What is ConcordFi?
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To precisely explain what ConcordFi is and what we aim to do, we need to take a step back and understand IoTeX and MachineFi.
IoTeX (IoT = Internet of Things) is a blockchain capable of managing billions of devices that introduce data from the real world into the ecosystem with every block.
This grants the safety of data, but it also gives ownership.
Imagine buying a Ucam from Amazon. The Ucam interacts with a private wallet and allows you to monitor your home/office/safe space.
Via blockchain, you are 100% sure that no one can access the information you create, use, or even look at. This is particularly important because it’s impossible to hack your device in its current state.
Let’s say that your Ucam catches your child’s first word, and it’s so majestic that it becomes a meme. You now own that video and can tokenise it.
What can you do with the tokenised video?
Here’s where ConcordFi comes in handy.
On the surface, ConcordFi is a Compound fork.
We’re an IoTeX based protocol that creates a market for suppliers and borrowers, giving them the chance to earn through APYs and leverage through borrowing assets. There’s also the chance to become a liquidator to manage your risk tolerance.
Since launch, you will be able to supply your tokens and borrow your favourite assets.
This is because, on ConcordFi, suppliers and borrowers meet to answer the markets that need a constant flow of assets.
Shortly, MachineFi will be involved in ConcordFi, aiming to make people use their data as collateral for a loan.
Do you make 10k steps per day? You will be able to use that as collateral.
Do you own your house temperature data? You’ll be able to supply it.
As you can see, there’s a world of opportunities that have not even been touched yet.
Whatever type of data you can think of, it can be tokenised and finally used instead of sitting in the back of your smartphone waiting to be deleted.
Of course, this is a financial product, and you should use it at your own risk, but if you have questions, feedback, or inspiration, please feel free to join our discord and let us know!