Blockchain technology has revitalized the financial scene in the past decade with the rise of Bitcoin a major turning point. Since then there have been different innovations that have expanded the industry from smart contracts to crypto exchanges, ICO, and now decentralized finance.
Decentralized finance has expanded the various sources of earning in the crypto space with new possibilities. It has shifted finance from traditional, centralized financial systems to a new decentralized peer-to-peer exchange system thereby eliminating the need for middlemen.
The growth of DeFi has been outstanding as several projects within this sector have been embraced by new investors. This progress has not been without pitfalls as some rogue projects have made innocent investors lose money. Amidst this is a new gem called Keeper.Finance, a decentralized finance platform with a new concept.
What is Keeper Finance?
Keeper Finance is a decentralized finance protocol that is inspired by job matching protocol Keep2r which is DeFi version 3.0. It is designed to be a lite version of Keep2r and is a more flexible and profitable protocol.
Keeper Finance offers a decentralized platform that connects developers with project teams to execute jobs.
Keeper Finance uses a unique mechanism that ensures that jobs are executed and job takers are rewarded promptly within its blockchain ecosystem. To achieve this, Keeper Finance uses a job matching concept whereby job takers called Keepers register for jobs.
These contracts (jobs) are designed to be executed by keepers and once registered can be acted upon by keepers on the Keeper Finance blockchain.
How Does Keeper Finance Work
Keeper Finance is fully decentralized and members are involved in the creation and execution of smart contracts (Jobs). All that is required for a worker is to register as a keeper and the process can only be performed by bonding KFI tokens.
The bonding process takes 24 hours after which a registered user is activated as a keeper. Once this process is completed a timestamp is registered on the Keeper Finance blockchain network.
Creating jobs is flexible and easy to perform on the Keeper Finance. There are two different methods with the first via the Keeper Finance contract. This enables a job owner to register a job after which a pending governance vote is placed for the job specified by the address in the function arguments.
Keeper Finance users also have a limit for a job request every 13 days when using a specific address. The second method is via governance whereby a proposal is submitted and includes the contract as a job. If governance is approved the smart contract registers as a job that can be executed by keepers.
Payments are made by using the utility native token KFI which can be converted to other ERC-20 tokens on popular Dex like Uniswap.
KFI token
Keeper Finance is powered by its utility token KeeperFI (KFI). KFI is used to initiate bonding and also for the payment of rewards on the Keeper Finance platform. It is an ERC-20 token built on Ethereum and offers similar attributes to Ether.
KFI has a limited market supply of 2,000,000 tokens that would be produced by the DeFi protocol. The distribution of the tokens is as follows: 65% will be offered in a PRE-SALE IDO. While 10% will be made available as part of its liquidity pool, 10% will be kept aside for development, 10% for promotion respectively while the remaining 5% will be distributed to the founding KFI team and locked for six months.
KFI has further use cases apart from being the utility token of Keeper Finance and can be staked for rewards or exchanged on decentralized exchanges including Uniswap.
In conclusion, Keeper Finance is an ambitious DeFi project that aims to simplify the job matching process. It offers faster bond creation time, more tokens, and reduced keeper job working time.
You can read more about the project on its website. The PRE-SALE IDO of KFI is currently ongoing with 500,000 KFI tokens available for sale at 0.0014 ETH per unit.
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