Volentix — An Overview
Volent is defined as “exercising volition” and its etymology is traceable to the Latin Volente as “wanted” or “one’s wish”. Thus the origin of the word Volentix refers to one’s will, as well as one’s wants and wishes.
Volentix enters the arena in 2018
Volentix is envisioned to be a community-powered decentralized autonomous organization (DAO). Through the members of its community, Volentix is self-governing and self-organizing. Profits are redistributed to the community through VTX, the native currency necessary to use any of the Volentix decentralized applications.
Although organization and governance will be distributed amongst Volentix community members, initial development is sponsored by companies within the Volentix development network. Currently those companies are Volentix Labs in Canada, Pythagoras Systems in Greece, and Semantic Labs in Bulgaria. More partners will be invited to join the Volentix development network to ensure maximum development of infrastructure for the Volentix community as a whole.
The core values of Volentix — the guiding principles that inform all decisions — are the following:
- Decentralization of Governance
- Decentralization of Profit
- Open Source
- Personal Privacy and Security
- Community Transparency
The goals for distributing VTX are:
- Adding population to the Volentix ecosystem
- Increasing the value of VTX
The Volentix Pillars consist of:
The flagship DApp (decentralized application) of Volentix is called VDex, a next-generation, extensible, customizable, decentralized cryptocurrency exchange platform that will first prioritize the financial and data security of its users (by not possessing users’ information or assets) and, secondly, facilitate cross-blockchain exchange. Rather than depositing funds with a centralized exchange to perform trades, users of the VDex will always retain custody of their funds in their own virtual wallets.
Verto is the multi-currency wallet that will allow access to VDex. Private keys are maintained in this wallet and are accessible only by its owner, thus preventing access from hackers who might otherwise target an exchange. When a trade is made on VDex, the funds are temporarily locked until either the transaction is completed and the new funds become available, or the transaction is cancelled and funds are again released.
As VDex is a decentralized exchange, new currencies can be freely listed for trading. To prevent trading of worthless, nonexistent, or even dangerous cryptocurrencies, Vespucci protects and informs users by offering ratings and rankings of each currency. For this to be achieved, social, technological, and market data is mined, producing a comprehensive set of metrics using deep learning algorithms and artificial intelligence. These metrics are visualized as widgets that can be embedded in any site which desires transparent analysis of cryptocurrencies. The same metrics are used to rank all currencies to allow users the benefit of making more informed decisions.
With Venue, anyone can earn VTX for initiatives aligned with the Volentix distribution goals. Volentix development network members will post bounties and campaigns to Venue for work needed — for example, fixing bugs, creating content, or promoting Volentix — and anyone may claim a bounty in exchange for their efforts. Users of Venue will soon be able to compete with each other in a signature marketing campaign where a total pot of VTX tokens will be distributed to participants according to the number of forum posts which display a Volentix signature.
Volentix community members will also be able to submit, through Venue, proposals to the DAO which if approved will be funded with VTX. The approval process entails the DAO forwarding proposals to a third party who will study them for congruence with core values and distribution goals and then the third party will return research findings to the DAO. If the findings of such research are favorable then the proposal will be put to the community for a vote.
VTX is the native currency of the Volentix DAO. It is a cryptographic deflationary token that entitles the bearer to all the rights of a Volentix Community member.
VTX may be staked to:
- Submit proposals to the DAO
- Vote on proposals submitted to the Network
- Participate in the governance of the DAO