Pecora Network: Anonymous & Decentralized Social Finance 

PEN wants to bring employment, social finance and autonomous DeFi functions to the cryptosphere.

Pecora Network (PEN) markets itself as a decentralized-social finance platform that wants to deliver its users a wide array of employment-related utilities. The platform itself is still in development, but the network’s mainnet officially launched on the Binance Smart Chain (BSC) on June 20 this year.

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What Does Pecora Network Do?

According to the Pecora team’s white paper, the platform — which will be released in the Q4 of this year — will allow users to make payments, post job offers and find freelancers through a decentralized and fully encrypted social network. The network will use a combination of smart contacts and a unique ID (NFTs) system to eliminate the need for sharing any personal data.

The Network will also implement DeFi functionality to allow its users to borrow and lend the PEN token in exchange for stablecoins as well as grant them the opportunity to earn interest for borrowing and lending.  

Similar to Pi Network, users of the Pecora Network will be incentivized to continue using the platform by earning a set amount of the PEN token every 24 hours just for signing in.

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Project Features

• List jobs & find work: the Pecora Network will enable its users to offer freelance opportunities through job postings and enable job seekers to respond to job listings. 
• Borrowing & lending: the team say that they plan to implement a DeFi system that allows holders of the PEN token to lend and borrow within the ecosystem. 
• Pecora ocial network: The roadmap also specifies that they will deliver social networking capabilities where users can chat safely and anonymously through end-to-end encrypted messaging. 
• Virtual payments: The Pecora team claim that the network will also facilitate virtual payment features that allow users to make peer-to-peer payments. 

How Does Pecora Work?

According to the white paper and various Twitter posts on the Pecora Networks official account, the network will function as a Decentralized Autonomous Organization (DAO). Users will be given access to the Pecora Network and PecoraDAO after minting their own unique ID NFT. 

Users that own Pecora utility NFTs are able to join the DAO, make decisions, and enjoy full access to the network without ever disclosing personal data. From here the users can post jobs, respond to employment listings and network with like-minded Web3 and DeFi enthusiasts online via encrypted, decentralzied messaging.

Users on the Pecora Network are also allowed to trade their unique IDs however, the original user will obviously lose their account permissions after the associated NFT is traded. The Pecora team stresses that the unique ability of only being able to join the network if you own a corresponding Pecora NFT, ensures proper decentralization for its users. 

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Can Pecora Deliver?

So far, the Pecora team is adhering reasonably well to the intended timelines on their (slightly vague) roadmap.

Pecora’s official twitter posted a 2-tweet thread on June 20 that explains where the project is at in terms of meeting deliverables.

If the team keeps to their stated aims outlined in the roadmap section of the white paper: the Pecora Network will release a Version 1 Decentralized Application (DApp) in the fourth quarter  of this year. A mobile application is set to follow soon in the months after the DApp launches. In 2023 the Network claims that it will release a community token as well as refined DeFi capabilities. 

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Tokenomics 

The native token of the Pecora Network, PEN is now live on the Binance (BEP-20) mainnet and can be purchased on the decentralized exchange PancakeSwap. Currently the network and its function are still being developed, so investing large amounts into this token at this point in time carries some risk. 

PEN has a max supply of 10M tokens. 30% of the PEN token was distributed via a token presale that occurred on Pink Finance on June 17. 15% of the total supply has been publicly listed as initial liquidity, 20% is dedicated to maintaining the Pecora Network. 10% is dedicated to marketing, and another 10% has been set aside for the team. The remaining 15% have been reserved for community incentives. 

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My View 

The Pecora team needs to better clarify their overarching business model and provide some further background as to what issues true anonymity solves for in the world of freelance work. While some of the features of peer-to-peer payments between employer and freelancer make sense, it seems slightly overblown to establish an entire protocol to serve this end. 

In addition, the Pecora Network still has a ways to go in terms of achieving its stated functionality, meaning that investing heavily in the project at this stage carries a good deal of risk.

Finally, White paper document is shoddily formatted and the project website has a few functionality problems. It would be easy to be more optimistic about this project if there were less, quite obvious user-side issues on their website.

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Buy/No Buy Recommendation

If you think that the Pecora Network is on track to solving a real problem and you have confidence that the team can deliver on its roadmap: buy. 

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If you think this project is a solution looking for a problem: skip it.