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Thanks to COTI, Cardano gets its first cryptocurrency stablecoin.
COTI launches grandfather on Cardano
Charles Hoskinson, founder of Cardano (ADA), one of the largest blockchain platforms in the world, revealed during the Cardano Summit that COTI will serve as the official source for a new stablecoin based on Very stable protocol For the fast growing Cardano ecosystem.
The JD Stable protocol is based on an algorithm design that takes advantage of smart contracts to ensure price stability. Smart contract programming is also used to ensure that stablecoins work effectively in decentralized finance (DeFi) transactions.
Djed works by maintaining a reserve of base coins while allowing users to mint and burn stablecoins and reserve coins. According to its creators, discussions are underway about implementing JD on Cardano to provide stablecoins with which to pay for the Cardano network usage (transaction) through “Babylon feeapproach.
Shahav Bar Geffen, CEO of the COTI Group, said of the update:
“The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants use stablecoins to engage in everyday transactions because they allow the exchange of monetary value in a seamless manner, regardless of the location of the sender and recipient. I believe adding JD-based stablecoins to the Cardano Blockchain It will significantly improve how transactions are settled on the platform.”
Hoskinson, CEO of Input Output Global, added:
“Jed stablecoin can be a change agent in the cryptocurrency world, attracting a whole new audience at a time when the industry is already experiencing astronomical growth. Jed shares our commitment to official verification, proving a powerful way to combat price volatility in the cryptocurrency markets. COTI has been a longtime partner of the cryptocurrency system. Cardano Ecological; it is great to have them involved in this new project.”
COTI is a comprehensive “Finance on the Blockchain” ecosystem, specifically designed to address the challenges of both centralized finance (fee, latency, global inclusion, risk) and DeFi (fee, blockage and complexity) by introducing a new type of underlying protocol and infrastructure-based infrastructure. DAG, scalable, fast, private, comprehensive, low cost and optimized for finance.
For more information about COTI, contact by pressing [email protected]
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