The cryptocurrency and blockchain industry continues to attract attention globally. As a result, it is not uncommon for projects to expand their advisory board by attracting renowned individuals. For Astra Protocol, the addition of former European Commissioner Phil Hogan is a significant milestone.
The Astra Protocol Vision
When blockchain protocols begin expanding their board of advisors, it is essential to find suitable profiles. In an industry where regulatory scrutiny is still a problem, teams need to focus on the aspects that matter. For Astra Protocol, the focus lies on the legal side of the equation. More specifically, the project serves as a legal layer to offer assurance to public blockchains. A very ambitious goal that requires expertise from the right people.
Eliminating fraud in the blockchain industry is a vast undertaking. Despite the technology being sound, there have been numerous incidents regarding fraudulent events. Furthermore, when a dispute arises, there is no recourse or option to achieve a resolution. Astra Protocol wants to make public blockchains safe for all users. Its solution spans smart contract networks including Cardano, Ethereum, Polkadot, and others.
More importantly, this solution has one crucial benefit. Developers cannot execute invalid or insecure smart contracts. It is a significant change, as fraudulent transactions or incorrect transactions can be resolved, and funds restored accordingly. Blockchains are designed to be immutable, yet avoiding purposefully illicit behavior will always prove beneficial. Furthermore, offering some recourse can enhance the overall appeal of blockchain technology and help clarify some of its legal grey areas.
Astra Protocol Attracts A Big Name
In a bid to take the next step in the evolution, the project's advisory board is taking shape. The recent addition of Phil Hogan, former European Commissioner for Trade, is a key example of tapping into the vast expertise of the right people. Hogan's main task was resolving the trade war between the European Union and the United States. Additionally, Hogan also negotiated investment deals with China and pursued trade deals with Japan and South American countries.
Phil Hogan comments as follows:
"Decentralized finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions. Astra offers the first sustainable and scalable bridge to support the mass adoption of decentralized finance products in the real world. Applications like the Astra protocol are the future, and I'm very pleased to be a part of it."
Solutions like Astra Protocol can help usher in the next level of mainstream DeFi adoption. Decentralized finance is a powerful industry that doesn't necessarily appeal to the mainstream just yet. An extra level of trust is created by introducing a layer that prevents malicious smart contracts from executing.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.