The Radvocacy program is one of Radix’ efforts towards building a public, decentralized, community-driven network that is not only fast but highly scalable. Radix team is confident in the capacity and ability of the network to satisfy users and support safe but public operations on a global scale. With much analysis and observation, Radix team has been able to foresee the potential of DeFi to revolutionize the entire world and with that in mind, the company aims to spearhead this movement.
In light of this, Radix proposes to launch what is called Radix Radvocates Program. This program will not only boost the Radix ecosystem, but it will also integrate the community further into the machinery of the Radix network. Now, to fund this program, Radix has allocated 10 million XRD tokens to be shared equally among the top 100 Radvocates.
What is the Radvocate program and how does the Radvocate program work?
It allows people to engage themselves in different challenges and gain points. These points are reflected on a leaderboard, showing you how far you’ve progressed. At the end of the challenges, Radix will select the best 100 people and set them up as Radvocates of the company. Below is the XRD value for each point earned and the challenges.
Rewards
· 5,000 Points = 10,000 XRD
· 10,000 Points = 20,000 XRD
· 15,000 Points = 40,000 XRD
· 20,000 Points = 75,000 XRD
· 25,000 Points = 100,000 XRD
Challenges
· Content/Article creation
· Videos Challenge
· Infographics
· Run a Webinar/Meetup
· DeFi Surveys
Radix objective
Using the Radvocate program, Radix aims to design a layer 1 protocol created for the sole purpose of facilitating Decentralized Finance. This layer 1 protocol is the first of its kind. As much as the Radix team comprises of skilled, professional developers and coders, the company intends to involve the community as much as possible by creating room and opportunity for all to contribute, participate in the DeFi march.
Second on the Radix agenda is to set up an active, committed userbase with over 500 very involved community members. This userbase will also function as the active following Radix needs for testnet launch.
Below, are 5 technical challenge propositions also for the Radvocacy program.
· Synthetic assets
· Pooled collateralized lending
· Liquidity pool DEX
· Non-fungible tokens
· Scripting system that allows for building DeFi projects
Synthetic assets
Also known as decentralized stablecoins, synthetic assets are assets that can replicate the value of another asset. As long as the asset involved has a price feed, synthetic assets can mimic them. These stablecoins can also represent other cryptocurrencies, currencies, indexes, stocks, etc which can afterward be used in the ecosystem.
As a challenge, participants are expected to implement a version of synthetic assets in the Radix Engine using an oracle or outer feed to receive regular updates on the ledger. In terms of difficulty, the synthetic assets challenge is rated 7 out of 10.
Pooled collateralized lending
Pooled collateralized lending is another beneficial aspect of the DeFi ecosystem. Collateralized lending allows a user to borrow and lend assets with another asset put aside as collateral in a decentralized fashion. When the debt owed has surpassed its collateral requirements, the asset used as collateral can now be seized.
Participants are expected to implement a decentralized, pool-based lending protocol in the Radix Engine using a placeholder oracle for consistent updates. In terms of difficulty, pooled collateralized lending rates 5 out of 10.
Liquidity-pool DEX
For swapping between any pair of tokens, a liquidity pool based decentralized exchange (DEX) is the most suitable option as it can be executed without an order-book. Liquidity-pool DEX is based on one simple formula x*y=k where x and y represent the amounts of tokens in the pool and k is constant. To utilize the liquidity-pool system, every single operation on the pool keep k fixed with the price for the exchange determined by the number of tokens in the pool.
Participant in liquidity-pool challenges is to implement a liquidity pool functionality in the Radix Engine. This makes room for anyone to execute exchanges, eliminate liquidity, and create an exchange pool for any pair of tokens. Liquidity-pool DEX rates 3 out of 10 in terms of difficulty.
Non-fungible tokens
With non-fungible tokens, users can represent unique objects on the ledger compared to fungible tokens which have identical tokens. An example of fungible tokens is currency while an example of non-fungible tokens is Cryptokitties. Non-fungible tokens are made up of token definitions that delineates a class of tokens with singular, distinct instances of the tokens and a set of properties.
For this challenge, participants are expected to implement non-fungible tokens in the Radix Engine using the same pattern as fungible tokens. The objective here is to be compatible with ERC721 standard for non-fungibles such that anyone who wishes to translate their token on the Radix Engine without many changes can do so easily. In terms of difficulty, this challenge rates 3 out of 10.
Scripting system that allows building DeFi projects
For most use-cases of a decentralized ledger, Radix Engine provides read-made building blocks. Now, these building blocks are a common method to employ. However, they are unsuitable for building DeFi applications which require some of the on-ledger logic to take place in a decentralized fashion. In this case, having a scripting layer means more room to experiment and be flexible. Integrate this the building blocks and what you have are DeFi applications that easy and quick to develop.
As time goes on and progress is made, more exciting challenges will be added to the Radvocacy program to keep the community active and involved. With this in motion, the future of Radix in the blockchain looks bright. The community is not only serviced by a user-oriented, non-profit network, but they also get to participate wholly in a couple of areas for their own good and that of Radix.
Building a scripting system allows multiple operations to be chained atomically. This means that a loan can be taken out using liquidity pool and swapped for something else in a singular atom. How will this work? Particles on the ledger will take in particles on the ledger, perform necessary operations on them and output several other particles.
Participants in this challenge are to build a scripting system in the Radix Engine that would allow anyone to create DeFi projects on the Radix platform. Some of these DeFi projects include collateralized stable-coins, liquidity pool based exchanges, and decentralized lending pools. The difficulty level for this challenge is 10 out of 10.
Join the Radvocate: Here
Links:
Websites: https://www.radixdlt.com/
Telegram: https://t.me/radix_dlt
Twitter: https://twitter.com/RadixDLT
