The Situation That Led To EckoDAO’s Creation:
Kaddex was created as an essential answer to the issues decentralised exchanges faced with usability, expensive gas, and susceptible protocols that made it difficult for users to engage in the ultimate aim of decentralized banking.
Being the first structured DEX built on Kadena’s scalable proof-of-work blockchain network, Kaddex positioned itself as such in July 2021. It was both simple and exquisitely difficult at the same time to achieve the goal of creating a completely open and inclusive decentralized marketplace for everyone while also improving end-user transaction efficiency.
The Team rapidly came to the conclusion that there was much more that could be done for the Kadena ecosystem as a whole and that there were many new opportunities to explore as a result. The team decided to broaden the scope of the current purpose and build a community of gas-free drivers in response to these new prospects.
Development of EckoDEX:
EckoDAO was the first stage in the development of EckoDEX, which was utilized to launch Kaddex’s project. From its tiny beginnings, Kaddex has since developed into something bigger and more potent than it was before. EckoDEX and EckoWallet were first introduced as phases. The crew had started their first-ever financially sustainable mining program after becoming fixated on a project. This was done in order to attract liquidity providers and provide a stable, lucrative environment. This project represented a situation where everyone benefits. It was advantageous for the team, safer for the environment, and provided liquidity providers with a reliable investment.
Application of EckoDEX:
EckoDEX was the first product to emerge from the “DAO” or “EckoDAO” system. People did not travel as frequently in 2021, especially during the Covid period, and even when they did. It created a commotion due to the gas fumes that their automobiles left behind. The cost of petrol in today’s society is simply too high for the middle class to regularly pay. EckoDEX was developed in order to construct liquidity mining software that would be utilized to create a “gas-free environment” because of this.
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Being the first actual use of blockchain technology, the DeFi universe has gained recognition. The creation of a vast and cutting-edge ecosystem of technology by several different businesses has completely changed the landscape of traditional finance.
EckoDEX seeks to accomplish the true purpose of decentralized money by creating user-focused, broadly usable, scalable, sustainable, and decentralised end-to-end financial solutions. Decentralization also includes the construction of sustainable liquidity mining and governance mining programs. As well as the website and exchange platform and the innovative DAO system. This goal must be achieved by Kadena being positioned at the core of DeFi adoption, which goes well beyond eckoDEX’s standing as a gas-free DEX.
How Does Block Chain Technology Work?
Blockchain technology creates a distributed database or shared ledger across computer network nodes. Blockchains serve as digital databases that electronically store data. Blockchain technology is well known for playing a crucial role in this respect in cryptocurrency systems like Bitcoin. Where a secure and decentralised record of transactions is kept. By guaranteeing the security and correctness of a record of data. A blockchain has the advantage of fostering confidence without the requirement for a third party you can rely on.
One of the key differences between a traditional database and blockchain technology is how the data is organized. With the use of blockchain technology, data is gathered in groups, or “blocks,” with each block containing a particular set of data. The blockchain is a series of connected data blocks. Each of them has a specific amount of storage and is closed when it is full, connecting it to the block that came before it. Blockchain technology distributes to additional segments of internet data after each one has been safeguarded. Any additional data is incorporated into it following that freshly inserted block.
A blockchain, as its name indicates, arranges the data into linked pieces (blocks). Whereas a database normally organizes the data into tables. EckoDAO and EckoDEX, two decentralised internet data sources, are protected in large part by blockchain technology. Blockchain technology has been defending it since the project’s inception when EckoDAO entered EckoDEX and EckoDEX created an EckoWallet.