Thursday, October 28, 2021
Home Crypto News Market Charles Hoskinson Announced That Cardano Developers Will Soon Release New Research Paper...

Charles Hoskinson Announced That Cardano Developers Will Soon Release New Research Paper On Algorithmic Stablecoins

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IOHK CEO Charles Hoskinson has announced that Cardano developer will release a new research paper on algorithmic stablecoins.

ReadCardano Price Analysis: Cardano Is Consolidation But Overall Market Is Becoming Bearish-Important Levels To Watch

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:

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.

Read: Charles Hoskinson Responded to Mike Novogratz Comment: “They Have Done Something To Create This Weird Cult”

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.

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Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


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