Decentralized Finance is evolving at lightning speed in 2020, having attracted billions of dollars within just a few months. This is fertile ground upon which startups and experienced projects can develop their infrastructure. The DeFi industry is closely interconnected with cryptocurrencies and blockchain, which explains why companies mastering the latter will understand decentralized finance better. Platinum Software Development Company has had a long road in the creation of its own crypto and DeFi services. Let’s dig deeper into the history of its development.
We will tell you the story of Anton Dziatkovskii and [name redacted on request], co-founders of Platinum Software Development Company. They entered the market when the blockchain industry started appearing in Europe and CIS. Deep comprehension of industry trends and their technological background put them on the path to developing something quite significant and set them on course to becoming standard-setters. Yet, it’s not only knowledge and skill that helped them reach their grand goals: the strength of Platinum is hidden in its core philosophy…
How it all started
The story of Platinum Software Development Company goes back to 2015 when Anton Dziatkovsky and [name redacted on request] founded an organization that provided enterprise consulting and later they added managed IT services. They started offering advisory services for blockchain projects, which allowed them to acquire valuable experience and expertise.
During the first years of its existence, Platinum helped dozens of companies that needed IT consulting. The list of customers included Lotus Energy, Crypterium, ANA, Noah Coin, SwissBorg, Welltrado, Hoqu, Apollo, Oduwa Coin, Shivom and many others.
“The first years of our existence were productive for our clients and for ourselves. We had a lot of theoretical knowledge about blockchain and cryptocurrencies, however, we lacked some commercial skills. As we monitored our customers’ adoption of the recommended tactics and watched them thrive, we got inspired and decided to come up with proprietary solutions” - describes Anton with regards to the formation period.
The Platinum team, a synonym of devotion
Curiously, almost right from the start, Platinum gravitated towards remote work and a flexible schedule because of the international nature of the team. With people from 19 different countries having to collaborate and keep in touch, Platinum developed a digital infrastructure for efficient communication. Does it hinder the overall performance? Not at all!
“The entire team is a union of highly devoted and competent people!” - says [name redacted on request]. “I witnessed the period when our people worked not for a salary but rather for the idea. We asked everyone to state their preferred monthly salary and paid them less than a quarter of that, during the months that the new projects were being worked on. Once our plans were successfully implemented, everyone received their desired payment for all those months. Such an approach motivates people to do their best.”
During the difficult periods, many employees could not stand the load or accept the payment scheme. As they left the team, new staff arrived, with the strongest and most enthusiastic ones staying.
“The dream team we are today is not a random set of specialists. It’s the result of natural selection, I’d call it. Platinum is a community of like-minded people who promote certain ideas and stick to our philosophy. Each of them believed in the company, the founders and the goals we are chasing. This faith pays off in all respects” - said Anton.
On the way to something bigger
So, Anton and [name redacted on request] realised that they didn’t want to limit their competence to just consulting and decided to introduce their own services.
Through 2017-2018, Platinum added such services as ICO and IEO support, coin creation and listing, fundraising platforms, marketing and promotion in media. By gradually gaining technical know-how and business-related experience, they were ready to launch their own platform. The team started working hard on proprietary projects, QDAO DeFi being the biggest one.
First steps in DeFi
Platinum Company always keeps tabs on blockchain and cryptocurrency trends, so it’s not surprising that they found DeFi technology - being a gem among stones.
In 2019, the QDAO DeFi project was launched with Platinum’s support. What made it so special? They were among the first companies to offer the Bitcoin-backed USDQ coin and some basic DeFi-related services. Ethereum-based networks face one common problem - scalability. Global Ethereum blockchain keeps expanding at an overwhelming rate, which takes a negative toll on gas fees and transaction processing speeds. That’s why Bitcoin-based stablecoins boast lower fees and faster transaction processing.
What else makes Platinum outstanding is the guidance it provides to the rising star called SpaceSwap - a project which Platinum helped to develop .
Widening DeFi horizons with SpaceSwap
Since the Platinum QDAO team realized the potential of DeFi, they decided to become a fully-fledged player in the industry. However, the sad examples of other projects like SushiSwap prove that the copy-paste approach to protocol creation does not work.
“When we saw prospective projects fail because of smart contract vulnerabilities, we realized that copying protocols like Uniswap is a doomed idea. It’s important to come up with something truly unique and to do everything possible to avoid bugs and threats in the smart contract. That’s why we paid a lot of attention to independent audits and beta-testing” - said [name redacted on request].
This is how SpaceSwap appeared: the founders of the project asked Platinum to develop the core app. It was made on the basis of the Uniswap decentralized protocol but with improvements and considerable refining. Very soon, SpaceSwap will become an aggregator that unites the major DeFi protocols and their pools.
Like Uniswap, SpaceSwap rewards users by paying interest rates and sharing 0.3% of the fees with them. On the top of that, users farm Milky Way (MILK2) native coins. This cryptocurrency has already been listed on some exchanges and platforms like CoinMarketCap and CoinGecko. Also, there is the SHAKE stablecoin that’s pegged to MILK2 at a 1:1000 ratio. Together, these native coins can be staked in the pool offering the highest APY rates.
With a few months of intense work, the SpaceSwap team released some outstanding services under Platinum’s guidance:
- Interstellar. A universe of projects or ‘planets’, each offering pools with particular coins. MILK2 owners can vote for the projects they want to see presented in the list of Milky Planets. It also allows users to farm MILK2 coin rewards for the liquidity they provide.
- Gravity. A stablecoin price stabilization mechanism. This allows for safe staking of five prominent stablecoins (DAI, USDT, USDC, sUSD and USDQ). The price of the currencies is balanced by a simple mechanism: users are offered higher APY rates for stablecoins with below-average prices and lower APY’s for stablecoins with above-average prices.
Shadow Staking: revolution knocking on the DeFi door
Witnessing the struggles of the crypto community caused by increased ETH gas fees, the SpaceSwap team decided to find a truly efficient solution to this problem.
“When the Platinum team helped to launch SpaceSwap beta-testing, we saw how huge Ethereum gas fees had become. This blockchain lacks scalability, people have to wait hours for transactions to complete. The sudden burst of DeFi users affected the processing rate. Evidently, no one was able to improve the user experience at this point.
“With this in mind, we concluded that it wasn’t only the Ethereum network that was to blame - the entire process of moving liquidity is complicated. You have to stake coins, withdraw LP tokens, approve their use in your wallet and transfer them to third-party pools. So why not make it simpler? Where people see problems, we see opportunities” - stated Anton.
That’s how the shadow staking service appeared in SpaceSwap. Basically, it allows users to farm MILK2 coins without needing to move their liquidity from Uniswap pools - they just connect their browser wallet to Uniswap and the corresponding pools (Milky Planets) are approved automatically.
Such technology enables considerable saving on gas fees because the extra steps are eliminated from the process of staking. Besides that, it also solves the issue of security since SpaceSwap users leave their LP tokens in their wallets, so they don’t have to be afraid of SpaceSwap being hacked.
Being the only platform to offer shadow staking, SpaceSwap promises to revolutionize the DeFi industry and provide the community with flawless access to safe and efficient yield farming.
The idea is more important than money
So, what’s the philosophy at the core of Platinum Software Development Company? It can be well explained by the co-founders:
“Platinum and the services we’ve developed or helped to develop are made by devoted crypto enthusiasts. We strive to be helpful rather than to capitalize on trends. Our major goal is contributing to the entire crypto community. Years of experience and hard work have allowed us to reach consistency and be the best at what we do. Hopefully, our current projects will make the DeFi infrastructure more comprehensive and accessible to users around the world. We believe that decentralization is the key to fair economics. We enjoy being a part of the global financial revolution!”
DeFi is an absolutely new industry with a lot of newcomers. Having rich experience in decentralized finance, blockchain and crypto, Platinum Software Development Company has ambitious plans for advancing their evolution. The technologies it proposes will pave the way for further development. But aside from promoting its own services, the company strives to help other players to learn about and adopt DeFi.
Anton and [name redacted on request] provide a few valuable recommendations to beginners who really want to create something epic:
- Focus on security. We have noticed that the biggest mistake made by new projects is the absence of smart contract audits. Do not neglect this! Even if you have copied some popular protocol, it doesn’t mean there are no bugs in the code. Besides, it’s not necessarily suitable for your project.
- Be original. If you want to be successful, it’s not enough to follow the practices of even the most well-established companies. Analyze the market, define the audience’s needs and come up with innovative solutions that address the current issues.
- Stay aware of trends. You cannot conquer the market without knowing what’s inside it. Once we realized that DeFi was on a prospective vector, the entire Platinum team started researching popular projects and services in the industry. That helped us to understand how the technology works and what can be done to improve it. Knowledge is still power.
As for their plans for the future, Platinum wants to expand the infrastructure of QDAO DeFi service and help the SpaceSwap project deliver innovative services for efficient and profitable yield farming. If you want to follow their lead and establish your own DeFi project, follow these recommendations and do not hesitate to order their services that provide turnkey DeFi app creation.
