Cryptocurrency project ALQO announced a transition into a decentralized ecosystem for financial services via a new light paper today. The initiative intends bridge the traditional banking system with decentralized finance using a user friendly platform. DeFs will differ to DeFi by attempting to reduce the technical barrier that the common user may face when entering the DeFi market. ALQO or ‘A Liquid Object’ intends to provide liquidity, as the name suggests, to power “liqudity mechanisms” such as indexes, auctions, lending and more. ALQO will employ the use of the Substrate framework to the Polkadot protocol. This will permit a developer friendly environment, maximum scalability, and providing superior product development and deployment.
One of the most exciting parts of the ALQO light paper is the introduction of the EONS financial service. EONS will be a bank like platform that allows users to virtually bridge the gap from traditional to digital finances. EONS will provide users with convenient amenities such as a Visa debit card(Launching with support for UK, Q2 2021 for EU & USA), IBAN accounts for UK & EU residents, personal savings accounts, and more.
Currently, ALQO touts a PIVX-based proof of stake chain and features on their own exchange called Bitfineon. As it stands, Bitfineon will remain a spot exchange with plans to grow its features and provide an infrastructure to the EONS platform.
More to follow once the technical whitepaper is released.