Astra’s mission is to equip all DeFi smart contracts with a fully decentralized compliance layer, including KYC & AML capabilities, to act as a tool to resolve real-world compliance issues using the expertise of trusted legal firms.
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About Astra Protocol
DeFi is considered a very high-risk industry for big companies. There are inadequate measures in place to ensure that consumers are protected from abusive activities. Hence, what the nascent sector needs is a high level of trust and robust peace of mind assurance layer — this can bridge the gap between the crypto industry to the broader financial sector.
This is where Astra Protocol comes in.
According to Astra Protocol, the team aims to add an on-chain layer of assurance and safety. They explained, smart contracts which automate business logic in a decentralized manner, are now the key aspect of almost all decentralized blockchain platforms.
To clarify, smart contracts are key components in any decentralized system like DeFi. It helps in establishing trust in a safe investment. However, it is yet to have a regulator or an oversight function for monitoring decentralized protocols that effectively eliminate doubt, potential fraud, and a proper dispute resolution system. All these features, moreover, would make a way to have public, permissionless, blockchains for everyone — this is exactly what Astra Protocol wants to give.
The Astra Protocol team further stated that they,
Here, the team also noted that the funds will arrive safely at their promised destination because of ASTRA. To add on, the protocol can also quickly address problems and return the money with minimal friction — if and only if there is a mishap.
Astra Protocol offers an innovative, on-chain dispute resolution system by adding a legal assurance layer to blockchain-based smart contracts. The explained that before a transfer is finalized, the parties have to agree to work with Astra protocol — hence, making it a default mechanism in handling any conflict. This protocol indeed leverages human expertise and the latest tech to secure all transfers.
Moreover, by integrating a dispute resolution clause on a platform, along with smart contracts, often dubbed as Proof of Trust, projects will be able to manage disagreements amicably.
The emergence of new forms of money is expected to create challenges. In fact, this is a natural part of the adoption and transition phase. With Astra Protocol, decentralized companies will be able to adhere to regulations that are outlined by the U.S. SEC and other regulatory authorities worldwide.
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