Voodoo Finance -- First algorithmic stablecoin on BitTorrrent BlockChain pegged to the price of 1 BTT via seigniorage

TRON Hackathon Hackathon Season 3
1

Project Name: Voodoo Finance

Project Track: Academy

Team Name: Elvolution

Team Member(s): [1] [Elvolution20]

Project Goal:Building the First Algorithmic Stablecoin on BitTorrent Chain

Project Info:
The Broad View

The $VOODOO algorithmic token serves to support the fast-rising niche aimed towards bringing liquidity and new use cases to the Bit Torrent network.

The protocol’s underlying mechanism changes and adjusts $VOODOO’s supply, making its price relative to the price of $BTT.

Voodoo.finance is a multi-token protocol which consists of the following three tokens:

-Voodoo ($VOODOO)

-Voodoo Shares ($VSHARE)

-Voodoo Bonds ($VBOND).

What makes $VOODOO unique as compared to other algorithmic tokens?

Unlike other algorithmic tokens, $VOODOO is not pegged to a stable coin- but pegged to $BTT.

And why is this?

Voodoo.Finance believes in the future of Bit Torrent, and has chosen to align to provide and derive value to and from $BTT’s growth, going forward. In addition to existing and future instances, $VOODOO his to become the mainstream medium of exchange on Bit Torrent which will be achieved by providing assets to $BTT.

One of the many shortcomings of previous algorithmic tokens has been lack of uses, leaving no want to use or hold them. To successfully maintain high standards going forward, the Voodoo team will maintain a focus on innovation around enhanced functionality and uses.

Project Website: https://voodoo-finance.vercel.app/

Project Test Instructions: Will BE Updated Soon

Project Details:

Project Milestones:
FRONTEND COMPLETED
UX DESIGN COMPLETED
BACKEND INTEGRATION COMPLETED
DESIGNS AND LOGO DRAWN
SMART CONTRACT STILL IN DEVELOPMENT
COMMUNITY — COMING SOON…

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Nice idea/project…rooting for you guys

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Wow this is going to be unique … Cant wait

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Waoh… This is a nice idea towards a project

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Nice project but weird name, also please give us more information about your project

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On what algorithm does your stable coin run by

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Seems like usdd is already on BTTC. Why would people chose your stable instead of one that is backed by a huge reserve and implemented by an experienced team? Genuine question.

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Nice project I hope more information should be added to the list :+1::+1::+1:

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Voodoo finance?? Now thats a catchy name.

I hope you dont do voodoo things with investors funds. Just kidding

My question is, how well are u vexed in your craft to avoid the second coming of Do Kwon.

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Thanks … be expecting the best fro us

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Thank you so much … we really appreciate

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Thank you so much …
We are going to put much effort in this

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Lol we wont sir … We respect our community and the ecosystem .
Also we are working on different idea so we can achieved this
Stay Tuned

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Sure it will sir …Kindly Stay tune

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We will update it soon and i believe you going to like it

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Yes … This is just like usdd but it pegged to 1 BTT i.e usdd is pegged to 1$

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My question was about the fact that in crypto, users need some trust before using a dApp, getting some coins (except if they follow the hype which is not likely to happen with a stable haha).

So how to get users to use your stable since they could simply get some usdd (decentralized) or usdt (centralized)?

Usdd and usdt are accepted on lot of DEX’s and CEX’s. How to convince projects to pair their tokens with your stable in AMM DEX?

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Yeah, right question.

We already have 100 more stablecoins competing with USDT and USDD.

All the best though.
Must have had a happy learning time.

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Yes, already a lot of stables and all of them can be “shaked” by simple rumours even tho they are managed by multi-billion dollars companies.

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That is very true, I remember buying a coin which was a self acclaimed stablecoin, before I realized, it has long lost its peg to the dollar and was sinking like titanic, the first time i saw a stablecoin reaching the price of $0.03 way before the incident of Luna’s UST.

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