The newest addition to the algorithmic stablecoin market, SORA Network’s XST is based on Polkadot technology and is backed by an algorithm that guarantees the token's value. Synthetic assets derive value from smart contracts that determine current prices, rather than the value of fiat currency.
China’s Supposed ‘Bitcoin Ban’ Fails To Crash Market As Twitter Adds Crypto Payments In Historic First
Although Fisher's ideas were not adopted in his time, they paved the way for blockchain-based digital stablecoins. Inherently"stable" by design , stablecoins are unlike other cryptocurrencies, which fluctuate wildly in value. Bitcoin, for example, can fluctuate 30% to 60% within a single week, depending on market sentiment, regulatory announcements or even an errant tweet from Elon Musk.
"a blockchain based token that is derivative of another one and which is targeted at holding a stable unit of value."Because money needs to be a store-of-value, in addition to being a unit-of-account and medium-of-exchange, cryptocurrencies are perceived as too speculative to replace money unless their volatility can be dampened or made predictable.
In theory, future algorithmic stablecoins can be pegged to any index of value, not just U.S. Dollars or other fiat currencies. One proposal in the SORA ecosystem is to use an oracle to create an XST token pegged to thewhich is an inflation-adjusted price-of-goods index maintained by the Bank of Chile. In the future, other stablecoins could, in theory, maintain their own basket of goods to further decentralize the concept.
As more and more new entrants introduce into the market a wide range of varied stablecoin options - from government-backed, to corporate-backed, to decentralized - consumers will have the chance to select from a menu and will be the final decision makers on the question of what is viewed as ‘sound money.’ Stablecoins, serve a real and underserviced human need. So much so, in fact, that even a century ago economists were discussing many of the same concepts finally being implemented today.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Rise Of Decentralized Money On Polkadot - New Algorithmic Stablecoin Launches On SORAThe newest addition to the algorithmic stablecoin market, SORA Network’s XST is based on Polkadot technology and is backed by an algorithm that guarantees the token's value. Synthetic assets derive value from smart contracts that determine current prices, rather than the value of fiat currency.
Read more »
CNN Portugal Launches, Run By Media Capital and a Sign of Portugal’s New Global AmbitionsCelebrated by a VIP evening event at Lisbon’s imposing Jerónimos Monastery, CNN and partner Media Capital will bow CNN Portugal today at 21:00 GMT, marking the biggest news launch for many years in…
Read more »
QVC Launches New Primetime Prestige Infomercial Starring Bryan Cranston, Edie FalcoWEST CHESTER, PA—In an effort to reach more sophisticated viewers, home-shopping channel QVC announced Monday the launch of a new primetime prestige infomercial that stars Bryan Cranston and Edie Falco in what the network described as a densely plotted, emotionally complex work of paid programming. “Our goal here is…
Read more »
NFTS & UK Production Company Popcorn Group Launch New Writers Award; First Winner Is “Bridgerton-esque” TV Pilot ‘Silly Girl’EXCLUSIVE: The UK’s National Film and Television School and local production company Popcorn Group have teamed up to launch a new writers prize for “stories with strong identities which…
Read more »
Here's everything new coming to Netflix in December 2021 -- and what's leavingNew seasons of 'The Witcher,' 'Emily in Paris,' 'Money Heist,' 'Cobra Kai' and much, much more are coming to Netflix in December.
Read more »
Rico Nasty Opens Up About New Single 'Money' | Songwriters Camp | Entertainment WeeklyRico Nasty chats with EW's Marcus Jones for Songwriters Camp.Subscribe to EW ►► http://bit.ly/EWSubscribeSongwritersCamp RicoNasty EntertainmentWeeklyEW N...
Read more »