Introducing Contrax: A DeFi Smart Contract and Token Creation App.
Since its formation, we at Leios — the company behind Contrax — have been keenly interested in the different avenues by which blockchain can make a significant impact. We were not looking at “theoretically in the future” or “once blockchain reaches full adoption,” but rather, on the problems blockchain can solve now, if only it were more accessible. Our mission statement has always been about making blockchain as usable and accessible as possible.
With this as the core problem to solve, let us look at what Leios has tried in the past, and the creation of our latest project, Contrax.
Starting at Blockchain-based Fund Transfer
Leios is passionate about what we consider the first and primary use case of blockchain technology: money transfer. Bitcoin was made to be a global currency, and the technology which gave it life was a template for any type of global payment to be made easily and instantly. Therefore, we saw the cross border industry to be a prime target for a “killer app” which takes a new, hard-to-understand technology and abstract away all but its efficiency in moving money.
There lies the complication: moving money. Money transfer is arguably the most regulated industry out there, and the reason why blockchain is both so disruptive and controversial. The idea of making a global money transfer app with blockchain is, well, illegal by default. To make it arguably legal, there needs to be years of obtaining licensing, putting up collateral, and facing country-by-country crypto regulation hurdles. It is a bureaucracy that is attempting — and miserably failing — to take a new idea is force-fit into a system that does not understand or welcome it.
For companies which have done the licensing process, they walk on eggshells and are unwilling to even consider the benefits of sending over blockchain until it is perceived as a zero risk technology, which we are years away from. A company cannot practically implement this solution within the existing system if simply attempting it could potentially tank their entire business.
On to Blockchain-Based Agreements
In our time providing advisory work and building software for the fund transfer industry, we found the idea of having blockchain automate and make things easier was something very appealing to industry professionals as a cost-cutting mechanism. When any technology, blockchain or otherwise, automates and simplifies any existing process, it becomes an obvious value-add to an industry and is, normally, ripe to be adopted.
We spoke to numerous professionals in the fund transfer industry regarding the idea of blockchain as a software to just govern and keep track of agreements, even if the the actual payments are not done over blockchain. Smart contracts in theory seem to solve a lot of problems in checking and proving for fund transfers. For example “stripping wires” (removing key information from wire transfers) is a trust problem that causes a lot of headache, and sometimes millions in costs, which can easily be fixed by blockchain.
However, even adopting this seemingly obvious fix for the rampant trust problem for the metadata of transfers still means that some form of blockchain technology has to be tried, tested, and trusted by those who currently are behind on the tech curve. Change is very slow in the financial world, even without considering industry-breaking technologies.
Contrax: DeFi Creation made user-friendly.
Eventually, it was being explained to us again and again the value of having auto-checking and enforcement in agreements. On the other hand, we were told again and again that the financial transfers industry would not trust blockchain technology even when it solved their immediate problems.
However, trusting agreements was not just a problem in the money transfers. These same problems exist in every industry with agreements, even the DeFi space within crypto — a space that can and will use these solutions without fear of losing licenses governed by arcane rules. What everyone is looking for is a way to access the benefits of blockchain technology directly by themselves, and use it the way they see best.
This is how the idea behind Contrax was born: a way to bring DeFi features to everyone, even those without coding or technical experience.
Yes, blockchain-made-easy is nothing new, but Contrax aims to not just be a general token creation or AMM site. The focus of Contrax will be easy creation for all types of creators: from projects to DeFi stakers and farmers. Although we will start with Ethereum and its layer 2s, the goal is to bring these tools to chains across the blockchain spectrum, EVM or not.
Why This Idea?
Some of you reading this article will be those who have known the Leios company for years, and are here to learn about our new project. On the other hand, others will know of Contrax first, and want to know about the company behind the project.
No matter your reading perspective, we wanted to share the reasoning behind why Leios decided to launch this platform, and how our years of being involved in the blockchain and money transfer space informed the inspiration behind Contrax.
To use a common analogy: Smart contract, NFTs, and blockchain are similar to the budding internet. The internet, of course, is nothing but a collection of websites, all which were once very expensive to build in any meaningful sense. Now, with tools like Squarespace and marketplaces like Themeforest, full websites can be purchased and built for a few dollars. These websites go on to become web stores, online courses, blogs, e-commerce sites, or anything else. Other projects such as Mozilla and Google’s open source Chromium create the front end for the rest of the users that just want to be able to visit the websites hassle free.
Services like these lower the barrier of participation and lead to rapid expansion, and inevitably, widespread access and adoption. This is and always has been the ultimate goal of Leios. The Contrax platform makes this goal achievable with the help of the customization tools and a simplified interface, making life easy for users and developers alike. We believe this way truly will be a way to make blockchain for all.
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