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POFID’s Upgraded Ecosystem and Plans for Cross-Chain Development

UTC by Julia Sakovich · 4 min read
POFID’s Upgraded Ecosystem and Plans for Cross-Chain Development
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In addition, POFID DAO has reached a cooperation agreement with the famous Korean digital asset management company Sanmoon Capital in Seoul in recent days.

Right nowDeFi is still the hottest topic in the crypto sphere. Among the many DeFi projects out there, POFID DAO stands out for its trusted decentralized financial asset management platform with strong privacy protection. 

Having advanced into its second stage of development, POFID DAO is currently actively implementing its cross-chain development plan. The project’s white paper stated that, on the premise that real assets can been confirmed and put on the chain, POFID DAO provides a complete set of solutions for on-chain custody, guarantee, auditing, circulation and risk control governance of both digital and real-world assets. The goal of POFID DAO is to complete the underlying research and development of cross-chain development and achieve TPS of over 10,000 within a year so that POFID DAO can meet the needs of more business scenarios. This will likely be the world’s first DeFi project that is compatible with all mainstream digital assets and can simultaneously boast a high TPS. The completion of this plan will no doubt have a huge impact on the entire industry. 

Relying on POFID DAO’s early success and strong support for future development, POFID DAO has attracted the attention of a lot of venture capital, with whom it has launched in-depth strategic cooperation. 

Recently, HAPYBANK, one of the first compliant licensed digital banks in South Korea, has reached a strategic cooperation with POFID. The two parties will carry out in-depth cooperation in two important aspects. Firstly, after POFID completes its cross-chain work, it will complete a cross-chain with the Korean financial public chain DECEworking with HAPYBANK to build a decentralized digital asset bank. At the same time, HAPYBANK will issue stable digital currencies anchored to South Korean won and US dollars through POFID, based on the legal savings of users, to be used in various consumer payment scenarios. At present, many large-scale consumer scenarios are ready to be connected to this crypto payment and settlement system. 

In addition, POFID DAO has reached a cooperation agreement with the famous Korean digital asset management company Sanmoon Capital in Seoul in recent days. The two parties will develop a comprehensive strategy around the expansion of compliant digital asset management chain governance, digital banking, stablecoins, and cooperation in payment and settlement scenarios. 

In recent years, the Korean government has continuously introduced policies and regulations on the digital asset industry to regulate and better develop this fast-emerging market. Sanmoon Capital is an investment institution established by several major consortia in South Korea to enter the fields of digital asset management and liquidation, with a focus on blockchain technology and the realization of compliant digital asset scenarios. The CEO of Sanmoon Capital said that POFID is a very promising DeFi project, with a very rigorous and professional financial infrastructure design. Sanmoon Capital will use POFID’s strong decentralized financial capabilities to empower the development of Korean real-world industries. 

This series of in-depth cooperation has further broadened the application scenarios of POFID DAO, allowing for continuous product optimization and growth, while also providing further support to the value of POFID DAO. 

Finally, it is worth mentioning that last week, the POFID DAO contract layer and NOVAC wallet were officially upgraded to v2, with this new version supporting diversified asset pledges. This upgrade mainly implements the plan in the white paper and supports diversified assets as the pledge endorsement of synthesized assets (including various stablecoins). According to the plan, POFID will officially launch its cross-chain functionality around the end of 2020 or the beginning of 2021. This upgrade of the POFID DAO contract layer and the NOVAC wallet is seen as preparation for further integration of more external assets. 

Combined with this upgrade, once cross-chain development is completed, POFID DAO will realize the ability to issue same stablecoin assets by staking BTC and ETH. Users can access the V2 version of the contract entry in the NOVAC wallet to use the new diversified asset synthesis functionality. In the first version, pledged assets could still be redeemed, but the new pledge synthesis channel will be closed. 

POFID’s Upgraded Ecosystem and Plans for Cross-Chain Development

Photo: POFID

The above global strategic cooperation plus the POFID DAO contract layer and upgrade of the NOVAC wallet have greatly promoted the implementation of the POFID DAO cross-chain plan. Let us look forward to the results of this cross-chain construction and other promising news from the POFID DAO team.

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