Junø operates as a public layer-1 blockchain. The network was designed to support smart contract programmability and DeFi functionalities. It operates as an integral zone within the Cosmos blockchain ecosystem. The developers wanted to create a network that could support crypto-friendly banking services. Today, the protocol is one of the most popular Cosmos zones in operation. Here’s everything you need to know about Junø (JUNO).
What Problems Does Junø Attempt to Fix?
There are multiple problems that Junø was built to tackle. For one, the network was designed to help reduce integration problems. The current state of the crypto market consists of multiple networks all working as islands. The project wants to provide a bridge to and from these networks.
High Fees
Another main concern for the development team was high gas and transaction fees. Networks like Ethereum were redesigned to increase fees as a means to curb congestion. As such, these networks continue to see rising fees alongside their rising use. The network offers users zero fees for crypto purchases making it a more cost-effective option to consider.
Benefits of Junø
There are a lot of benefits that the network brings to the market. The main thing to point out about the system is that it merges crypto and fiat services. You can manage both your centralized and decentralized finances using the Dapp. It’s built from the ground up to be easy to use for new users. Additionally, it supports ETH and USDC withdrawals to Arbitrum One, Polygon, and Optimism.
Scalable
The project avoids the most common scalability concerns through the use of a new consensus mechanism. The protocol can scale to meet the demands as it grows. This scalability makes Junø an attractive option for Ethereum developers and other networks suffering from congestion-related performance issues.
FDIC Insured
Another benefit that the system brings to the table is that it is both TAX Compliant and FDIC insured. Both of these protections are the bare minimum requirements for large-scale investors worried about losing their funding, or those wary to avoid regulatory bite back in the future.
Robust
Junø leverages the best aspects of Cosmos and integrates new features to improve developer confidence. The protocol enables developers to create using the CosmWasm, This system is unique in that you can build and manage fully interoperable smart contracts. These protocols can be written in different languages including Golang, Java, Kotlin, Python, Rust, Typescript, and more.
Debit Card
Users receive a crypto debit card that is linked to their bank account. They can use this card to spend their fiat or crypto at retailers globally. When using the crypto funds, the network will automatically sell the appropriate amount of crypto and pay the vendor in fiat currency. This strategy ensures that you can spend your card without any needed upgrades to the merchant’s system.
Cashback
Users receive 10% cashback whenever they use their card to purchase items at their favorite retailers. Users can determine if they want these rewards paid in crypto or fiat. You can even select to receive your funds in crypto and stake your crypto to further improve your ROIs.
Staking
Staking is one of the most popular DeFi features. The term staking refers to locking your crypto into a smart contract in exchange for rewards. Crypto staking is easy and provides consistent returns. Best of all, there is no guessing required. The calculator makes it simple to see what your returns will be and when they are to be paid.
How Does Junø
Junø is a layer 1 PoS blockchain. It relies on network participants staking their tokens to remain valid. This approach is more open than PoW systems because it doesn’t require any miners or special training. Anyone can secure passive returns by staking their tokens on Junø.
The permission-less network empowers developers to create more helpful dApps’ by enabling them to connect their applications to the Tendermint components to create more powerful projects. They can also leverage the Cosmos SDK and the cross-chain smart contract Hub for the Cosmos Ecosystem.
Dapp
Junø Finance provides users with an easy-to-navigate interface to leverage the capabilities of the network. You can earn, invest and spend your funds how you like. The system depends on the Cosmos SDK as its primary framework which improves its security.
JUNO Token
JUNO is the main utility token for the network. This advanced digital asset can be used to send value internationally and save on fees and time. The token operates in a peer-to-peer and permissionless manner which makes it censorship resistant. The PoS structure of the network improves Junø’s transaction per second (tps) performance.
The token serves multiple roles aside from cryptocurrency objectives. It’s required to pay for smart contract executions and collateral. It’s also used in network staking and governance systems. Users stake their tokens to vote on network upgrades and more.
Consensus
Junø is a Proof-of-Stake (PoS) network. These systems provide a variety of benefits to the market. One of the main benefits of PoS systems is added sustainability. Unlike PoW networks, there are no power-hungry miners involved in the process. As such, PoS networks require far less energy to remain valid. Specifically, Junø leverages a Byzantine Fault Tolerant (BFT) consensus model.
Bottom Line
Junø is smart in its strategy to meld crypto and fiat payment systems. The network Dapp makes it easy for anyone to start receiving and sending crypto payments to friends and others. The system features an intuitive interface and a variety of features that make it ideal for users of all skill levels. For these reasons and many more, Junø is a project to keep an eye on moving forward.
