IOHK CEO Charles Hoskinson has announced that Cardano developer will release a new research paper on algorithmic stablecoins.
Charles Hoskinson claims paper is an “unfinished business” from his Bitshares days.
Read: Nasdaq Admire Cardano As “By The People, For The People” Type Of Currency
He said:
We have a really amazing algorithmic stablecoin paper coming out in the next few weeks. Unfinished business since the Bitshares days.
What Are Algorithmic Stablecoins?
“Algorithmic Stablecoins are a new segment of cryptocurrency designed to achieve price stability and balance the circulating supply of the asset by being pegged to a reserve asset such as the US dollar, gold or any other foreign currency.
To put it in simple terms, the algorithmic stablecoins uses an algorithm underneath which issues more coins when price increases, and buys them off the market when the price falls.
These coins grant traders the comfort to reap many of the benefits of crypto assets like BTC and ETH without the risk of price volatility.”
Charles Hoskinson tweeted:
We have a really amazing algorithmic stablecoin paper coming out in the next few weeks. Unfinished business since the Bitshares days.
— Charles Hoskinson (@IOHK_Charles) June 18, 2021
Read: IOHK CTO Thoughts On Cardano Explosive Growth, Comparison With Ethereum, Smart Contracts And More
Hoskinson co-founded Bitshares with well-known cryptocurrency entrepreneur Daniel Larimer, but the two went their separate ways for unknown reasons.
In January, IOHK and EMURGO announced that AgeUSD stablecoin would be launched on the Ergo blockchain.
Last August, Hoskinson said he was obsessed with decentralized finance (Defi), saying that Cardano algorithmic stablecoin would be far better than MakerDAO.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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