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Verso is a decentralised marketplace for the regulated financial service industry. It bridges the gap between DeFi and traditional finance by standardizing how financial products connect to consumers – via existing relationships through digital wallets and bank accounts. In addition to DeFi, Verso also enables traditional financial service providers to distribute microfinance products at scale.
VSO is the Verso utility token required to access network services and participate in community governance. VSO is used by the ecosystem’s participants: (1) financial service providers, (2) product validators, (3), participating financial institutions such as digital wallets and banks, and (4) governance parties. The VSO token is issued on the Avalanche C-Chain.
Verso is a marketplace and distribution network for the financial service industry. Anyone can use the Verso Marketplace to purchase financial services products.
Holders of the VSO token are also part of the Verso Community. The community participants are (1) financial service providers such as insurance companies, lenders, (2) product validators confirming legitimacy and compliance categories of the product (3), participating financial institutions such as digital wallets and banks. All of these participants can also participate in the continuous development of the ecosystem, and share in rewards whenever products are sold.
Verso is built on Avalanche.
Defi is short for decentralised finance, which generally refers to digital assets and financial smart contracts, protocols, and decentralised applications (DApps). It’s financial software built on the blockchain that can be pieced together like legos. It removes the need for financial intermediaries.
Avalanche is a new and revolutionary blockchain technology created by one of blockchains earliest experts, Emin Gün Sirer. The Avalanche network consists of multiple blockchains, and uses a novel proof of stake (see below) consensus mechanism to achieve high throughput and is estimated to reach over 4500 transactions per second. The technology allows developers to deploy blockchains that fit certain needs and that can interoperate with other blockchains to create a comprehensive ecosystem.
Staking or the Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. In addition, Verso community members can stake VSO tokens in order to earn rewards. Their stake serves as collateral to decide what fraction of the overall rewards each participant will be entitled to.
Coming in Phase V - The community governance model will allow the community to decide on certain aspects of the future of the network.