Cryptocurrency first appeared in 2009 created by Satoshi to bring a change and solution to the conventional, centralized, and inefficient financial system. Cryptocurrency allows people to be able to transact in the most efficient, anonymous, secure, and without third parties. So that when you use cryptocurrency, the transactions you make are completely safe and anonymous, no one knows who and where the transactions were made.
The philosophy behind the cryptocurrency has opened many people's eyes to the global financial system which is currently not transparent and prone to manipulation. Cryptocurrency makes the control of money back to the public. And this is what the Prophet aims to achieve - is a value transfer network of economically incentivized actors that come to a consensus on the state of the network's economic policy. Or to simplify it, the Prophet is a decentralized operating system for money.
Prophet: Finance, Reimagined
As previously explained, the Prophet is a decentralized operating system for money. The mission of the Prophet is to establish a monetary or fiscal policy which is better than the current traditional financial system:
The Prophet will provide a complete monetary policy and unit for the storage and transfer of value.
Offers the most complete source of public financial data.
Empower all participants who are on the network.
Prophet wants to make the traditional financial system changeable and provide innovation in financial regulation in monetary policy by providing a comprehensive and up-to-date solution to a more modern and better financial system to be implemented in more complex financial cases. Therefore the Prophet is designed in such a way as to be able to survive in an economic situation that tends to be volatile and uncertain - and to flourish against the existing financial landscape.
Prophet Features
PoCD: Proof of Committed Decay or abbreviated as PoCD is a consensus mechanism designed to establish alternative economic policies that are based on favorable concepts.
Burning: By utilizing a model that continuously burns tokens, it will increase the value of tokens. The more transactions, the more tokens that are burned, and the value of the tokens will increase.
BARE-Tax: Prophet believes in incentivized staking, rewarding users for supporting the project. Staking Prophet tokens avoids bare-taxation, a tax on inactive tokens, and thus increases the value of Prophet continually while incentivizing supporter engagement.
Meta-Metrics: When a user holds their token and is inactive for 3 days then their holdings are flagged. Holdings remain flagged for a period of 21 days, then 50% of their tokens will be burned, 10% sent to liquidity pools, and 40% sent to the Redemption Center.
Staking: Prophet allows users to be able to stake their tokens and get profit from it. However, unlike other stake systems in general, the Stake Prophet feature is equipped with "bare-tax" which will penalize inactive users.
Governance: The Prophet is designed to run on a community basis, where communities that hold tokens can participate in determining the direction of the platform.
Prophet Token
Prophet Token is a token issued by Prophet which will function as a utility token and governance token. If it is used as a governance token, users can participate in the governance of the platform. However, if it is used as a utility token, users can use their token for various features on the platform, such as a stake, etc.
The plan is that these tokens will be issued with a supply of up to 100,000,000 tokens based on Ethereum ERC-20 with a "token burned" model, meaning that each transaction will burn the tokens and will increase the value of the tokens.
In Conclusion
Prophet intends to become a platform that will provide comprehensive and innovative solutions related to modern financial systems, which have been designed to flourish against the existing financial landscape. With several features such as PoCD, Burning, Staking, etc., Prophet is very optimistic that he can present a better financial system than traditional financial systems - to put it simply, Prophet is a better decentralized operating system for money.
Keynotes
Prophet is a value transfer network of economically incentivized actors that come to a consensus on the state of the network's economic policy.
Prophet leverages the primitives found in legacy finance to provide innovations in monetary policy.
Prophet is designed to flourish against the existing financial landscape.
Connect
WEB: https://prophetcoin.io
TELEGRAM: https://t.me/prophecyproject
