Quick Guide to Novac: Entering the Era of Private Defi with POFID

Quickly Understand POFID DAO

POFID is a DeFi project based on SERO, the world’s first privacy-protection public blockchain that supports Turing-complete smart contracts. Its full name is: Privacy-Oriented Financial Instrument Distribution Framework & DAO, and it provides a trusted, decentralized financial asset-management platform with privacy protection. POFID-DAO refers to the platform’s decentralized governance framework organization.

The POFID project was initiated by an anonymous team of programmers from Europe (based on the naming of their first dapp, the team is most likely from an Eastern European region such as the former Yugoslavia). From the disclosed white paper, the project goal is broader and far more ambitious than MakerDAO. If MakerDAO is concerned with the native digital currency ecosystem, then POFID has gone far beyond this category, focusing instead on the use of blockchain and digital currency technology to provide a parallel to the existing financial system of global financial trade. Currency reform attempts can’t help but be reminiscent of the Yugoslav economic reforms of the 1990s. Your humble author has struggled to find the origin of the product name “Novac”, but a search into its etymology hints that it may be derived from ancient Bosnian word for “money”.

This article mainly focuses on the experience of the first dapp product of POFID: Novac.

In general, Novac allows users to achieve the following:

1. You can manage POFID-based issuance and related derivative assets, including transfers, withdrawals, and viewing transaction records.

2. You can lock POFID platform digital assets of autonomous access types from the POFID-DAO community and issue/loan additional anonymous stable currencies that are pegged to different fiat currencies;

3. You can return the borrowed stable digital currency and unlock the previously locked digital currency;

4. You can use the POFID platform governance and equity token PFID, and participate in staking to obtain a PFID mining income;

5. You can participate in platform governance decisions through PFID’s staking behavior;

6. You can also receive dividend income through the staking behavior of PFID, for example, the fee income generated when a loan is issued;

This article will make you familiar with the use of POFID’s native dapp products, Novac:

There is a download link for Novac on the POFID official website, and it can also be accessed directly through the Chrome browser.

Open the website http://pofid.com/ and click on the button to access Novac.

The Wallet Account Interface

Open Novac and enter the Wallet Interface:

The Platform Currency PFID Interface

Click on the PFID menu on the left navigation bar to come to the platform management interface:

When you come to the EQUITY interface, you can see the current seigniorage dividends generated by pledge. The prerequisite for obtaining dividends is that someone borrows stablecoins after you pledge. It should be noted here that when a certain pledge has received dividends, the Withdraw can be withdrawn only after the pledge is completed.

The PV Smart Contract Interface

PV is the pledge vault of the POFID DAO platform and the central smart contract of POFID. SERO coins can be pledged through PV smart contracts (BTC, ETH and other digital currencies can also be pledged), and corresponding anonymous stablecoins can be issued.

POFID DAO is a technology and governance framework based on Blockchain technology for the issuance and management of stable cryptographic and stable currencies.