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During the two-hour online presentation, almost nothing was revealed about the Trump family's crypto project, apart from the suggestion that people could buy digital "tokens" that would give them a voice in decisions about the platform. The event went as planned despite an apparent assassination attempt on Trump on September 15 at his golf club in West Palm Beach, Florida.
World Liberty Financial intends to offer services based on so-called decentralized financing, a mechanism that eliminates the need for an intermediary such as a bank to transact with a third party, according to the policy discussion.
Decentralised funding, or DeFi, is based on so-called blockchain technology, which maintains a theoretically open but tamper-proof record of transactions.
World Liberty Financial will enable users to lend or borrow cryptocurrencies to or from each other, a service already offered by many platforms, one of the most well-known of which is Aave.
The son of former President Donald Trump Jr. touted this as "the beginning of a financial revolution" during a feed streamed on social network X.
Zachary Folkman and Chase Hero, backers of the project and established cryptocurrency entrepreneurs, said the platform will primarily use "stablecoins" that are backed by a traditional currency, most commonly the dollar.
As a result, they are free from the sometimes brutal fluctuations experienced by digital currencies untethered to real money.
"World Liberty Financial wants to bring cryptocurrencies to the masses by creating a platform that is easily accessible to people," Folkman said.
Project leaders said they will sell tokens that entitle their owners to participate in the management of the platform, with 63 percent of them being offered to the public, 20 percent going to the founding team and the rest set aside as rewards for users.
No timeline for the project was disclosed.
During his presidency, Trump called cryptocurrencies a scam, but then radically changed his position, presenting himself as a "pro-crypto president" if elected in November.
In doing so, he stands in opposition to the Biden administration, which is seen as a proponent of regulating the sector. | BGNES
