What is THEOS and how to get started with it?

Updated on 23 July, 2022 3:54 PM
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    The Hyper Economy Operating System is referred to as Theos (THEOS). It is a project being developed on the Cardano blockchain that aspires to build a decentralised financial ecosystem and an instant liquidity protocol for non-fungible tokens.

    What is THEOS?

    Theos creates one of the most comprehensive NFT marketplaces by bringing traditional finance and blockchain together in a perfectly balanced way. The decentralised financial layer will eventually feature auction mechanisms, staking, yield farming, exchange, interoperability, and more. By offering platform-based tools, the platform also enables the minting of NFTs. THEOS will offer far more than an NFT marketplace with minting services to do that. THEOS will deliver this increase in services to its users as a collection of ground-breaking NFT innovations.

    What are the services offered by THEOS?

    There are 3 major services that are offered by THEOS:

    1. Odyssey Pools
    2. Delphi Pools
    3. NFT Utilities

    What are Odyssey Pools on THEOS?

    Customers will be able to deposit their NFTs into ODYSSEY pools to get instant liquidity in the form of ODYSSEY tokens. Anyone will be allowed to purchase the NFT while it is in the pool, even the original owner of an NFT can interact with the pool and withdraw NFTs by burning ODYSSEY tokens from that particular pool.

    What are Delphi Pools on THEOS?

    DELPHI Pools: They permit the staking of NFTs. A DELPHI pool originator will create a pool with a predetermined number of fungible tokens and a vesting schedule for token delivery. DELPHI NFTs can be created by anyone, attached to any pool of ERC20 tokens, and then stored, staked, transferred, or sold. They function essentially as personal liquidity mining pools.

    What are the NFT utilities on THEOS?

    These help users maximise the advantages of non-fungible blockchain technology. Drag and drop minting, an intuitive user interface, multiple auction types, confirmed NFTs, and social media components are a few examples of these services.

    How to get started With THEOS?

    In order to receive liquidity mining benefits and bid in auctions, one must have a verified account on Theos. Here is how to get a ‘verified’ user account on the Theos platform:

    • One of Theos's decentralised compliance partners must generate an account and do KYC. Remember that Theos is a decentralised platform and is not involved in issues involving PII and compliance. The entire exchange will be automated.
    • You need to stake a small amount of Theos to submit an application for verification.
    • Some of the already verified accounts will need to "vouch" for the new accounts when they have been verified as recently created accounts. After its initial transfer, a wallet holding such NFT is regarded as being vouched for.
    • Verified artists also have the right to vote in the community's monthly voting.

    Who are THEOS' competitors?

    Several NFT minting platforms like OpenSea, Rarible, etc make up the major competitors of Theos.

    As compared to Theos providing a decentralised financial ecosystem and an instant liquidity protocol for non-fungible tokens, OpenSea is the most well-liked of all minting sites where one may find NFTs in a variety of genres. In addition to art, there are categories for music, websites, virtual worlds, trading cards, collectibles, and sports. On the other hand, Rarible runs on the Ethereum blockchain, which is also used to mint new NFTs along with some energy and cryptocurrency.

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