An Introduction to Steer Protocol

Over the past two years, a range of financial products have been created in a new emerging category of decentralized applications, from lending products to complex solutions, with many use cases and huge popularity among crypto-enthusiasts. Steer Protocol has made tremendous strides in becoming a robust automation layer on DeFi providing multiple solutions and a wide range of use cases.

In this article, let’s talk about Steer and by the end of this, you will have a better understanding of the protocol, the use cases, and the possibilities lying within — both for yourself and collectively, as a shared individual for all the advantages Steer brings for the financial system.

What are the principal benefits of the Steer Protocol?

In the centralized world we’ve been living in, all the computing of the network is done by a single centralized unit, a single computer. But as we’re progressing on a decentralized network, each computing device acts as a separate processor that interacts with all the other devices in the network.

To make this decentralized interaction as smooth, transparent, and scalable as possible, we’ve built Steer, a decentralized compute protocol.

We provide a scaling solution for data processing through a robust off-chain infrastructure. With us, the processes can run independently of each other, maximizing efficiency by distributing and processing information across multiple machines.

Steer supports over 40+ programming languages, where anyone can build and publish public yield-generating apps or fully decentralize an existing protocol’s on-chain operations. In other words, with Steer, it is possible to decentralize a centralized IT infrastructure, bringing a ton of advantages, and some of them are mentioned below.

• Enhanced security: Decentralizing and distributing a network makes it more resilient to cyberattacks, and help in protecting data from loss.
• Faster performance: More devices handling requests means faster computing time.
• No failures: Because many devices handle information and computer requests simultaneously, one part of the network going down may not cause a system-wide outage.

How is Steer Protocol different from other decentralized computing protocols?

A keeper is someone who executes a job and when done right, they earn a reward. To perform such jobs, networks are built known as ‘keeper networks’.

Currently, most keeper networks provide a platform for full on-chain computations This is limiting due to the use cases in which they were built and as the space progressed very fast there is a need of infra to build a generalized compute.

Our infrastructure is a reaction to the problems that Web 3.0 projects are facing today. Steer’s engine with off-chain logic is a perfect combination of generalized compute that allows endless possibilities.

Steer can be the most efficient way to create liquidity for any option market, with lower fees and more efficiency. Automated liquidity management, social trading, automated governance, oracles, synthetic assets, or scheduled transaction execution are some of the many endless possibilities that Steer is bringing to web 3.0 and is helping to revolutionize the financial system.

We’re empowering web 3.0 to emerge faster. Our primary goal is to provide infrastructure to developers and protocols with a reliable, scalable & fully decentralized network to which they can outsource all their Web 3.0-related DevOps operations.

To build this project and bring it to reality, we’re targeting three verticals to achieve these goals in a truly permissionless and decentralized manner: market-making, asset management, and data availability.

Here is a growing list of Steer use cases that are improving the DeFi ecosystem.

At Steer, we’re building for the builders and we believe that with the proper incentives, cryptographic encryption, and proofs, we can achieve a complete decentralized compute network over time.