Eckodao Was Created As A Result Of The Following Situation:
Kaddex was created as an essential reaction to the usability, gas expense, and susceptible protocols that decentralised exchanges experienced, making it difficult for users to participate in the ultimate objective of decentralised banking.
Being the first structured DEX built on Kadena’s scalable proof-of-work blockchain network, Kaddex launched itself as such in July 2021. It was both simple and incredibly complicated to achieve the goal of creating a completely open and inclusive decentralised marketplace for everyone while also improving end-user transaction efficiency.
The Team immediately realized that there was much more that could be done for the Kadena ecosystem as a whole and that as a result, there were a number of new opportunities to research. The group decided to broaden the current objective and establish a community of gas-free drivers in response to these novel possibilities.
EckoDAO was the first step in the development of EckoDEX, which served as the catalyst for Kaddex’s effort. Kaddex has developed from its modest beginnings into something much bigger and more potent. EckoWallet and EckoDEX were initially made available in phases. After becoming obsessed with a project, the crew started their first-ever financially sustainable mining program.
This was done to attract liquidity providers and foster a safe, profitable environment. This project served as an example of a situation in which everyone benefits. The team profited, the environment was safeguarded, and the liquidity providers received a sound investment.
Use of EckoDEX:
The first product to emerge from the “DAO” or “EckoDAO” system was EckoDEX. People did not travel as frequently in 2021, especially during the Covid era, and even when they did, the gas fumes that their automobiles left behind disrupted the environment. The cost of fuel in today’s society is simply too high for the middle class to continuously afford. EckoDEX was developed to offer liquidity mining software that would be utilized to create a “gas-free environment” as a result.
The DeFi universe has gained notoriety as the first use of blockchain technology. The creation of a vast and modern ecosystem of technology by several different businesses has completely changed the environment of traditional finance.
In an effort to realize the true purpose of decentralised money, EckoDEX creates user-focused, broadly applicable, scalable, sustainable, and decentralised end-to-end financial solutions. Decentralization necessitates the development of viable liquidity mining and governance mining programs in addition to the establishment of unique DAO systems, websites, exchange platforms, and governance mining programs. Kadena must be made the focal point of DeFi adoption in order to accomplish this, which goes well beyond EckoDEX’s status as a gas-free DEX.
How Does Block Chain Technology Work?
Blockchain technology creates a distributed database or shared ledger across computer network nodes. Data is stored in blockchains using electronic databases. With cryptocurrency systems like Bitcoin, a secure and decentralised record of transactions is retained, and blockchain technology is well known for playing a crucial role in this respect. By guaranteeing the security and correctness of an electronic record of data, a blockchain offers the advantage of fostering confidence without the requirement for a reliable third party.
The way that data is organized in a traditional database and in a blockchain is very different. With blockchain technology, data is collected in groups, or “blocks,” with each block containing a distinct set of data.
Each connected data block in the blockchain has a certain amount of storage and closes when it is full, attaching it to the block before it. This process creates the blockchain. Blockchain technology expands to additional internet data sections after each one has been secured. Any further entered data is appended to that freshly inserted block.
A blockchain, as its name indicates, organizes the data into connected parts, whereas a database normally arranges the data into tables (blocks). EckoDAO and EckoDEX, two decentralised internet data sources, are primarily protected by blockchain technology. Blockchain technology has been defending the project since EckoDAO entered EckoDEX and EckoDEX created an EckoWallet.
