Stablecoins are digital assets designed to mimic the value of fiat currencies such as dollars or euros. This type of crypto allows users to transfer value cheaply and quickly around the world while maintaining price stability.
Cryptocurrencies like Bitcoin and Ethereum are well known for their volatility when compared to fiat. This is understandable, because blockchain technology is still very new, and the cryptocurrency market is still relatively small. From a free market point of view, it is very interesting to look at the fact that the value of cryptocurrencies is not tied to any asset. But when it comes to usability,
Stablecoin as the name implies is a cryptocurrency that has a stable price compared to cryptocurrencies such as bitcoin or ethereum. Because usually stablecoins have reserves of physical assets such as gold or dollars that make prices stable. But only then did crypto developers start developing stablecoins that have an algorithmic pricing mechanism. Then the algorithm will adjust the price of the stablecoin, if the price is in accordance with the desired value, the system will be triggered to adjust the price, and vice versa.
Stablecoins refer to various cryptocurrencies that derive market value from several external references. This basically means that, unlike fiat currency, it is backed by reserve assets, just like in the era of the gold standard. With asset support, Stavlecoin can maintain its price and avoid excessive volatility, which essentially determines the cryptocurrency market.
As you know, crypto developers started developing stablecoins with a pricing mechanism as an algorithmic system. Later, the algorithm adjusts the price of Stavalcoin, and if the price is lower than the specified value, the system is triggered to adjust the price, and vice versa.
BasisX is an algorithmic stablecoin that is distributed quickly and is censorship resistant. BasisX is developed with an algorithm system that will adjust the price. If BXC is trading below $ 0.95, users can buy BXB (bond) at a discount, to build BXC price stability. Other users can exchange their BXB tokens to BXC at a 1: 1 ratio.However, if the BXC price exceeds $ 1.05, the main contract is all BXB exchanges to BXB redeemers. And if the price still exceeds $ 1.05, then new BXC tokens will be printed and distributed to BXC holders. With a system like this, all BXC token prices remain stable.
There is no BXC pre-mining, BasisX only allocates tokens via staking which can be obtained by users. BasisX opens 6 initial pools where users can bet HT, HUSD, HBTC, HDOT, HETH. Total 5 HRC-20 assets to participate in BXC mining. So you can join the pool available to start mining BXC tokens.
BasisX token
BasisX launched 3 types of tokens which have their respective functions. The three tokens are BXC, BXS, and BXB. These three tokens have their respective functions in the operation 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: These are the bonds 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. These tokens can be purchased by users at a discounted price and each BXB promises the holder exactly 1 BXC in the future.
- BXS: These are the tokens that users will get when they participate in the initial batch of BasisX. A total of 1,000,000 BXS, will be distributed as a mining reward.
Token Distribution Overview
- BXC No pre-mining, fair bet allocation BasisX opens 6 preliminary pools where users can bet HT, HUSD, HBTC, HDOT, HETH. Total 5 HRC-20 assets to participate in BXC mining.
- The total initial supply of BXC is 50,000, and will be allocated proportionally as a bonus for all batches: HUSD 25%, HT 25%, HBTC 25%, HETH 20%, HDOT 5%. The initial total supply will be released linearly in 5 days.
- Allocation of BXS will begin immediately after BXC begins distribution, with an amount of оf 1,000,000, wіll аll Be careful distributed mining аѕ award BXC-HUSD LP fоr BXS: 750,000 BXS (75%) wіll Be Careful produced, starting аt 6250 BXS every day аnd decreased by 25% every 30 days thereafter.
- BXS-HUSD LP shares for BXS: generate 250,000 BXS (25%) and continue to release linearly for 365 days.
- Join the community and participate in governance
The launch of BasisX in the Huobi ecosystem is a great recognition of HECO's leadership in the DeFi industry. We invite all participants and users from Huobi, HECO and other DeFi ecosystems to participate in the mining and further development of BasisX. We will have an important role to play in the DeFi and HECO ecosystem.
BasisX will be launched on January 18, 2021.
Users will be able to withdraw their USDT, USDC, BTC, HT tokens on Huobi to the Tokenpocket. pro wallet to participate in liquidity mining at a loss and earn BXC for free.
Lecture
- BasisX is a stablecoin that is fairly distributed & censorship resistant with an algorithmic central bank.
- BasisX is developed with an algorithm system that will adjust the price.
- BasisX is developed in the Huobi ecosystem, which is believed to be the leader in the DeFi industry.
Conclusion
Stablecoins are starting to be looked at by most cryptocurrency investors because their price is more stable than cryptocurrencies such as bitcoin or ethereum. By investing in stablecoins, investors can face the volatile crypto market.
BasisX is an algorithmic stablecoin that allows people to invest in the cryptocurrency market without worrying about the volatile market. BasisX is developed in 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 play an important role in the DeFi and HECO ecosystem.
Detail Information:
Website (http://basisx.io/)
Telegram Group (https://t.me/BasisxOfficial)
Telegram Channel (https://t.me/BasisXAnnouncement)
Twitter (https://twitter.com/x_basis)
Exchange (https://ht.mdex.com/#/swap)
Medium (https://basisx.medium.com/)
Bounty (https://bitcointalk.org/index.php?topic=5309863)
Username : Ozie94
Profile : https://bitcointalk.org/index.php?action=profile;u=2103066
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