Eidoo Announces New ERC20 Gold-Pegged Stablecoin

Eidoo Announces New ERC20 Gold-Pegged Stablecoin
фото показано с : blokt.com

2018-9-21 21:49

Wildly fluctuating prices have been a stable fixture of the cryptocurrency market. While fluctuations are common in new markets, cryptocurrencies are evolving rapidly and creating some heated debates around the world.

The newest trend in the crypto market is to beat volatility by introducing stablecoins. These coins are not that volatile compared to Bitcoin or Ethereum as they are pegged against the price of a stable asset. The newest addition to this list is Ekon — a token developed by Swiss start-up Eidoo that runs a decentralized exchange and cryptocurrency wallet.

What’s New About Ekon?

Ekon is an ERC20 token that can be redeemed for one gram of 99.9 percent fine gold. Just like every stablecoin, Eidoo has to maintain the underlying asset in a secure facility. The company suggests that it would keep the gold in its vaults and audit it every 90 days, i.e., at least two audits every quarter and at least eight audits every year.

In an email to CoinDesk, Eidoo founder Natale Ferrara said:

“People will be able to see the gold stored in the security vaults through a video camera, we will post a link on the website so everyone can control the gold.”

Eidoo will generate revenue from the transaction fees of Ekon by way of the EDO token — another crypto asset of the company. Ferrara also said that Ekon tokens would be issued only when the company has sufficient gold available in their vault. Moreover, coins will only be furnished to the users if they have completed the Know-Your-Customer guidelines and fulfilled all legal requirements in accordance with the Swiss law.

Eidoo organized a token sale last October and raised over $27.9 million and has gone on to become a popular platform for launching other initial coin offerings. It is also offering exchange services, which could provide better trade options for their stablecoin.

What’s Behind the Stablecoin Rush?

Stablecoins are getting a steady push in the cryptocurrency industry. Recently, New York based exchange Gemini also launched its own stablecoin — Gemini Dollar (GUSD). The market leader in this relatively small segment is Tether (USDT), which is one of the most controversial coins in the market. Both GUSD and USDT are backed by the US dollar (USD), which is a strong and stable currency.

In this situation, Eidoo’s choice of creating a gold-pegged coin could appear strange. The price of gold isn’t too stable in the current times. The price has fallen by $150 since spring, according to APMEX data, but increased by $25 in the last one month.

Dr. Wang Chun Wei of the University of Queensland in Australia explained the strangeness of Eidoo’s choice, suggesting that gold is not stable and is itself benchmarked against the USD.

“Most exchanges (and investors) use USD as the reference currency. Hence it makes more sense for the stablecoin to be based on that reference currency.”

Eidoo Announces New ERC20 Gold-Pegged Stablecoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0093208 (-100%)

new cryptocurrency market bitcoin eidoo gold-pegged erc20

new cryptocurrency → Результатов: 126


Фото:

New Cryptocurrency Tech Token launches 15% Promo code ‘O2TLaunch’ Celestia Holders Move Bag

In the bustling world of cryptocurrency, the launch of a new tech token often sends waves of anticipation and speculation across the investor community. Such is the case with the strategic introduction of Option2Trade (O2T), a new entrant in the cryptocurrency market that has rolled out an enticing incentive: a […]

2024-3-8 16:18


Фото:

$600M Bitcoin Casino Breathing New Life Into FUN Token

Looking for a new cryptocurrency to invest in? As Bitcoin ranges around the astronomical $35,000 mark, more and more people around the world are getting excited about crypto. Newcomers are looking for the next coin with massive upside potential, while seasoned crypto-enthusiasts are searching for their next investment opportunity. Here’s a cryptocurrency that could beRead More

2021-2-4 14:41


Stellar Lumens (XLM) Posts Double Digit Gains to Oust Cardano (ADA) for 11th in Coin Market Cap

The cryptocurrency market at the turn of the new year has been experiencing a major boom, with new and established cryptocurrencies enjoying a massive boost in price and the value. Cryptocurrency like bitcoin and all other altcoins have been constantly enjoying a steady rise in price, and one crypto making headline this year is Stellar […]

2019-7-13 00:21


Binance Loses its Trading Spot to Two New Exchanges

The past 24-hours has seen a surge in trading value with two new cryptocurrency exchanges surpassing Binance with a distinctively larger trading volume. According to data from coinmarketcap, the two platforms seem to be giving Binance a run for its money as they both overthrew the world’s leading cryptocurrency trading platform whose trading volume in […] The post Binance Loses its Trading Spot to Two New Exchanges appeared first on ZyCrypto.

2018-6-27 23:19


New Research Shows Social Media’s Influence on Cryptocurrencies

Bitcoin’s value may have reached a new low on Sunday, but research proves that social media could do the trick to bring the coin back to its feet. A new study conducted by the Stevens Institute of Technology uses natural language processing and social media analytics to suggest that the coins could be moving per […] New Research Shows Social Media’s Influence on Cryptocurrencies was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-6-27 22:23


Фото:

No Cryptos Planned for Issue by Central Banks in Australia and New Zealand

The central banks of Australia and New Zealand denied they would issue their own cryptocurrencies June 26, in a speech calling Bitcoin “fascinating” but “inefficient.” Addressing the Australian Business Economists in Sydney, Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, appeared hawkish on cryptocurrency as Australia’s government devotes considerable funds to

2018-6-26 17:07


Фото:

The Central Banks Of Australia And New Zealand Against Cryptocurrencies

The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate. The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.

2018-6-26 17:00


Фото:

A new business model will take Crypto Exchange Rankings

The recently introduced “trans-fee mining” revenue model is starting to change the cryptocurrency exchange landscape, despite some criticism of the method from industry insiders. According to CoinMarketCap, two exchanges have just shot to the top of the 24-hour trading volume rankings after rolling out trans-fee mining for users. First featured by FCoin, a new exchange launched

2018-6-26 15:58


Фото:

Bitcoin in Brief Tuesday: New Patents, Research Centers and a $300M Fund

While short term investors and speculators might not be in the best of shape right now, the long term development of the ecosystem is still advancing on pace. Companies and institutions are continuing to invest time and money for furthering cryptocurrency research as can be seen by the stories featured in today’s edition of Bitcoin […] The post Bitcoin in Brief Tuesday: New Patents, Research Centers and a $300M Fund appeared first on Bitcoin News.

2018-6-26 15:20