Microsoft transformed home computing — and this project wants to transform DeFi

A decentralized autonomous organization that governs a growing number of protocols says the initial vision for DeFi “has been corrupted by greed, inefficiency and sheer incompetence” — and says a drastic new approach is needed to ensure this sector reaches its full potential.

According to Jigstack, the Ethereum landscape is fragmented, with thousands of DApps that offer varying degrees of quality. Millions of dollars in user funds have been lost, hacked, stolen or fraudulently misplaced in the past year — and “everything the industry promised to deliver has yet to be brought to life in a professional manner.”

Jigstack’s founders say their project embodies “the real vision of DeFi”: Decentralized finance that is for the people, and by the people. Although many rival projects have embraced a mantra of destroying backs and delivering transparency to the world of finance, Jigstack claims that most of them are simply grabbing money without providing anything useful in return.

For DeFi to prosper, the team says that banks, institutions and third-party controllers need to be rendered obsolete — just like Microsoft succeeded the typewriter by creating a user-friendly desktop program. As a result, Jigstack’s goal is to build a “safe, robust, user-centric and simplified experience” — describing itself as the “missing link” in this burgeoning sector.

The power of automation

Jigstack says that DeFi needs to liberate and empower individuals by allowing them to control their data and capital without restrictions. The project says that the current tools and infrastructure in the marketplace actually make this impossible, and deliver a top-down approach that only suits the needs of the few.

The project believes that automation is the key to providing a hassle-free, hands-free approach — and on Jigstack, everything is governed by a DAO which, in turn, is managed by the users themselves. It has created a suite of independent financial applications, each of which is designed to do one thing well, and all of them operate under a single algorithmic umbrella.

“We’re not trying to break the rules, we’re forcing them to be rewritten entirely by deploying censorship-resistant systems with no single point of failure,” the project explained. “Our focus lies with systems that are provably reliable, safe, economically effective, and fair. This allows a pure emergence of the democratization of financial activity, regulation, investment, and trade.”

Every product in the Jigstack ecosystem has to follow five commandments: It needs to be trusted as well as more secure, faster, easier and cheaper than what the status quo provides.

More insights from Jigstack here

‘The Microsoft of DeFi’

Jigstack’s ultimate objective is to govern a range of high-quality, revenue-generating solutions of Ethereum — and in time, its infrastructure will come to Hedera Hashgraph, too. The project wants to make accessing blockchain and DeFi more straightforward and eliminate the need for technical knowledge. Long term, it wants to build a strong brand like Microsoft — one that’s ubiquitous, trusted and recognized. It argues that a flagship brand that champions quality assurance and a non-custodial approach is crucial for broader global adoption.

Its developers are focused on delivering a first-class user experience and top-notch security, and believe that both concepts are not mutually exclusive. Built-in support for popular wallets such as MetaMask helps reduce barriers to entry. New token systems representing virtual and physical assets can also be created easily and at low cost — with “unlimited” customization options.

All of Jigstack’s products work on a standalone basis, but new opportunities can be unlocked when used in conjunction with one another. “Through partnerships with leading DeFi protocols, the puzzle pieces will start to fall into place,” the project says.

Jigstack holders have the opportunity to vote on new features that should be under the project’s umbrella, and propose new ones. Just some of the products currently under development include Ethlink, an all-in-one DeFi suite and sales tool that’s compatible with any Ethereum wallet. Meanwhile, Santa is a gifting platform that supports ETH, as well as ERC-20 and ERC-721 tokens and assets. Stackbank delivers token staking features, while the JIGSTAK wallet is available through web browsers, iOS and Android apps, and as an add-on for Chrome and Brave browsers. All of this is complemented by a high-end NFT solution known as The Gallery — and Lemonade, a DeFi token launchpad that benefits from integration with Ethlink, will be live for the Jigstack IDO.

In March, Jigstack announced that it had raised $2.7 million in a private sale to become the DAO of DeFi — and work continues to raise the bar for blockchain and decentralized finance alike. Lemonade will conduct an IDO for STAK tokens on April 22.

Learn more about Jigstack

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