Skip to main content

Tron just launched Djed - a platform similar to MakerDAO

On March 28, Tron (TRX) Founder Justin Sun posted a status line announcing the launch of Djed, a mortgage lending system that he describes as “something new.” The platform was immediately criticized by many for looking like a "fake" of MakerDAO (MKR).

Since January 16, Sun has been teasing the system, allowing fans to choose a crypto currency backed by TRX and BitTorren Token (BTT). Since then, a well-known investor and TRX fan, Mike McCarthy, suggested the name "Djed" after just 1.5 hours. This is an idea from the ancient Egyptian language that represents stability.

"Borrow" Dai's content



The Djed platform operates under the domain name Tronscan.org and displays a similar interface to a number of sites on the Maker platform, including Oasis.app, vote.makerdao.com, cdp.makerdao.com, and several others. other website. Djed's display interface is still reasonably calibrated, but the system itself appears to be a clone of the old Single Collateral Dai. Although Tron users will mortgage TRX assets to exchange for USDJ, instead of Dai, the Governance Token token is JED, instead of MKR; but basically, the principle of operation is the same, even many terms in Maker are used in this platform.

Djed is a lending platform that uses Collateralized Debt Positions (CDP). Accordingly, the user has to pay a recurring fee in the form of interest on the loan. This interest rate is decided through Executive Vote with evaluation support from Djed's Interim Risk Team.

It seems that all of the above terms are also used to describe MakerDAO features. While these are only superficial similarities, if you look at the smart contract code, Djed is an exact clone of the Single Collateral Dai. Even the naming of contracts on Djed is similar to Maker, such as: SaiProxyCallAndExecute, DaiFab, MomFab, DadFab, etc.

Importantly, the name Sai shows that this is actually an older version of Dai, as it was renamed “Sai” after the introduction of various forms of collateral. This also explains why Djed only allows TRX token as collateral, instead of BTT as mentioned earlier.

In addition, the way the implementation interacts with Tron was also found to have a few flaws, which is probably the reason for avoiding making changes to the Maker code. At the same time, using an account to manage contracts also makes the system even more opaque.

See more: Expert Warning: Bitcoin Could Fall to $2,400

Tron's plagiarism history



Tron is often accused of plagiarism from other projects. Many believe that the original whitepaper was copied from Ethereum, causing a negative perception of the project in cryptocurrency transactions. Recently, some security features also use almost the same code as Zcash (ZEC).

However, Djed is a project from Tronscan, not the Tron Foundation. In short, copying open source code and implementing it separately is not necessarily plagiarism. As for Tronscan, they have yet to speak out about this. Still, one wonders how, in just over two years, the Tron community could catch up with Ethereum in the decentralized finance arena by simply shortening its paces by copying.

Above blog prime xbt has brought you interesting information. Follow us for more updates.

Comments

Post a Comment

Popular posts from this blog

Bitcoin Forms a "Golden Cross" Pattern When Price Hits $7,500

Bitcoin bounced off the $7400-7500 resistance area on Thursday, with a high probability of a rally to $8000 The formation of the Golden Cross pattern predicts an imminent growth.Bitcoin has finally broken out of the ceiling that is holding back the price of the currency to enter a bull market. The coin's value surged past $7,500 on Thursday thanks to a sudden buying move that sent the price up over $704 in just 3 hours. Prices peaked at $7,775 on Coinbase before falling lower in early Asian trading on Friday. BTC was able to enter a resistance area on the chart. However, the upside movement is faltering, showing traders' anticipation for a continuation of the bull market before continuing to buy at regional tops. This could lead to a deeper drop to a lower price range. Formation of the Golden Cross pattern Bitcoin is expected to continue to increase in price, at the same time forming a Golden Cross pattern - a price model that can provide highly accurate predict...
Post a Comment
Read more

Bitcoin price has plummeted but still can't break through resistance!

Currently, Bitcoin on primexbt exchange is facing a strong bearish trendline resistance. Throughout the past week, Bitcoin has failed to break above this resistance line. Just like my analysis last week, when Bitcoin first hit this downtrend line, I also predicted Bitcoin to be pushed down. Figure 1: BTCUSD, COINBASE, EASY Price Chart On the daily time frame (D) Bitcoin is still at a very strong psychological resistance price area, which is a price area that many traders are interested in. As you can see in Figure 1, Bitcoin is facing the following resistance levels: - Old support becomes new resistance - Price range of exponential moving averages EMA20 and EMA50 - Touching the downtrend line So this is still in a very strong resistance area, this price area we will analyze on 2 different points of view. 1. Bitcoin continues to plummet This week I am still basing on the Bitcoin analysis from last week to make the next analysis and prediction for this week. Looking at it objectively on...
Post a Comment
Read more

What do you think about the long-term future of bitcoin? - Primexbt

 Hello Investor,  So - you've seen what the great minds of the world think about Bitcoin.And you also took a look at the material that we are preparing, but do you know why we are so caught up in this new monetary madness? listen to the sharing about Bitcoin of the company's analyst primexbt Bitcoin is the Future of Money Because Bitcoin is the future of money - and we want to be a part of it.To understand why Bitcoin is the future, it is important to understand how money has changed history and how history has changed history.The first exchanges were based on barter , exchange a dozen eggs for a hen; take cows for a wife.Some civilizations even traded goods and services for promises of payment in the future, but that was terribledifficult to track and assign an exact value to each of these credits. And so we invented money.   At first it was simple things - like stones or seashells. A few thousand years and we moved to precious metals and gemstones; but all of th...
Post a Comment
Read more