RIGEL PROTOCOL: ITS VISION, VALUES AND PRODUCTS

Rigel Protocol is a people oriented platform as decision making and ownership are kept within the users. However, before we go into the nitty-gritty of what RigelProtocol is all about, let us first understand the concept of Centralization and Decentralization.

The Concept of Centralization and Decentralization

A centralized cryptocurrency exchange is a platform where you can buy or sell digital assets. Here, you have to trust a third party to monitor the transaction and secure the assets on behalf of the buyer and the seller. Their deals aren’t tracked on the blockchain. Such exchanges require you to submit your personal information for verification. On the other hand, if you’re a company, then you’d have to provide your corporate information to the exchange so it can verify your account.

In a DEx(Decentralized Exchange), the client (you) brings his/her cryptocurrency to the gate, which stores the same and gives the client proxy tokens in their place. The client can now use these tokens within the blockchain of this exchange. The real cryptocurrency present in the gates collateralizes these tokens.

Decentralized Finance (DeFi)

Decentralized finance, or DeFi, is a system by which financial products become available on a public decentralized blockchain network. That makes them open to anyone to use, rather than going through middlemen like banks or brokerages. Unlike a bank or brokerage account, a government-issued ID, Social Security number, or proof of address are not necessary to use DeFi. More specifically, DeFi refers to a system by which software written on blockchains makes it possible for buyers, sellers, lenders, and borrowers to interact peer to peer or with a strictly software-based middleman rather than a company or institution facilitating a transaction. Multiple technologies and protocols are used to achieve the goal of decentralization. For example, a decentralized system can consist of a mix of open-source technologies, blockchain, and proprietary software. Smart contracts that automate agreement terms between buyers and sellers or lenders and borrowers make these financial products possible. Regardless of the technology or platform used, DeFi systems are designed to remove intermediaries between transacting parties.

Decentralized Finance or DeFi draws inspiration from blockchain, the technology behind the digital currencies like bitcoin or ethereum, which allows several entities to hold a copy of a history of transactions, meaning it isn’t controlled by a single, centralized source. That’s important because centralized systems and human gatekeepers can limit the speed and sophistication of transactions while offering users less direct control over their money. DeFi is distinct because it expands the use of blockchain from simple value transfer to more complex financial use cases.

RigelProtocol: Its advantages as a Decentralized Finance (DeFi)

Privacy: Privacy has become a very important matter for many people today. A great amount of data is collected on each person everyday. RigelProtocol make it easier to keep data and other files secure than on centralized ones. With data stored across multiple computing machines in multiple locations, the risk of a single entry point is mitigated and makes less data accessible at each point. RigelProtocol avoids holding sensitive information altogether by not storing passwords and using other keystore methods to allow users to retrieve information, taking trust completely out of the equation. In Rigelprotocol, people do not need to provide their information to third parties, and there are usually no registration or KYC requirements for using the platforms.

Cheaper Transaction Fees: Rigelprotocol has lower fees when compared to trading on centralized exchanges. Crypto traders are always looking for the lowest rates to trade their assets and RigelProtocol being a user-centered platform is the best choice.

Lower Risks: Many centralized exchanges get hacked over the years and their many users have lost their funds stored at these platforms. This is not an issue with Rigelprotocol because trades

or transactions are made directly between people through an automated process without relying on intermediary institutions.

Financial Inclusion: Many centralized exchanges restrict people from certain jurisdictions from using their services. This is not an issue for RigelProtocol because anyone from anywhere in the world can use them. This creates a much more inclusive and fair ecosystem.

Values and Vision of RigelProtocol

The Rigel Protocol is designed to bring new solutions to the Defi space, a Decentralized protocol that aims to give to the community access to several instruments to expand the adoption of Blockchain technologies in daily life. The Rigel Protocol is completely designed, set up, developed, and driven by the Rigel Protocol community. All proposals and decision-making are established and decided within the community. Various DeFi products are introduced, such as: cross-chain operations, token swapping, yield farming, margin trading, and many more. All these features are built to provide a wide range of opportunities for the users to profit from the platform. A protocol built to revamp existing Decentralized Finance (DEFI) products while introducing several innovative DEFI products to boost and support scalability, security, improve user experience and adoption.

The Rigel Protocol is a platform for people. As decision making and ownership are kept within the users, this enables users to control the funds in a non-custodial way. No KYC is required, anonymity is guaranteed and users keep their identity private. No passwords, wallet keys, seed phrases or 2 factor authentication needed to use the platform. All transactions and interactions are handled by verified and audited smart contracts. As secure as the Blockchain itself. To ensure high speed transaction, low latency, low fees, and quick adoption, the Rigel Protocol will launch on both: the Binance Smart Chain and the Ethereum Blockchain.

RigelProtocol: Its Unique and User-centered Products

  1. RigelProtocol Yield Farming

Cross-chain swapping feature has been developed to solve this problem. This is a feature that enable users to swap their $RGP Ethereum Chain tokens to $RGP Binance Smart Chain tokens and vice versa. More details on other tokens would be revealed in the new version of the White Paper.

4. RigelProtocol Margin Trading

Margin trading refers to the practice of using borrowed funds from a broker to trade a financial asset, which forms the collateral for the loan from the broker. RigelProtocol will introduce margin trading to the decentralized finance space to help users tackle problems related to

leverage trading. The margin trading product will be more user-centric enabling a new set of foundations for margin traders. For the margin trading feature, it would require two sets of users:

● The Lending Pool Provider (The Rigel Lender)

● The Leverage Trader ( The Rigel Trader)

The Lending pool provider will add funds to the margin lending pool. Funds will then be available to be leveraged by the leverage trader. The Leverage Trader chooses a leverage size and sets a collateral based on the level of risk he is willing to take. The Leverage Trader can choose a buy or sell position. If the trade goes in the favor of the Leverage Trader profits are assigned to the Trader wallet address. Otherwise, the losses or liquidated amounts are added up back to the lending pool to be distributed among the Lending Providers, RigelProtocol governance community, or RigelProtocol token native holders and the RigelProtocol treasury.

5. Gaming

The RigelProtocol Platform will launch a series of Decentralized gaming products that will enable users to participate in tournaments. Players will be able to participate in the tournaments by using the platform native token: $RGP. All gaming fees would be paid in $RGP tokens and Competition entry fees can be paid in any other coin or token. There will be several types of Tournaments — regular, league and knockout tournaments, with more options to be added by Community vote or proposals

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Startup Exchange Sees Trillion Dollar Opportunity in Combining Digital and Traditional Assets

4T2 — Into the Evmoverse

💫💫💫MEME COINS💫💫💫

What’s new on CoinPanel? | Bitcoin recovers shortly after Russia-Ukraine shock

LBank AMA Recap with ELCASH

GEOAKTIF TOKEN — GETO — COMING SOON!

Geoaktif Token — GETO — Will Be Lanuched Soon

Use These 5 Simple Crypto Hacks!

$COKE Is the Treasure! (Axie Infinity/OpenSea Art Contest)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bassey Goodluck

Bassey Goodluck

More from Medium

Blockchain — Various Consensus Algorithms

1. What’s ETF?

Deep Dive: Helium | Dec 11, 2021

What is DeFi, How does it work, and the Future