Deep Dive on Source Protocol: Bringing Enterprise to Cosmos and Crypto

$SOURCE stands as a beacon in this competitive landscape, committing to embrace, integrate, and implement the most efficient, compatible, and adaptable blockchain technologies as the space evolves. It seeks to empower individuals, developers, and enterprises by offering complete ownership and control over their assets, thereby advancing the cause of sovereignty. $SOURCE is built upon the belief that by leveraging the capabilities of Web 3.0 technology, economic interactions can become more accessible, efficient, and secure.

What is $SOURCE?

$SOURCE is a comprehensive blockchain technology suite designed to cater to individuals, enterprises, and developers. Its mission is to provide an ecosystem that facilitates the ease of use, integration, and development of Web 3.0 applications. This all-encompassing ecosystem aims to transform centralized web tools and financial instruments into decentralized counterparts. At the heart of $SOURCE are its core products, including a highly efficient Layer 1 blockchain for secure and scalable app development and a complete DeFi suite that encompasses borrowing, lending, staking, swapping, and liquidity pooling.

What sets $SOURCE apart is its commitment to providing backend infrastructure for white-label integration with existing online banking and finance solutions, thus unlocking the immense potential for transforming traditional finance.

Background

The team behind $SOURCE collectively possesses 30 years of experience in blockchain technology and cryptocurrency markets, with their involvement dating back to 2013. Through their extensive experience, they have gained a comprehensive understanding of the advantages and shortcomings of various cryptocurrencies and blockchains. While many blockchain technologies exhibit promise, they often struggle with issues such as slow transaction speeds, rising gas fees, scalability challenges, security concerns, and minimal interoperability.

The recent surge in meme coins and non-fungible tokens (NFTs) has underscored the irrational exuberance in the crypto market, raising concerns about the lack of significant utility and dominant technology. As of now, while Bitcoin retains its position as a store of value, Ethereum leads the way in smart contract capabilities. However, the slow transaction speeds of Bitcoin and the ever-increasing gas fees of Ethereum have created bottlenecks in the ecosystem, hampering enterprise development and restricting retail investors' access to valuable apps and smart contracts.

Recognizing this gap and the need for highly efficient, secure, and affordable blockchains, $SOURCE has taken up the mantle to build a continuously evolving Web 3.0 ecosystem. By harnessing the full potential of state-of-the-art blockchain technologies and focusing on value creation, $SOURCE aims to provide a superior economic sustainability model.

Vision

Source's vision is to enable individuals, developers, and enterprises to create and manage their assets with complete ownership and control. This vision stems from the belief that by enhancing the accessibility, efficiency, and privacy of economic interactions through Web 3.0 technology, a new blockchain-powered ecosystem can empower the next generation. $SOURCE aims to create an environment where decentralized finance (DeFi) apps, non-fungible tokens (NFTs), play-to-earn (P2E) solutions, decentralized science (DeSci), privacy networks, and more can thrive, leveraging speed, cost-effectiveness, and scalability.

Moreover, $SOURCE is committed to ensuring that users and developers are at the forefront of its focus, with value creation being a primary objective. As the Web 3.0 space continues to grow and mature, $SOURCE stands poised to drive innovation and user-centric solutions.

Blockchain-as-a-Service (BaaS) and Web3 Solutions

Blockchain-as-a-Service (BaaS)

Blockchain-as-a-Service (BaaS) is a revolutionary offering that allows businesses to leverage Web 3.0 and blockchain technology without the need to handle complex infrastructure management. Just as web hosting simplifies website deployment, BaaS streamlines the deployment of blockchain applications and smart contracts, delivering significant cost savings and efficiency improvements across a wide array of industries.

DeFi-as-a-Service (DaaS) and Its Significance

DeFi-as-a-Service (DaaS) takes the concept further by enabling businesses to integrate decentralized finance functionalities into their operations without the need to develop this technology from scratch. With the explosive growth of DeFi and Web3, businesses that tap into this potential can provide revolutionary financial solutions without the traditional banking system's overhead.

Ecosystem

Source Blockchain ($SOURCE)

$SOURCE is powered by the Cosmos SDK and Tendermint Consensus, it is an efficient, scalable, and interoperable blockchain network designed for the development of Web 3.0 apps, smart contracts, and tools. It brings a focus on enterprise-grade solutions, supporting CosmWasm and offering interoperable IBC Transfer capabilities.

Source DeFi Suite

The Source DeFi Suite serves as a decentralized application suite that provides access to substantial volumes and liquidity of digital assets. It caters to both retail and enterprise users and is built on the $SOURCE network.

• Source Swap: An Interchain decentralized exchange (DEX) and automated market maker (AMM) that allows permission-less listing of $SOURCE-based tokens, native Cosmos SDK assets, cw-20's, and all wrapped assets.

• Source Market: A peer-to-peer, non-custodial DeFi marketplace for borrowing, lending, staking, and more.

• Source X  ($SRCX) (BEP-20): The first automated liquidity acquisition and market participation token on Binance Smart Chain, engineered to drive solvency and self-sustainability. SRCX rewards participants with automated network rewards.

• Source USX ($USX): A stablecoin for Source Market, backed and over-collateralized by a hierarchy of blue-chip crypto assets and stablecoins.

• Source Launch Pad: Empowering projects to seamlessly distribute tokens and raise liquidity, with support for ERC-20 and BEP-20.

• Source One Card & Members Rewards Program: Source One Rewards members can enjoy a wide range of perks and rewards, with the potential for future integration of the Source One Card into crypto wallets, enabling real-time crypto asset usage online and at retail locations.

DeFi-as-a-Service (DaaS)

DeFi-as-a-Service (DaaS) takes Source's offerings to the next level, offering seamless white-label integration of Source Market, Source Swap, Source Launch Pad, and/or Source One Card with existing online banking and financial applications. This integration enables businesses to provide their customers with a full-stack, fully compliant, secure, and non-custodial decentralized banking experience.

Ecosystem Architecture

Source's flexibility extends to the integration of additional blockchains such as Ethereum, Solana, Polygon, and Avalanche into the Source Market as needed. This chain-inclusive approach ensures that the ecosystem evolves in tandem with advancements in blockchain technology. The ecosystem features interactions with NFTs, Source native token airdrops, promotions, and metaverse integrations, ensuring that it remains dynamic and offers an array of benefits to users, developers, and enterprises.

For Builders

• Speed: Source leverages the Cosmos SDK and Tendermint Consensus, ensuring high throughput and fast smart contract execution.

• Cost: Deployment on Source is up to 35,000 times cheaper than on second-generation blockchain networks.

• Scalability: Developers can deploy apps in multiple coding languages using the powerful CosmWasm Contract Framework.

For Users

• Solvency & Sustainability: Automated liquidity mechanisms ensure a continuously self-funded, solvent, and liquid network.

• Reducing Complexity: Source simplifies the complexities of DeFi, lowering entry barriers and introducing products like Source X $SRCX to encourage participation and adoption.

• Enhanced Security & Governance: The use of Guardian Nodes ensures a protected governance infrastructure and tracks malicious proposals.

For the Enterprise

• Enterprise grade Web2 to Web3 integration and tokenization

• White Label DeFi Integration: DeFi-as-a-Service (DaaS) facilitates the integration of Source's tech stack with banks, metaverses, traditional fintech companies, OTC brokerages, and more, positioning Source for substantial trading volume.

• Enterprise Onboarding Programs: Source is building a partner network of over-the-counter (OTC) service providers, exchanges, and digital asset custody providers to streamline the enterprise user experience.

Source Members

Source Members is a portal that offers community participation and unique rewards. The onboarding process is straightforward, with users signing up on the Source Members dashboard. Wallet integration with MetaMask and Keplr ensures users are ready to interact with the Source ecosystem. The future will likely see the integration of Source One Cards into DeFi wallets, enabling users to utilize their crypto assets seamlessly online and at retail locations.

$SOURCE the native token

Source's staking mechanism enables users to delegate or stake their $SOURCE native tokens with qualifying validator nodes through the use of a Keplr wallet. Staking $SOURCE native tokens is not just an investment in the protocol but a commitment. The staked tokens come with a 21-day bonding period, during which they remain locked and pledged to the network. An outstanding feature of Source is the flexibility it offers its users. Throughout the bonding period, users can re-delegate their tokens to a different validator node without incurring any penalties or breaking the bonding period. However, it is imperative to understand that if the delegation is interrupted or withdrawn, users will not have access to staking rewards and their holdings will not become liquid until the 21-day period elapses.

Notably, Source is actively engaged in collaborations with professional validators to enhance network security and promote decentralization. The staking rate is not fixed; instead, it is influenced by various dynamic factors. Users can conveniently monitor the staking rate through their Keplr wallet, gaining insight into the potential rewards.

Eligibility for the Source-Drop

The Source-Drop presents an enticing opportunity, but it is subject to specific eligibility criteria. Here are the primary considerations for eligibility:

$ATOM Stakers: $ATOM holders who staked a minimum of 50 ATOM tokens to the network during the periods of Q4 2022 and Q1 2023 can partake in the Source-Drop. Similar to $SRCX holders, this airdrop opportunity is also capped at 20,000 $SOURCE native tokens for significant stakeholders.$SRCX Holders on Binance Smart Chain: If you have held a minimum of 500 SRCX tokens and registered for the airdrop between Q4 2022 and Q2 2023, you are eligible. An interesting aspect is that the Source-Drop is capped at 20,000 $SOURCE native tokens for substantial holders, commonly referred to as "whales."

Valuable Validators: The Source acknowledges the contributions of validators who have actively participated in securing the Source Blockchain, especially during the previous testnet version. Airdrop allocations for validators are based on various factors such as continued presence in the active set, time spent on the network, network placement, and services rendered, including RPC/API/GRPC endpoints, snapshots, installation scripts, and explorer hosting.

How to Claim the Source-Drop

The process of claiming the Source-Drop involves several steps:

1. Keplr Wallet Installation: Prior to claiming your Source-Drop, ensure that you have the Keplr Wallet installed on your device. If you haven't already, you can download the Keplr Browser Extension.

2. Connecting Keplr to Source Blockchain: Source has been included in the Keplr Chain Registry, simplifying the process of adding it directly to your Keplr wallet.

3. Approval to Add Source to Keplr: Following the addition of Source to your wallet, you can proceed to send and receive $SOURCE native tokens within your Keplr wallet.

4. Interaction with the Source Blockchain: With your Keplr wallet set up, you can actively participate in the blockchain ecosystem by delegating tokens to validator nodes and contributing to governance proposals.

In conclusion, $SOURCE is not just another player in the blockchain and Web 3.0 space; it is a transformative force that envisions a comprehensive and interoperable ecosystem for users, developers, and enterprises. By addressing the current challenges in blockchain technology and offering a solution that focuses on efficiency, security, and user-friendliness, $SOURCE stands apart in the ongoing Web 3.0 revolution.