Cardano Founder: New Stable Currency Built on Cardano Blockchain Will Change the Game
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Answer Cardano Founder: New Stable Currency Built on Cardano Blockchain Will Change the Game
Cardano Network (ADA) is rapidly moving towards building its decentralized ecosystem following the successful integration of smart contracts via the Alonzo upgrade.
During the ongoing Cardano Summit 2021, Charles Hoskinson, founder of Cardano announced that COTI will be the official source of the digital stablecoin on the Cardano blockchain, which will be called the “Djed” stablecoin.
Hoskinson believes that the new type of Djed stablecoin could change the stablecoin game especially at a time when demand and regulatory scrutiny are also at its peak.
In this regard, Hoskinson stated:
The stablecoin “Djed” could be a change agent in the cryptocurrency world, attracting a whole new audience at a time when the industry is already experiencing astronomical growth.
Djed shares our commitment to official verification, which proves a powerful way to combat price volatility in the cryptocurrency markets.
COTI has been a longstanding partner of the Cardano Ecosystem, and it is great that they have joined this new venture.
What is the digital stablecoin “Djed”?
Djed stablecoins make use of a DAG-based infrastructure with a proprietary underlying protocol and are affordable, scalable, comprehensive, fast, and also financially optimized.
The protocol uses smart contracts to maintain a stable price floor with a fixed reserve.
This is to allow traders to mint and burn stablecoins to maintain a stable price point for the digital currency and use transaction fees to transfer network operations.Read:Gemini acquires Shard X, a cryptocurrency storage solutions company
Shahaf Bar-Geffen, CEO of COTI Group, believes that using its DAG protocol can help it derive a new stablecoin on Cardano that will push it into the existing market due to its decentralized nature, scalability, and security. He added:Read:Report: Asian countries top the charts in cryptocurrency adoption
The stablecoin ecosystem has matured significantly over the past few years.
Blockchain participants use stablecoins to engage in everyday transactions as they allow the exchange of monetary value in a seamless manner, regardless of the location of the sender and recipient.
I believe adding the stablecoin “Djed” to the Cardano blockchain will greatly improve how transactions are settled on the platform.
For the record, ADA has maintained its price above $0.5 and is looking to break the $0.6 barrier.
ADA had already topped $3.10 in the lead-up to Alonzo’s major upgrade, but since then Cardano has struggled like other altcoins.
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