What Is The Smokehouse (SMOKE)?

What Is The Smokehouse (SMOKE)? Complete Guide Review About The Smokehouse.

What Is The Smokehouse (SMOKE)?

Whether through messaging systems, online communities, social networks, or the advent of the sharing economy enabled by peer-to-peer marketplaces, Internet applications have provided unprecedented opportunity for billions of users to interact and engage in content, connection and commerce. While such applications have enabled users to come into contact with many more people virtually, a lack of virtual trust between strangers has hindered the realization of greater economic value for users on the Internet.

The Smokehouse advent of blockchain and cryptocurrency technologies have created an opportunity known as the “Internet of Value” [2]—a protocol-based system that transmits more than just information but units of economic value. These technologies enable decentralized networks to maintain consensual truth while transacting tokens that incentivize users for adding value to the network. By securing the network from harm and encouraging contribution, blockchain technologies produce an economic network effect that results in their rapid expansion.

The Smokehouse Storage Key Points

Coin BasicInformation
Coin NameThe Smokehouse
Short NameSMOKE
Circulating SupplyN/A
Total Supply345,103
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Problems

The evolution of decentralized finance has created a diverse financial ecosystem built directly on blockchains, which are transparent/verifiable through cryptography and pre-defined coding known as smart contracts. These platforms are redefining the structure of money markets without the need for a central authority or third-party decision-makers.

The Smokehouse today’s traditional world, users will need to provide creditworthiness, provable income, and other factors for a lender to make a decision even when the user provides collaterals such as homes or cars. Traditional lenders do not enable digital assets and cryptocurrencies to be pledged and used to receive loans or earn interest rates for providing them to the lenders and banks.

Solution

Creating a protocol that enables a traditional money market tied into synthetic The Smokehouse generation will lead to accessibility and benefit of locked collateral. Venus will enable anyone to utilize a high-speed and low transaction cost blockchain by leveraging Binance Smart Chain[4] to supply collateral, earn interest on that collateral, borrow against that collateral, and mint stablecoins on-demand within seconds.

These solutions all happen directly on the blockchain and may be utilized using a GUI. This protocol unlocks billions of dollars in value that are currently on-chains that have no lending markets such as Bitcoin, XRP, Litecoin, and more while enabling the participant to access liquidity in real-time.

Supplying Assets

Venus Protocol users may supply various supported cryptocurrencies or digital assets onto the platform, which can be used as collateral for loans, supply liquidity and earn an APY, or to mint synthetic stable coins. Supplying assets such as cryptocurrencies or digital assets to Venus gives the users the ability
to participate as a lender while maintaining the security of collateral in the protocol. Users will earn a variable-based interest rate depending on the yield curve utilization of that specific market.

All user assets are pooled into smart contracts so that users can withdraw their supply at any time, given that the protocol balance is positive. Users who supply their cryptocurrency or digital asset to Venus will receive a The Smokehouse, such as vBTC, which is the only token that can be used to redeem the underlying collateral supplied. This will enable users to use these tokens to hedge against other assets or move them into cold storage wallets that support Binance Smart Chain.

Borrowing Assets

Users who want to borrow any of the supported cryptocurrencies, stable coins, or digital assets from Venus must pledge collateral that will be locked on the protocol. These assets must be over collateralized and will enable up to 75% of that collateral value borrowed. These collateral ratios are determined by the protocol and are controlled through the Governance process, which is documented in this Whitepaper. Once these assets are supplied, you can borrow based on the collateral ratio of the asset.

Typically collateral ratios are set anywhere from 40% to 75%. The Smokehouse, if Bitcoin has a collateral value of 75%, that means you can borrow up to 75% of the value of your BTC. If the user has $100,000 in BTC supplied to the Venus protocol, that means they can borrow up to 75% of the value. However, if a user’s collateral value drops below 75%, or whichever collateral ratio percentage that a certain asset has, it could cause a Liquidation event, which will be discussed later.