The COMP token is the official token used within the Compound protocol. This particular protocol operates within the exponentially flourishing industry of decentralized finance - enabling borrowers and lenders to necessitate their needs without having to conduct through central financial authorities and intermediaries.
The platform is based around the use of smart contracts and the native COMP token provides a ‘decentralized governance’ of the Compound protocol. The users of the platform loan crypto assets whilst staking their own supported crypto as collateral. This can be done without the arduous and prolonged credit checks that exist in the real world - this can be done instantly.
Through holding COMP, token-holders and members of the community can present potential changes to the protocol followed by a subsequent vote and/or implementation of the proposed changes.
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