In the financial industry, opinions are driven by centrally managed organizations. These opinions, therefore, have the power of influencing the whole market. For this reason, there is a need for a protocol that will offer advice based on these opinions, and Finnoq is the solution. Finnoq is a protocol that is decentralized for providing crowdsourced advice on financial products, services, and instruments. An open source protocol was developed for the collective formation of opinion in the finance industry.

Finnoq is made up of two major basic layers: the core and the service layer.

The Finnoq core represents a basic layer used in community-based reconciliation. The core also allows development of applications used in collective rating of different financial products. The service layer, on the other hand, enables developers to integrate modules that can be used by applications developed in the core.

In the modern world, markets can easily be regulated by opinions, publications, and evaluations of people with more influence. This denies the small stakeholders to give their opinions about certain aspects of the market and the finance industry.

When specific organizations easily manipulate and control the opinions, they tend to possess a lot of power and can, therefore, influence large parts of the market altogether. This similarly denies other players in the market the right to incorporate their ideas profitably and beneficially. As a result, a distorted opinion favoring the superior minority is established.

The problems as mentioned above can be fixed by the formation of a centrally organized protocol for opinions. A community is therefore established to oversee how opinions are formed and how decisions are arrived upon by all the stakeholders in the market. The basis of the protocol is entirely built on the following models:

In this model, many individuals within the community come together to give opinions and decision. This is a better way compared to single individuals deciding for a whole market. Different subjective opinions are transformed into a more detailed and collective statement.

The Finnoq core is the centerpiece the protocol offers collective advice in the industry.

The data that is created through the protocol is decentralized and encrypted cryptographically. A data hash is then written off to act as a proof on the blockchain for transparency purposed. The community decisions can be rewarded using a valid mathematical incentive model in the form of FNQ Token.

The blockchain layer brings security and transparency to the whole protocol. The blockchain also has other functions like:

• Production of safe FNQ stake contracts.

• Creating transparent votes.

• Enabling changes to be made to the protocol.

The Finnoq core will, however, be using Ethereum blockchains in its initial stages.

The data available is encoded and then stored in a decentral place. This data is then written on the blockchain where every user controls their data remotely.

The token is the core of Finnoq runs on Ethereum blockchain making sure that the platforms work in a crypto-economical manner. All voting procedures and rewards are depicted in the FNQ. The token is used in authorizing work execution, making decisions and in the making of payments and rewards.

Ticker: FNQ

Accepting: ETH

Country: Austria

Date: 08/09/2018 – 07/10/2018

Restricted: USA, China, Korea, Iceland, Japan, Ecuador, Bolivia, Libya, Syria, Cuba, South Sudan.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

223 +