Hodlers Network is built on the Binance Smart Chain (BSC) Network, it aims to solve the problem of scam activities that are becoming prevalent in the DeFi ecosystem via verification.
What is Hodlers Network?
Hodlers Network is an extra layer of protection for the investing communities, and a social network to help expose both new and old businesses, keeping users away from scam projects. The network will work with innovative technologies and approaches to establish trust, and give the community the reviewing power to vet projects.
Wallet Based ID network
Wallet Based ID Network:
This feature helps keep track of projects through verification and, in turn, verifies other users and projects. Hodlers Network will be the first blockchain-based social network that uses a verified wallet ID network to establish connections between participating entities. The aim is to identify good and bad actors via the wallet ID verification process. This will allow the community to track scam entities, keeping the community safe from rugpulls and improve the trust rating of DeFi.
Hodlers Network will provide a social network wherein projects, project owners, individuals, and businesses can collaborate. The goal is to get more exposure for their enterprises in a safe and intuitive environment. Users will have the opportunity to join coin groups, follow their favorite influencers, and contribute their opinion to any new and old project.
The network will be structured in such a way that businesses that refuse to be open and transparent will find it difficult to excel. For example, it is typical for DeFi users to rely on the trust ratings of others when making an investment decision. The verification process follows a social network pattern. As a verified user, you can also verify others. This act of public KYC will help protect the community from scammy activities, including hacking and rugpull events.
Hodlers is integrating a mining system so members can be rewarded for performing certain actions such as sharing, liking, reading, comment, etc. Each social action within the social network will be rewarded with a certain amount of HDLN.
It is common knowledge for users to rely on the review of others to help make a better judgment. Hodlers network will be that platform where users will be enabled to fulfill that role and help make DeFi a trustworthy environment to do business. Typical audit companies in the blockchain only audit codes, in Hodlers Network, the roles are expanded to community review and public opinions about the project, business, website, etc.
Having a public project review will reduce the cost for verification of business and act as a better means of a much cheaper advertisement for companies. It is further outlined in the following video:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.