Draken develop Blockchain-based future financial instruments

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menoharrison

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3 years ago

INTRODUCING DRK

DRK is a decentralized platform for the existing financial sectors of the Draken Group's digital banking system. The goal of the DRK is to gather all the information stored in a decentralized authentic ledger and transform payment processes and financial procedures. As a result, payment becomes cheaper, more convenient, and more secure with a host of automation capabilities.

To become the future digital banking center of the world, Draken Group aims to develop Blockchain-based future financial instruments by focusing on two factors: - Universality: our platform is designed to support 100% transactions globally, regardless of the currency, law or language - Intellectuality: unlike any of the conventional accounting systems such as the currently centralized servers, DRK returns to the origin of exchanging and integrating a commercial language of computers, as well as the management system to process countless terms of payment automatically It focuses on security, fast transaction efficiency and many of the latest decentralized technologies in the decentralized finance sector to create an all-in-one platform in the Draken Group system and the global financial industry.

DeFi allows users to take complete control over their own assets and this is the basis of Decentralize Financial system . It is a form of financial system aims towards disrupting the existing global financial system . DeFi enables anyone to earn , store , invest and trade using blockchain and DApps in a trustless manner without the involvement of any broker or intermediaries.

In this article, i will be discussing about a blockbusting Decentralized Finance (DeFi) platform named draken.tech . Draken platform is willing to change the change the narratives in Cryptocurrency Space. The platform offers 3 major products which makes them stands out among any ever exsiting Decentralized Finance (DeFi) platform . Draken.tech offers DEX services and Entertainment
platform . Through the DEX , cryptotraders can trade in a decentralized environment their crypto assets . Users can also get themselves entertained on DRK gaming platform . Users can play different types of Games and win endlessly.Games on Draken platform is quite transparent because they are powered on blockchain Smart contract. There is no room for cheating . Users instantly get their winning rewards.

What is Blockchain?

Blockchain is a technology that facilitates trust between trading partners. If you’re familiar with Bitcoin, blockchain is the underlying technology that makes it possible to transfer currency and have confidence that transactions are successfully completed. But banking and other industries are using blockchain (with or without Bitcoin) in a variety of ways. A blockchain is a secure “ledger” or a list of transactions. The benefits of blockchain come from two key features:

PLATFORM STRUCTURE

The Core Layer

The Core Layer manages the agreements formed on the ledger and transition status. It includes the most basic smart contracts, allowing the creation of different entities and payment requirements. It also detects when the payment has been completed. It is based on immutability, system’s transparency and intelligence.

The Extension Layer

The Extension Layer manages the actual trading conditions and rules. Most payment requests are not straightforward; if it comes from a business, it will usually have rules for calculating taxes, payment terms, deposits or advances. All of these conditions are in the form of extensions that can be added to payment requests.

The Application Layer

Most users of DRK will not be only blockchain developers or software engineers, but rather participants in decentralized organizations, and in some cases creators of them. These individuals will be interacting with the DRK platform primarily through the Dapps built on DRK Chain.

Blockchain-based transfers save banks time and money, but consumers can also benefit. Forexample, assume a worker in the U.S. wants to send funds to her home country. In the past, she’d have to travel to a money transfer office, wait in line for an agent, pay cash, and pay fees of 7 to 10 percent to complete a transfer. The recipient might follow a similar process. But with blockchain technology, both parties can complete an electronic transfer with mobile phones—and pay far less.

Inexpensive Direct Payments

When you send or receive a payment, the funds typically move through banks, credit card processing networks, and other intermediaries. Each step adds complexity, and every service provider expects to earn a fee for the part they play in your payment.

Why is the DaRK Privacy protocol important

Well of course I’m going to say this is important, I’m the most biased person you could ask on this topic! But here’s why I think this is a real game changer: The DaRK Privacy protocol enables the creation of generic confidential digital assets. We picked DRK to start with but with the press of a button the DaRK Privacy protocol can be applied to any ERC-20 token. It also enables the construction of purely confidential assets that don’t have any kind of ERC-20 token equivalent. No extra cryptographic circuits required, no additional trusted setup processes needed. For the first time ever, it’s possible to create confidential digital assets on Ethereum, obtaining the immutability and decentralization benefits of public blockchains without sacrificing privacy.

DaRK Privacy zero-knowledge proofs are also very efficient to construct, and are well within the capabilities of hardware wallets. This opens up the exciting possibility of issuing confidential transactions directly from hardware wallets and never exposing sensitive private keys.

What is in the DaRK Privacy protocol’s future

We also have several extensions to the DaRK Privacy protocol in the works, and will be releasing our full vision of the DaRK Privacy protocol over the first half of 2019. This includes several important milestones: 1. A confidential decentralized exchange, where people can trade different DaRK Privacy assets in complete confidentiality—neither the quantities or prices of orders can be gleaned from processed orders. The decentralized exchange uses the relayer pattern to achieve this, as well as a bespoke DaRK Privacy DeX zero-knowledge proof (three actually, I’ll be talking about this in depth once our DeX paper is finalized).

2. Confidential weighted voting. Governance mechanics that respect the privacy of a user’s vote are essential a large range of financial applications and the DaRK Privacy protocol’s efficient range proofs make this achievable.

3. Anonymous identity sharing schemes. Being able to prove that you’re part of a group, without revealing who in the group you are is an essential component for many compliance and KYC processes and our DaRK Privacy token standard will support this kind of identity system.