinion) is shaping up to be one of the hottest L1 solutions in crypto.
Jade Protocol was launched strategically on BSC to get a lot of eyeballs on it, but it now hopes to bring some of those users back to the (in my mind) superior blockchain.
More details are coming soon, so make sure to follow their official Twitter account to stay up-to-date!
If you would like to learn more, here are some resources to help you on your journey:
Official Website: https://jadeprotocol.io/
Official Twitter: https://twitter.com/JadeProtocol
Documentation: https://smartcoin.gitbook.io/jade-protocol/
Contracts: https://smartcoin.gitbook.io/jade-protocol/jade/contracts
Discord: discord.gg/jadeprotocol
Telegram: https://t.me/jadeprotocolofficial
JonRay’s (Community Liaison) YT Channel: https://www.youtube.com/c/WhoisJonRay
JonRay’s Twitter: https://twitter.com/jonray
In case you really want to dig in, and see what started this whole thing:
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