Over the last few months we have been carefully mapping and planning out the future of Nova Finance. Now, we are happy to share some insights into the key developments and infrastructure that will be prioritized over the next 12 months.
1.Third party integrations
Nova will be continuing to expand its capabilities for integrating and connecting with different asset classes, functionality and protocols. We will also be increasing the accessibility for other developers to utilize and engage with the Nova Finance Protocol to allow them to provide additional value to their own user base.
We will also be releasing more details on our assessment criteria for integrations: Security and User value are very important factors for us in determining what functionality to deliver to Nova Finance users.
2. Meritocratic Governance
Governance within the blockchain space has seen a range of different experiments and versions emerge in recent times such as quadratic voting on platforms like Gitcoin and Curve.Fi’s incentivization and delegation models. However, we believe that there is still opportunity to create improved decision making models.
Meritocracy is the belief that the best ideas are given the support regardless of their source and origin. Decisions within the Nova Protocol will be scored across a number of common network values. The best ideas will score highly across the value factors and will be prioritized and implemented the quickest. People who propose and support the best ideas will be rewarded for their efforts.
The governance system will be responsible for making decisions in the following areas:
— nAsset Integrations
— Protocol upgrades and modifications
— Treasury Spend
— Allocation Assessments
As the project matures, more autonomy will be handed over to the network in terms of
direction and decision making. This transition will be detailed in a separate governance Litepaper released closer to the governance launch.
3. Multi-Chain Functionality
The value of Nova’s programmable framework is derived from the range of functionality and access it can provide users. Therefore, it’s imperative that Nova expands support for a wider range of assets and blockchains to provide maximum value to our users.
EVM compatibility and deployment will be a major focus in the expansion of Nova Finance and the assets in which it supports. However, due to the limitations in cost and efficiency on certain EVM compatible chains such as Ethereum, careful consideration will be taken when selecting chains and available functionality to ensure a high-quality user experience. We’re likely to initially deploy on an Ethereum Layer 2 protocol.
More details around our Ethereum/EVM version of Nova will be released early Q1. We will also share some details about cross chain portfolios during that time also.
4. Nova Finance Mobile Application
During our initial user testing and research, we found that the majority of people were comfortable and actually preferred managing financial activity from their Mobile Device. The rise of mobile banking and mobile native finance apps like Monzo, Cash App & Robinhood are all testament to this trend.
In order to enter and capture the wider retail market, we see a mobile iteration of Nova as a major factor in challenging these markets and bringing crypto to the masses. The Nova mobile app is likely to bring additional support and security for retail users who are less confident of accessing and investing within the cryptocurrency and digital asset ecosystem.
5. Institutional Infrastructure
A number of our early supporters and advisors come from respected and experienced traditional finance backgrounds in institutions such as hedge funds, private equity firms and family offices.
Collectively, we believe that Nova has a really strong offering for the institutional audience and are already beginning to form early commitments and prepare for diligence processes institutions require in order to participate.
For Nova to successfully accommodate institutional capital, an increased framework around whitelisting/blacklisting, profiling portfolio’s and wider administrative controls such as multi-signatures are required.
Over the next few months, we will be finalizing the specifications of our institutional solution and plan to carry out a series of pilot programs with early adopters from the TradFi space.
About Nova Finance
Nova is a programmable asset framework that allows people to access DeFi without having to learn complex financial management skills. Within the product, users can create a portfolio of assets which auto-generate returns through yield strategies while auto-executing on investment strategies such as dollar cost averaging, take profit calls and much more.
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