How WOO Network is leading efforts to democratize finance
Democracy is the ability to make independent decisions. This is frequently defined in terms of elections and choosing who will represent you in government. However, democracy is more than just voting for political representatives. It is your daily ability to make free choices about all aspects of your life, including how you use, send, receive and invest your money.
Unfortunately, the world of finance has not been as democratic as it should be. Financial resource information was only available to those with the means and the right social connections. Before he could take the necessary risks to forge ahead, the average person relied heavily on overly regulated processes. The wealthy formed clubs in which they essentially established rules to protect and grow their wealth to the exclusion of the common man.
Then came Bitcoin and other crypto currencies, and for the first time in modern history, early participants, small investors, and ordinary people had a say in determining and shepherding the direction and decisions of various crypto projects. You can now freely and easily send, receive, and/or invest your money within a borderless system, avoiding the time-consuming processes associated with traditional finance.
The argument for Bitcoin, other crypto currencies, and blockchain in general is based on democratizing access to financial resources and information. Through two of its platforms, WOO Network is spearheading the push for a fully decentralized global financial system through two of its products:
- WOOFi (DeFi)
- WOO DAO (DAO)
Decentralized finance (DeFi) refers to financial services built on public blockchains. WOO network is leading the way in decentralizing finance with its DeFi product — WOOFi, which allows you to earn interest, borrow, lend, trade assets, and do much faster transactions, without paperwork, a third party or other stifling processes associated with traditional finance. WOOFI and other DEFI products like crypto in general, seeks to eliminate the middlemen in our daily financial transactions. WOOFi aims to address pain points that continue to hinder the free access to financial tools and services as promised by crypto currencies. WOOFi is the most efficient liquidity layer across DeFi and Web 3. And as WOO network continues to collaborate and expand its product offerings through WOOFi, it is expected that many more people around the world will come into the system to take advantage of the safe, secure and cutting edge services provided by WOO Network.
DAO’s are essentially associations of people with common interest who wish to work together to achieve stated goals with each member having the right to contribute in decision making and with voting rights on a wide range of decisions the association should make. DAO’s are a governance model and criteria for belonging to these decentralized organizations vary. For most crypto projects, it would involve holding a certain number of tokens offered by the project which gives you voting rights in the DAO.
The mission of WOO DAO is to “become the most forward-thinking and action-oriented community-led organization with the dual objectives of supporting ecosystem growth and sustainably managing the treasury, and in doing so, maximizing long-term value of WOO token”.
I recently joined the WOO DAO having bought and staked about 1800 WOO tokens worth $300 at current market price. I have been impressed by the wide range of people from all walks of life; including academic professors, finance experts, crypto enthusiasts, influencers and ordinary people like me contributing and participating in managing the multi-million dollar WOO DAO treasury.
Being a member of WOO DAO and having my tiny little voice from a remote corner of Abuja Nigeria heard, makes me feel like I matter, that I am a part of something greater than myself and gives me a feeling of fulfilment that six years of work in traditional banking couldn’t give.
Joining the WOODAO today will not only expose you to expert knowledge of everything DEFI, you get to contribute and learn from a wide pool of people, increase your social network and hopefully grow your wealth in a democratized setting where everyone matters.
