Autonomy Network and the future of Blockchain Development
What is Autonomy Network?
Autonomy Network is a decentralized automation tool powering Web 3 developers with on-chain conditional execution. Web 3 developers/builders can automate any action under any condition.
In other words, Autonomy Network is simply a network of decentralized and incentivised bots that executes requests from users when all required conditions are met.
What is AutoSwap?
Autonomy Network has launched the first ever decentralized application (dApps) known as AutoSwap that can
- provide limit orders
- stop losses
- prevents impermanent losses
- execute arbitrary orders/actions to be triggered under arbitrary conditions
- provide recurring payments for decentralized exchanges like PancakeSwap that runs on Binance Smart Chain.
Its important to note that Autonomy Network is not just focused on automating trading or powering Web 3 builders but can also be Integrated into the Decentralized Autonomous Organization (DAO) management tools, lending protocols, NFT and Metaverse projects.
AutoSwap offers users features exclusive to centralized exchanges thereby allowing most of the exchanges to move to decentralized exchanges.
Autonomy Network and Smart Contract
With Decentralized Finance (DeFi), there are great prospects for the future of finance particularly that it is seamless, secure, efficient, unlimited and offers borderless transactions.
DeFi is a general term used for a variety of applications and projects geared towards disrupting traditional finance (TradFi) and the limitations that accompany TradFi through blockchain technology. Moreover, DeFi is referred to as a financial app. built on blockchain technologies typically using Smart Contract.
Smart Contract are automated enforceable agreements that do not need intermediaries to execute and can be accessed by anyone with an internet connection.
Blockchain ability to capitalize on Smart contracts has made them ideal platforms to choose from when building financial applications like DeFi.
There are two main smart contracts that make up Autonomy.
2. Stake Manager
Autonomy Network is an on-chain registry with specialty bots that
👉 enable people plan for the future by registering requests for future expectations.
👉 is monitored by a decentralised network of bots waiting to execute requests.
👉 organizes the bots with proof of stake algorithm that determines which bot is able to carry out the tasks at a given time.
With Autonomy Network, request are carefully monitored by standby bots ready to execute the request/transaction. They do so by calling Autonomy’s registry. With this registry you can transfer tokens on behalf of a user, but ETH does not have a transfer from, which means users must be present but with #AUTN users doesn’t need to be present.
The executing bots need gas fees to perform its tasks; and this can be bought using $ETH (or whatever native token) or better still pay for their transactions with $AUTN.
The funds are either giving at the beginning of the transaction particularly paying for gas fees with $ETH, or in between the transaction with $AUTN. Also, these bots can make their own money to execute the request.
2. Stake Manager
The Stake Manager is directly involved in the above activities, because upon request by users the registry checks with the Stake Manager who at that current time is allowed to execute requests.
Autonomous Non-Fungible Token — $AUTN
Let take a look at Autonomy Network’s token. First of all, what is $AUTN?It is a utility token that is used to stake on the network and pay for execution of requests.
It isn’t just a governance token with no actual use case. It is unique and is all that one would want in a token. Autonomous NFTs (aNFT) can on its own perform several tasks such as; trade, lend/borrow, send messages, play against myself in a game, buy NFTs, have children minting more aNFTs of itself, etc. These functions are effectively carried out by a network of decentralized bots.
Uses of $AUTN
👉 used to stake on the Autonomy network
👉 ability to collect fees by executing requests
👉 for governance: users would be able to have stake on the decision making of the project.
Generally, with Autonomy Network the features of biological life are present in cyber life, thus engineering the future of blockchain development.
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