Connect Financial Community Update
Good day to everyone! It’s time again for a community update and as always we’ve got some treats for you all!
At times it is difficult for myself and most people to appreciate what it takes to make a website work. So we virtually snuck over and chatted with one of Connect’s senior front end developers about one of the many technology decisions we have had to make. In particular we discussed our utilization of XState for our state machines. In an attempt to explain it to us like we were children (our request) he simply put it that a state machine is a process within a website that controls what happens when you push buttons.
For the type of processes that we at Connect have to engineer for our site this would typically require an enormous amount of flags, which is just a long list of IF statements that force you to a certain end result.
Such as, IF its Tuesday and IF you are ME and IF its update day and IF the update isn’t complete START writing.
As you can imagine this could become very complicated to keep track of the multitude of options available as you run through all the permutations of possibilities for that one single statement, like what do I do if its not Tuesday, or if you aren’t me?
So we utilize a newer form of doing state machines called Xstate. It allows a much cleaner, secure and efficient website, while also giving us a visual simulation of what is happening on the website as we walk through various processes. Such as the following image which is just a small fraction of the logic tree that makes up your card application process.
We are able to watch step by step what is happening behind the website as you enter numbers, push cancel, go back a screen etc. This gives us a huge amount of power to know what every button does and where it takes the user.
Our development team is also working on our final stages of integration with our processing partner. They have completed their essential system updates to allow us to plug into their systems, which was long awaited, and now we are working together on getting our systems to communicate properly, test latency responses under various conditions and test the redundancy failovers.
While we generally keep our focus of these updates on sharing our progress for the development of the Connect Financial ecosystem, it’s useful to pop our heads over the parapet from time to time and look at the larger picture.
If you’ve read the Connect Financial white paper, or you have been in the channels for a while, you’ll be familiar with the ConnectDAO. The DAO is a decentralized organization that sits over the top of Connect Financial and governs the on-chain aspects of operating and growing the core services.
Over the last several months, the scope of ConnectDAO has expanded and evolved.
When you have strong business fundamentals and achieve a good market fit, it is possible to start building a strong treasury. Of course, this is something that we are intending to do. The question then becomes “in what ways can ConnectDAO best direct this treasury balance to set a path of sustainable growth?”.
ConnectDAO has evolved to become an overarching structure that houses two core business verticals:
Connect Equity is the project arm of ConnectDAO and is responsible for the funding, operation, and on-chain governance of a range of directly managed, developed and owned projects.
The core project at release of ConnectDAO is Connect Financial and its ecosystem of lending, saving, trading and investment products. A number of additional projects are currently in active development and will be rolled out over the coming quarters.
Connect VC is responsible for deploying capital accrued in the DAO treasury to strategic investments, project incubation and participation in IEO and IDO offerings.
While I can’t talk too much about our current opportunities outside of Connect Financial, I can say that the broader team is currently working on a number of projects that support and extend Connect Financial’s core services, including fintech platforms, DeFi protocols and real-world mergers and acquisitions.
The way that new projects are raised and funded is through DAO governance.
DAO members are rewarded by participating in the ongoing on-chain governance of Connect Equity and Connect VC. Any member of the DAO can submit a proposal, as well as voting on existing proposals.
Once the voting time box has been reached, either smart contracts execute the result, removing the need for centralized leadership to enact on chain changes, or the DAO proposal is executed by an established physical Trust with the DAO as its director if it requires real world action.
Governance relates to on-chain aspects related to ConnectDAO and may include:
- Use of DAO Treasury funds
- Changes to the DAO structure
- Strategic investments
- Performance rewards
Case study — ConnectDAO increases Connect Financial’s lending pools
For example, the DAO proposes that Connect Financial’s lending pools should be increased to offer more loans to customers. The process is as follows:
- DAO members add a proposal to raise the lending pool funds, and it passes with a majority vote.
- A smart contract immediately releases the funds from the liquidity pool and transfers them to the lending pool.
- The lending pool is opened to customers, generating fees as users interact with borrowing services.
- A performance fee is paid to the DAO treasury, and a quarterly dividend is paid out to DAO members.
ConnectDAO members get rewarded for their participation in the on-chain governance of the DAO through the distribution of pCNFD (formerly pCNFI); the native reward token of ConnectDAO.
Participating in the DAO
If you held CNFI during the DAO snapshot in July 2021, you will be airdropped CNFD tokens once ConnectDAO officially launches.
After the Token Generation Event is held CNFD will be available for individuals to purchase on various exchanges.
In our last update we showcased some of our UIUX developments to support our various wallets. Our UIUX designers continued to evolve this segment of our platform and today we will highlight the staking wallet and depositing flow.
When you click in from the main wallets screen into your staking wallet you are presented with a summary that articulates.
- Balance: Quickly view your total balance and any balance that has not been committed towards a membership or Connect Financial products. Additionally, you can see how much your balance has increased or decreased in the last 24 hours pending on market price.
- Overview of your current membership status. Easily understand how much is locked in, when you can rebalance your CNFI for the membership holding and view how much reward you have earned to date on membership value staked.
- CNFI token details. From market price, tokenization metrics including market cap, circulating supply, release per day, etc.
Below the summary you are presented with the ability to review all transactions that have taken place within the staking wallet with ability to download receipt or toggle to another tab to view your staking assets.
We are growing our team and have brought on another UIUX designer who will work with the UIUX team to develop the native mobile application for IOS and Android. We are eagerly excited to see the developments progress over the coming weeks.
Today we have launched another article that goes further into the history of Fintech and its innovative evolution that is driving financial inclusion worldwide. This write-up was to expand the knowledge base and bring awareness of the Fintech solutions within the market. Discussing the top lessons learned by Fintech organizations along with the key innovative technology driving the path to these solutions’ success. https://cnfi.me/3iqLOyI
Our team continues to develop industry related content and will be gearing up for more market presence in the coming months as we expand our inbound marketing campaigns and digital marketing initiatives.
If you have missed a few of our more recent articles you can check them out below.
Fintech & Crypto — Bringing a World of Flexibility, Autonomy and Control. — https://cnfi.me/3LPLN4X
Fintech & Crypto — Closing the Gap for the Unbanked and Driving Financial Inclusion Worldwide. https://cnfi.me/3o0Cepy
Thank you again to all our followers that have moved over to our new Twitter handle updated a few months back. If you haven’t moved over yet, please come Follow us on our forever Twitter home at https://twitter.com/connect_fintech or become a subscriber at https://cnfi.me/3GiZIgH to be the first to read our fintech and crypto articles, whitepapers, incentives and promotions as they launch.