Takaturn on the blockchain

The genesis of the Takaturn mini DAOs on the blockchain stems from a desire to solve the problems faced by cooperative loan groups today.

To eliminate the trust problem and to create a trustless system, Takaturn requires participants to contribute to a “collateral vault” as a condition of participation. The collateral amount is held until all payments have been made. Such a system allows participants to borrow against their collateral and is particularly attractive to participants who do not wish to sell their collateral, but who nonetheless want to use their collateral to fund spending. Compare it to holding gold in the real world. You can either sell your gold to fund spending, or use your gold as collateral and borrow against it to fund spending. Most people will prefer to borrow against their gold as they expect the price of gold to increase over time.

Creating a trustless system will allow Takaturn mini DAOs to scale in value, giving participants access to larger loans. A trustless system will allow people who don’t know one another to engage in a cooperative loan.

In addition, leveraging the power of smart contracts, the management of funds is now fully automated and managed by the smart contracts, eliminating costs and the potential for human errors.

User feedback is, and has been positive and user interaction is closely monitored for purposes of further development. Our users are very actively contributing to the strategic and tactical direction that our collective is taking.

This Web3 project set the foundation for Takadao to build upon and through stakeholder communication and consensus. Takadao is further developing the Takaturn protocol through plug-in protocol upgrades and User Interface (UI) feature additions and upgrades. The plug-in upgrade refers to the addition of a ‘Yield Generation’ module to further enhance the savings component which is the basis of Takaturn Phase 1. The UI upgrades include improvements to the User Account Management and Term Management modules. These upgrades are meant to improve our User’s experience throughout the physical process of entering, enjoying and exiting a turn group with as much comfort and ease as is humanly possible.