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In recent years, Bitcoin has become the first decentralized global currency. The rise of Bitcoin has not only sparked interest in digital currencies, but it has also sparked interest in the underlying technology that supports their development: blockchain technology. Blockchain is a distributed ledger used to record and protect transactions on a peer-to-peer network. In addition to authorizing digital currencies, blockchain technology also enables innovators to create digital tokens that represent rare assets, thereby reshaping innovation and entrepreneurial capabilities.
Blockchain tokens can democratize communities by providing builders with new ways to raise funds and interact with their users, and can provide innovators with new ways to develop, implement, and decentralize applications. The concept of digital scarcity allows people to incentivize and financially reward network participants in a simple and transparent way, without having to rely on third parties.
The introduction of Bitcoin and later Ethereum has led to a rise in alternative cryptocurrencies that primarily compete for in-network services. Although Bitcoin has become the safest settlement layer and store of value in the digital arena, Ethereum and EVM have become the safest settlement layer and store of value by giving developers the ability to write smart contracts that can solve reasonable computational problems. Hence, we have seen many scattered experiments and applications on Ethereum, and lately on Layer 2 projects as well as other EVM-based networks like BSC.
These tokens running on EVM and similar environments can represent various rare assets such as currency, securities, property, unique collectibles, loyalty points, and gift certificates. They generally have a fixed supply or follow a transparent supply schedule, making them resistant to inflation. Furthermore, they can be transferred between parties without the involvement of a central entity and can be traded on borderless digital currency exchanges.
Decentralized finance (DeFi) is a concept used to describe a financial system built on top of the blockchains that are able to run smart contracts that allow the creation and usage of trustless financial tools.
In the past, users would have to rely on centralized institutions such as banks and other financial institutions to store their money and provide them with financial services. However, with the advent of blockchain technology, this is no longer necessary. Blockchain-based smart contracts are able to provide users with financial services at a fraction of the cost that they would have to pay if they were using a traditional institution.
One of the pillars of the Kangal ecosystem is DeFi, where the people control the tokenomics of the Utility Token $TEAK via its limited emission to only staking and via its configurability through DAO.
Blockchain applications are not limited to the financial sector, but have recently been applied to decentralized governance. The "Decentralized Autonomous Organization" (DAO) with blockchain function has become a new form of collective management in which communities can be organized based on a decentralized infrastructure. In the DAO, the blockchain can be used to record the information of the members, voting results, and information on the financial transaction. The DAO has no central authority or management team, but is operated by the members themselves.
The core of the Kangal community is DAO.
The debate on sovereignty and opposition to censorship continues to grow and the scope of decentralization is not limited to technology. In today's age of the open-source Web, users have given up control of their privacy and software freedom, to gain a somewhat free but controlled gateway to the Internet.
Kangal Ecosystem has its foundations on a flexible collaboration infrastructure that truly respects user freedom, which started with a fair token launch on the public market via Uniswap, has given the control of the utility currency of the ecosystem's to the community and will be further developed to minimize trust required on a group of individuals via trustless dApps and services that are built on blockchain, creating incentives for sustainable growth and following the community DAO where everyone can voice their opinions without any censorship, push their proposals and change the ecosystem.