STARTER INFORMATION
Despite the insurgence of coronavirus, with strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, BasisX is an algorithmic stablecoin that is fairly distributed and censorship-resistant.
"Blockchain technology has thus far been the true star of the cryptocurrency revolution. Although the value of popular digital coins like Bitcoin and Ethereum have been in near-constant flux in recent months, the technology that powers them has been making headway into industries of all kinds all over the globe. Naturally, some of the earliest adopters of blockchain technology are in the fintech sector, but they’re far from alone.
There are already functional, blockchain-powered platforms bringing disruption to industries ranging from global shipping to diamond mining, and that’s just the beginning.
One of the primary friction points in global real estate markets is the complex and lengthy contract procedures that one must go through when a property changes hands. The existing legal frameworks that govern real estate transactions generally mean that the transaction itself must be reviewed and executed by a series of intermediaries such as real estate agents and lawyers that can not only interpret and verify the language of the legal documents, but also verify that the predetermined conditions have been met. That process does work, but it adds additional layers of costs and delays to the transaction."
By contrast, BasisX is an algorithmic stablecoin that allows people to invest in the cryptocurrency market without worrying about volatile markets.
Now that I have your attention, let’s get right to it.
What exactly is BasisX?
As depicted above and as indicated on the official whitepaper of BasisX, BasisX is an algorithmic stablecoin that is fairly distributed and censorship-resistant. BasisX is developed with an algorithm system that will adjust the price.
BasisX is an algorithmic stablecoin that allows people to invest in the cryptocurrency market without worrying about volatile markets. BasisX is developed on the Huobi ecosystem, which is believed to be the leader in the DeFi industry. BasisX believes that with the support of all parties, BasisX can become an important role in the DeFi and HECO ecosystem.
A Little Snippet About Stable Coins
Stablecoin refers to a range of cryptocurrencies that derive its market value from some external reference. It essentially means that unlike fiat money, they are backed by a reserve asset like during the Gold Standard Era. Being asset-backed enables stablecoins to maintain their prices and avoid excess volatility, which essentially defines the cryptocurrency market.
Just so you know, crypto developers are starting to develop stablecoins that have a price mechanism with an algorithmic system. Later the algorithm will adjust the price of the stablecoin, if the price is below the specified value, the system will be triggered to adjust the price, and vice versa.
BasisX is developed with an algorithm system that will adjust the price. If BXC is traded below $ 0.95, users can buy BXB (bond) at a discount, to build BXC price stability. Later users can exchange their BXB tokens to BXC with a 1: 1 ratio. However, if the BXC price exceeds $ 1.05, the contract primarily allows BXB redemptions to BXB redeemers. And if the price, still exceeds $ 1.05, then new BXC tokens will be minted and distributed to BXC holders. With a system like this, it allows the price of BXC tokens to remain stable.
There is no BSC pre-mining, BasisX only allocates tokens via staking which can be followed by the user. BasisX opens 6 initial pools where users can stake HT, HUSD, HBTC, HDOT, HETH. 5 HRC-20 assets in total to participate in BXC mining. So you can join the available pools to start mining BXC tokens.
How the BasisX mechanism works(According to blogs made by BasisX)
The BasisX protocol consists of three tokens: BXC, BXS, and BXB. BXC and BXS can be obtained by liquidity mining, where BXC is pegged to USD and value fixed at 1 USD, BXS holders participating in the board staking can gain premium income of BXC inflation, and the board mining will start 6 days after the project launches. BXB is a bond issued to repurchase BXC when the price of BXC is less than 0.95 USD, and BXB holders can exchange BXC at a 1:1 ratio when the price of BXC exceeds 1.05 USD. The BasisX protocol ensures economic resilience while sufficiently engaging a wide audience to better empower HUSD and HECO.
The BasisX protocol sets a token price stabilization threshold, above or below which the stabilization mechanism will be triggered.
About The BasisX Token
BasisX launched 3 types of tokens that have their respective functions. The three tokens are BXC, BXS, and BXB. These three tokens have their respective functions in the operations of the BasisX platform. The following is the function of the token;
BXC
This is an algorithmic stablecoin launched by BasisX. The total initial supply of BXC is 50,000.
BXB
This is a bond that will be issued by BasisX when the BXC token price is below $ 0.95. This token serves as a token that will stabilize the BXC price. This token can be purchased by the user at a discount and each BXB promises the holder exactly 1 BXC in the future.
BXS
These are tokens that will be obtained by users when they participate in BasisX initial pools. A total of 1,000,000 BXS, will be distributed as mining rewards.
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
WEBSITE: http://basisx.io/
TELEGRAM: https://t.me/BasisXAnnouncement
TWITTER: https://twitter.com/x_basis
MEDIUM: https://basisx.medium.com/
Bitcointalk Username: Cryptoholical
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2487106
Telegram: @Cryptoholical
HECO Wallet Address: 0xc7972fc68f4975f5d71c95e83b851793f07f5a17