Cryptocurrency News

ICHI launches ‘Decentralized Monetary Authority’ to issue fixed currency

Fixed currency The issuing platform ICHI has launched a decentralized monetary authority, or DMA, that enables cryptocurrency networks to more easily shield their own stable stock.

Using ICHI’s DMA, cryptocurrency communities can create and control their own fully-collateralized stable coins and set their value to exactly $ 1. ICHI’s developers say that their platform solves many of the challenges associated with existing stablocks, including the need to sell to other cryptocurrencies to create more tokens. This problem is similar to selling a stock, which simultaneously reduces the value of that stock.

ICHI’s platform seeks to provide the benefit of fiat-backed coins such as USDC and USDT without such a tradeoff. StableCoin issuers on ICHI are known as “OneToken” and are designed for US dollars and are fully collateralized by a combination of fiat coins and community origin tokens. The ICHI network is completely on-chain, meaning that anyone can verify the repository and collateral pool at any time.

Projects that launch fixed currencies on Ontokan can create a customized fixed currency contract, develop liquidity mining incentives and operate a community-controlled treasury.

Steward Brian Gross of ICHI, who previously worked as the lead product architect in the IBM blockchain, said that “the real promise of DeFi” is much larger than in the current bull market. He said:

“Our vision at ICHI is to help people have complete freedom in how they spend, invest, save and otherwise use their money. ICHI needs to provide those crypto communities with the tools Designed for those they need to operate all aspects of a sustainable, scalable economy, while shifting value rather than keeping value locked in their communities. ”

The actual stable currency remains on the Tether market, with only Recently its 60 billionth USDT. Mined. Earlier this month, Teether finally revealed it Full reserve breakdown for the first time.

According to industry data, the combined value of all fixed shares now exceeds $ 109 billion. Beyond Teether, USD Coin, Binance USD and DAI have gained large market share.